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Banking Goes Casual Dress Codes Redefined Aug. 7, 2000 (SmartPros) Remember the good old days when everyone dressed in formal business attire? Well-tailored suits for both men and women were a staple of operating in the financial services marketplace and it was frowned upon to wear anything less dressy than the standard uniform. Wake up and smell the espresso because those days are gone! Faster than you can say "Jos. A. Banks is passé," the late 20th century has ushered in a new, refined version of the business suit -- minus the suit. Today's financial services firm has left its stodgy self in the dust -- and professionals throughout the world are heralding this move as a major victory.
The Hallmark of a Trend
Casual attire is nothing new. For years, computer geeks tucked away in dark offices and cubicles have worn jeans, T-shirts and sweatshirts without receiving their 15 minutes of fame -- or unwanted attention -- just because they looked different than other office employees. More recently, human resources revolutions like flex-time, telecommuting and other work arrangements brought along with them a relaxed way of thinking about work -- and a similarly relaxed approach to dress. It soon became popular among some financial corporations to have "Casual Friday" -- the one day out of the week on which you could "dress down" by wearing something akin to a polo-style shirt and slacks for men and something similar for women -- although women still had to wear hosiery and a skirt in certain cases.
This was followed by "Casual Summer," during which companies on both coasts thought it best to ask employees to dress down for comfort during the warmest months of the year.
This progression has now evolved to the current state of "casual all-the-time," primarily because experts and analysts in some of the world's most popular companies and cultures figured out that productivity increased despite what you wore. Imagine that!
Chase Bank Offers Options to Boost Customer Service
Casual attire may be old hat to some of us but it is a relatively new phenomenon within the financial services marketplace. According to an article published in The Dallas Morning News, Chase Bank of Texas recently announced that it is extending its business-casual dress code -- previously for Friday only --to the rest of the workweek. "We've come a long way from dark blue suits, white shirts and conservative ties," says the company's Chairman and Chief Executive Officer, Alan Buckwalter. Buckwalter was also quoted as saying that the revised dress code benefits the relationships his bankers have with their customers because everyone is dressed in a similar fashion. Not only does the revised code improve employee morale but the change also makes it seem as if employees are on the same level as customers, and that employees care very much about addressing all the concerns of all of their customers.
The Big Daddy is Relaxed
Ask anyone on the street to name a popular brokerage firm and he or she is likely to mention Merrill Lynch. Last summer, the entire company began implementing a casual dress code throughout the week; the response from employees was so tremendous that the firm decided to continue the code indefinitely. "Everyone except headquarters went casual all the time and employees at headquarters just went casual, too, last month," says Merrill Lynch spokesperson Selena Morris, who is based in New York.
"Headquarters has the most contact with clients so the policy remains very flexible. You can come to work casual or in a suit, and there is a whole range of choices within the code. Anyone with client contacts may also have a change of clothes in the office in case there is an impromptu meeting scheduled."
Much like Chase, Merrill Lynch shows respect to its clients by stressing how much they care -- enough to dress to match the client. Morris says some clients dress up while others remain casual, and that planners wear what is most appropriate based on the situation. And there are some throwbacks to the old days, too: employees eating in the Executive Dining area must wear jackets and ties at all times.
Still, the hue and cry from employees is what motivated the firm to change its -- pardon the pun -- style. "The main reason for changing the code is because employees asked us to do it," she says. "It also helped boost productivity. People feel they can work more effectively if they are comfortable."
Like many other companies, she says that the firm has a strict policy against jeans, athletic wear and sandals, and that men and women alike are encouraged to wear hosiery. And since, of course, no shoes and no socks mean no service for any of your customers -- the company draws the line at bare feet!
Who Benefits?
Some say a casual dress code is a "man" thing because men truly changed what they wore to the office by taking off the tie and wearing open collars. Women still must wear a shirt or a blouse and skirt or pants. And, of course, the "power ties" women wore in the 1980s haven't been in vogue for some time. So, if men took off their ties while women still have to look presentable, who benefits? "I've heard from many male employees that the best benefit of casual dress is not having to wear a tie because they feel a lot freer," says Morris. "Women always wore pants and suits on Wall Street, so a casual dress code for them is really more of a validation of a more casual outlook than anything else."
A Fine Line
Treading the line between "casual" and "unacceptable" can be tricky, depending on your company and its policies -- or lack thereof. Critics of casual dress in the workplace argue that all this comfort leads to lounging and goofing off -- or, at least, to a less than professional office environment. (Bank One, Chicago, as quoted on NPR, had this reaction to offer: "What next, bathrobes?") Some companies, on the other hand, are choosing to make a more gradual switch in corporate attire, perhaps aiming to monitor the effect dress has on its employees. Safeco Corp., a life-insurance company based in Seattle, is one example of this gradual switchover: In mid-2000, the company changed its standard (and mandatory) white-business-shirt-and-tie uniform to allow colored shirts. It's a step, albeit a small one, but small steps such as this can add up to big relief for employees who often feel like a cog in a large corporate machine. The line between what's appropriate and what isn't can still be a difficult one to navigate. Not sure how to dress down? There are several resources on the Internet for reference. A search using "Casual Dress Code" rendered several sites, such as www.dressingwell.com, and even a program sponsored by CCH available at Business Owner's Toolkit (www.toolkit.cch.com/text/p05_5425.asp). Please send your comments, questions and article proposals to information@smartpros.com.
2000, Smartpros Ltd. All Rights Reserved.
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