JPMorgan Chase 2007. All Rights Reserved.


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  • Today we’ll discuss the evolution of Flexibility at JPMorgan Chase and the tools we have developed to communicate and educate our varied population.
  • We’ll begin with a brief description of the firm to set the context for our discussion. JPMorgan Chase is a leading global financial services firm with assets of $1.4 trillion, operations in more than 50 countries and an employee population of 177,000. It is comprised of 6 businesses and a corporate sector that consists generally of professional support functions such as legal, audit, technology and human resources. All these businesses are important for diversification and also give rise to 2 very different types of employee bases: Retail employees who are mostly in the Credit Card and Retail branch network and make up approximately 50% of the organization and Wholesale employees in the other 4 businesses make up the other 50%.
  • Repositioning flexibility as a business tool As we discussed, we knew our approach to flexibility had to change. It could no longer be an initiative driven from a centralized HR function. It needed to be embraced by the businesses as critical to their own success. Therefore, we re-positioned flexibility as a business tool to meet whatever goals the business deems important: recruitment, retention, increased coverage (longer hours), increased morale, maintenance of institutional memory, reduced stress, reduced occupancy, even diversity. We have found that just about any goal that needs to be met can be achieved with the assistance – at least in part – of the use of flexibility. And we are educating management about this as well. For example, we have worked with teams who want to keep institutional memory and have arranged a phase-out of the workforce and into retirement for an individual who was ready to retire after many years of service. We are currently working with a business partner who is trying to figure out a way to get additional resources without incurring overtime or possibly increasing headcount at the end of every month when loan closers are trying to book new mortgage loans. We are looking at either a 1 week a month employee or reducing a work schedule during the rest of the month and increasing it at the end of the month so an employee still has all the hours to keep her full time but averaged over the month. We feel this would be a great opportunity for someone who wanted some flexibility most of the time and could handle a heavy workload 1 week a month. We are working with teams whose goals are to reduce occupancy and looking at desk-share arrangements. And teams who need to increase their coverage hours. This is what we mean by using flexibility as a business tool to solve a business challenge. Changing the Nomenclature Prior to this March, we referred to the 2 types of workplace flexibility within the firm as informal or ad hoc flexibility – the everyday flexibility that managers allow when employees request time off for soccer games, doctor’s appointments and household repairs. And formal Flexible Work Arrangements which referred to the 6 types of arrangements in our organization. We found that employees often confused “informal flexibility” or the “culture of flexibility” with “Flexible Work Arrangements” simply because the word flexible was in both types of flexibility. We are now using the term “Alternative Work Options” to better distinguish between informal flexibility and the formal arrangements. Providing guidance around a process but focusing on the team’s or business’ needs As we realized the importance of placing the initiative in the hands of the businesses, instead of a centralized HR function, we also saw the importance of the allowing each business to utilize the method of entering into an Alternative Work Option that best met their needs. We also knew that with the firm moving away from a process oriented environment, workplace flexibility could not include a series of required steps, actions or approvals that were necessary to proceed to the fulfillment of the request for flexibility or an alternative work option. This is also why HR is not a part of the process. If the business deems the arrangement appropriate, and if the work can continue to get done as well or better than before, and the manager approves, then it is the right thing to do and HR never has to be involved. This informality does have a drawback: We do not have specific, real time information about the numbers or demographics of the population on an alternative work option. However, our climate survey does contain questions about whether an employee is on an alternative work option and which one or ones they are on. We also do regression studies and correlations between those who answered they were on an alternative work option and how committed, and engaged they say they are. And because our response rate is typically above 80%, we feel we are able to capture good data without a real time tracking system. So while we provide a guide, suggested steps and tools for managers and employees wishing to enter into an Alternative Work Option, we have found that most individuals use the steps and tools they need for their own situation. For example, many employees skip the formal request form and just have informal conversations with their manager about what they want and need. If they end up on a Remote Work Arrangement, they usually use some but not all of the pieces we provide.
  • JPMorgan Chase 2007. All Rights Reserved.

