Today we are watching…
1. Twitter (#twit)
The work-from-home catalyst has been triggered, and now tech firms don’t see the point in going back to the old ways. Jack Dorsey of Twitter has given the go-ahead for permanent remote working, effective immediately. The markets love this idea. The company will save on rent, and it’ll probably get away with cutting salaries. It will help the company be nimbler, they say, and workers will be able to spend more time with family and less time commuting through rush hour traffic. It’s all good for the stock, but are we undervaluing good, in-person interactions? Zuck, say you?
2. Facebook (#fb)
Mark Zuckerberg’s fallen for the work-from-home life, too. He’s been discussing the past few weeks’ experiences, and is announcing a target for half of the company’s employees to work remotely from 2025. He says Facebook is “aggressively opening up remote hiring,” but he’s not received a health reception like Jack Dorsey of Twitter. The public is anxious; it doesn’t have a suitable work-from-home space. It’s anxious; this is just an excuse to cut salaries. It’s worried about keystrokes and surveillance. It’s anxious that instead of competing for a job against people in your local city, you’re now competing against people all around the world. It’s tough being Zuck!