After a year of working remotely, some corporate giants such as Target, Salesforce, and JPMorgan are downsizing their office space to continue adapting their business to a hybrid model.
Last year most companies changed the way they worked. The pandemic forced countries to lock down their frontiers and citizens all over the world to stay home. Consequently, companies had to adapt to working in a virtual environment. In some cases, the challenges were significant. But even big companies were able to manage their thousands of employees remotely.
From Onsite to Offsite: Target, Salesforce, and JPMorgan
One of the main reasons companies chose remote work over onsite arrangements is because of their results over the pandemic. Most companies before the quarantine considered the possibility of remote work impossible. But when they had no other option, they experienced profit-related benefits, and employees were happier. Having a flexible schedule and their own work environment made them less stressed, and therefore, more productive.
As Target’s 2020 sales growth exceeded by over $15 billion (greater than the past 11 years), the company officials announced that their primary goal in the long-term is to move towards a hybrid and remote model, with onsite employees but also allowing flexibility of remote work.
Other giants such a Salesforce and JPMorgan have also started to implement a hybrid work model. JPMorgan is currently marketing 700,000 square feet of Manhattan office space, and Salesforce, on the other hand, is listing space in one of its San Francisco buildings for rent.
Are More Companies Going Remote?
According to a poll conducted by Gallup, more than 53% of US employees working remotely would like to continue doing so permanently post-covid. Most employees have reported higher productivity levels, less stress, and overall a better work-life balance while working from home. Therefore, many companies are betting on the remote work model, even post-pandemic.
But what companies have started already making the changes towards a hybrid or full remote model? Besides Target, Salesforce, and JPMorgan, these are some of the companies that have already switched to long-term remote work:
- Amazon announced that remote work continues through June 2021 for those employees whose positions allow them to do so.
- Coinbase became a remote-first company, allowing most of its employees to continue working remotely permanently. Employees who want to continue at the office may do so once pandemic restrictions are lifted.
- Dropbox has also allowed their employees to decide whether to work from home permanently or to go back to the office.
- Facebook is allowing 50% of its employees to work permanently remotely. The rest of the company will continue wiring from home until July 2021.
- Microsoft employees can work remotely 50% of their workweek. However, managers have the option of approving someone of their staff to work full-time remotely.
Other companies such as Spotify, Slack, Starbucks, Upwork, etc., also made flexible arrangements for their employees.