    1. 1. Flexibility At JPMorgan Chase: The Evolution and The Tools Christine Fossaceca Vice President/Manager Dependant Care & Flexibility August 23, 2007
    2. 2. Manager Quote <ul><li>“ We’re always seeing new challenges; emerging challenges and one of the key aspects of flexibility is that it’s helped us avoid turnover. </li></ul><ul><li>It’s helped us strike the right balance between what we are trying to achieve and what the employee is trying to achieve. And it’s helped us retain knowledge and expertise that might otherwise leave the organization. </li></ul><ul><li>I believe an employee who is motivated and enjoying their role is going to be able to contribute more and is going to go above and beyond and I think flexibility is part of that relationship.” </li></ul>Ian Peckett, Vice President Asset Management JPMorgan Chase
    3. 3. An introduction to JPMorgan Chase <ul><li>JPMorgan Chase is a leading global financial services firm. </li></ul><ul><ul><ul><ul><li>Card Services Asset Management </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Commercial Banking Investment Bank </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Retail Financial Services Treasury and Security Services </li></ul></ul></ul></ul>JPMORGAN CHASE RETAIL WHOLESALE <ul><li>Global financial services firm with assets of 1.4 trillion </li></ul><ul><li>Leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity </li></ul><ul><li>Operations in more than 50 countries </li></ul><ul><li>Population of 177,000 </li></ul>
    4. 4. Our approach to flexibility is re-framed. <ul><li>We repositioned flexibility and made some important links and distinctions. </li></ul><ul><li>Flexibility as a business tool - Component of the business’ strategy </li></ul><ul><li>Flexibility as a way to achieve diversity – An important link </li></ul><ul><li>Informal and formal flexibility </li></ul><ul><ul><ul><li>Informal flexibility – The culture of flexibility in a workplace, the every day flexibility for all even in the most demanding jobs </li></ul></ul></ul><ul><ul><ul><li>Formal flexibility – Alternative Work Options </li></ul></ul></ul><ul><li>Alternative Work Options (AWO’s) </li></ul><ul><ul><ul><li>Change in nomenclature – From Flexible Work Arrangements </li></ul></ul></ul><ul><ul><ul><li>An important distinction – Between flexibility and Alternative Work Options </li></ul></ul></ul><ul><li>Less process driven – Guidance provided but whatever approach works for the business </li></ul><ul><li>Move to increased self service – More tools for Managers and Employees </li></ul>
    5. 5. The 6 alternative work options available to employees. <ul><li>We offer employees 6 different Alternative Work Options. </li></ul><ul><li>Flextime : Employee's work scheduled hours with earlier or later starting and end times, covering core or peak hours during the workday </li></ul><ul><li>Telecommuting:    An Employee's work is done either from home or from another satellite location on a regular or occasional basis. </li></ul><ul><li>Remote Work :  Employees to work exclusively from home or from another location, with limited presence in the firm's facility. </li></ul><ul><li>Part-Time :  Employees work fewer hours than a full-time schedule. The daily or weekly schedule is mutually-agreed upon by the employee and the manager </li></ul><ul><li>Job Sharing : A form of part-time, job sharing offers two people the ability to share the responsibilities of one full-time position. </li></ul><ul><li>Compressed Work Week : Employee works the hours he/she is scheduled to work in less than five days a week or 10 days in 2 weeks. </li></ul>
    6. 6. A suggested 9 step process that a manager may use to initiate an alternative work option. <ul><li>Getting Started </li></ul><ul><li>Step 1 – Know the Options </li></ul><ul><li>Step 2 - Understand the process </li></ul><ul><li>Request Process </li></ul><ul><li>Step 3 – For Employee's- Making the request </li></ul><ul><li>Step 4 – For Manager's- Considering the request </li></ul>Implementation Process Step 5 – Implementing the Alternative Work Option Step 6 – Evaluating the effectiveness Step 7 – Terminating or Changing an Alternative Work Option Considering Technology & Contingency Planning Step 8 – Know the business policies & Obtaining Equipment Step 9 - Contingency Planning Employees may use the guidelines described below to initiate an alternative work option.
    7. 7. The Flexibility Tools for Managers and Employees <ul><li>Assessing Alternative Work Options </li></ul><ul><li>Assessment Tool - helps you determine if an Alternative Work Option is right for you as well as helps prepare you for your discussion with your manager about potential obstacles. </li></ul><ul><li>Performance Rating – Ask yourself: Is the employee a strong performer? Are they able to do their work successfully? </li></ul><ul><li>Employee Work Style – Assessing honesty is key. It is important to ask: Can the employee work independently with little direction from the manager. </li></ul><ul><li>Career Expectations - Employees must have a clear understanding of the time and effort expected in the job </li></ul>Employee: Business: <ul><li>Impact on Client – Consider the client and their needs; Work hours should be scheduled to provide maximum coverage </li></ul><ul><li>Impact on Team – A team with goals that require team synergies and efficient dynamics may impact the types of AWO’s available to individuals in that team. </li></ul><ul><li>Impact on Cost – Employees working on a flexible schedule has to fit into your department’s budget. </li></ul>
    8. 8. Flexibility Tools and Library (continued) <ul><li>Manager Initiated - Team Based Alternative Work Option Tools </li></ul><ul><li>Team Based Strategy Template </li></ul><ul><li>Team Based Strategy Example </li></ul><ul><li>Team Based Communication Template </li></ul><ul><li>Implementing Alternative Work Options </li></ul><ul><li>Communication Checklist to ensure that all communication aspects are covered. </li></ul><ul><li>Flexibility Discussion Tools </li></ul><ul><li>Flexibility Facts and Figures </li></ul><ul><li>Flexibility Overview </li></ul><ul><li>Flexibility Tips for Managers </li></ul>
    9. 9. Looking Forward - The Future of Flexibility at JPMorgan Chase <ul><li>We are looking at an exciting time for Flexibility at JPMorgan Chase. Our Workplace Flexibility 07/’08 Strategy and Next Steps will be to: </li></ul><ul><li>Increase self-service capabilities – build more robust virtual leadership training and information, develop self-guided flexibility training module for managers and staff. </li></ul><ul><li>Increase links and synergies with other career building and management tools and resources and - such as our Career Advancement Program. </li></ul><ul><li>Increase visibility – continue to highlight success stories. </li></ul><ul><li>Continue rolling out new communication tools – Pod cast on flexibility with a panel of managers speaking about the benefits of flexibility to debut in 3 rd quarter. </li></ul><ul><li>Continue working through ENGs, MLTs and HRBPs - to position flexibility as a business tool. </li></ul>
    10. 10. Communication Tool - Bob Snow A new communication tool our managers and employees can access anytime.