MILWAUKEE — Fiserv Inc.'s new downtown headquarters will require employees to work in the office for most of their hours, rather than remotely, under Milwaukee's $7 million agreement, according to our partners at the Milwaukee Business Journal.
60% of Fiserv's full-time employees' hours must be spent in the office in order for Fiserv to collect the full $7 million from the City of Milwaukee, the BizJournal reports. The provision could attract workers to live in Milwaukee. The city had a similar agreement last year with Milwaukee Tool's downtown office located a few blocks from Fiserv's future headquarters.
Fiserv spokeswoman Ann Cave told the Milwaukee Business Journal the company has a hybrid approach to work including remote options, but a majority of the time in the office. Fiserv executives recently said return-to-office policies have been improving productivity and collaboration, the BizJournal reports.
In September, a survey by the Downtown Milwaukee Business Improvement District No. 21 found 60% of its members' total workforce is regularly reporting to the office. The survey also found many companies adopted hybrid schedules to allow more employees to work from home.
Fiserv's headquarters will be moved from Brookfield to the Hub640 building on Wisconsin Avenue in downtown Milwaukee. Under the deal, Fiserv would sign a 16-year lease at Hub640. The lease includes 144,200 square feet across four floors, including a new ground-floor lobby opening on Michigan Street, according to BizJournal. Fiserv must move into the building by 2024 with at least 580 employees and grow to 780 by 2027. A $37 million renovation is expected.
