Is JPM’s New Working Hours ‘Bossware’ Technology Protection or Surveillance?

Leading bank JPMorgan JPM -0.19% ▼ is aiming to boost the welfare of its workers by rolling out a “Bossware” system to find out whether they are really working the hours that they claim.

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Computer Keystrokes Recorded

According to an article in the_ Financial Times_, the bank is looking at a new piece of kit which will compare junior bankers’ self-reported hours with data from its own internal IT systems.

The bank has begun issuing pilot reports comparing logged employee activity with submitted time sheets and may extend the program across its investment bank, according to the article. The reports draw on data including calls made, computer keystrokes and scheduled meetings. It then gives the employees reports showing their estimated versus reported hours.

JPMorgan has capped working weeks at 80 hours and curtailed weekend work, but compliance has been uneven because some young employees under-report time to remain on deals, the FT’s report said. “Much like the weekly screen time summaries on a smartphone, this tool is about awareness — not enforcement,” JPMorgan said, adding it aims to support “transparency, wellbeing, and encourage open conversations about workload”.

Protection or Surveillance?

Indeed, there are concerns that junior bankers are working extremely long hours and often underreport them to avoid looking weaker than colleagues or less efficient.

However, the use of this kind of surveillance tech or “Bossware” as it has been known creates its own worries for staff.  According to surveys, 86% of companies with monitoring tools track employee activity, including keyboard activity, screen time, and app usage. The global market for this software is expected to grow from $587 million in 2024 to $1.4 billion within seven years.

Last year, it was reported that JPMorgan employees may have to share biometric data if they wanted to be allowed into the investment bank’s new building in New York.

Some see it as being too intrusive, despite the claim that it is being carried out to protect rather than punish workers.

This is a tricky area for big businesses. On the one hand they are keen to utilize the latest technology to protect their operations, but on the other don’t want it to come at the expense of employee relationships and trust.

These are key risks for both JPMorgan – as seen above – and investors looking to add the bank to their portfolios.

Is JPM a Good Stock to Buy Now?

On TipRanks, JPM has a Moderate Buy consensus based on 12 Buy and 8 Hold ratings. Its highest price target is $400. JPM stock’s consensus price target is $347.47, implying a 21.18% upside.

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