The WFH wars and other work related ideas

Zoom — yes, that Zoom — was in the news lately due to their mandate forcing people to work in the office. Here’s just one of many pieces on it. Buried at the bottom of that piece was this:

Zoom (ZM) has had its own difficulties as demand wanes following a pandemic-fueled surge. In February, Zoom (ZM) cut approximately 15% of its staff, amounting to about 1,300 employees, after growing too quickly. Members of the executive leadership team also reduced their base salaries by 20% for the coming fiscal year and forfeited their fiscal year 2023 bonuses.

Relatedly, a union drive is underway at Grindr. So what does Grindr management do? Try to force employees back into the office too. See here for details.

Look, management can have many reasons for having people come back to the office. While those reasons are often portrayed as positive, they might not be. Want to shed employees because business is bad but don’t want to have to lay them off? Then force them to come into the office like Zoom. For some it will be impractical or undesirable and they will leave. Voila: workplace reduction achieved. Want to make it difficult for employees to organize a union? Make them come to work where you can monitor them closely. None of these things are about employees being more productive, etc….they are about using the office as a weapon to manage your business woes.

I suspect these WFH (work from home) battles will be ongoing for a few more years, until leases come up for renewal. I could be wrong, but once that happens, I suspect more and more companies will eliminate costly office real estate from their assets and working from home (or temp offices) will become the norm. That’s going to occur over the next few years though, not immediately.

Meanwhile expect more WFH stories as employees and management adjust to our post-pandemic work life. Stories like this: some executives are finding  forcing workers to come into the office is a big mistake. Or like this piece that argues the way to get employees to come to the offices is by giving everyone their own office. (I personally think that’s a nonstarter.)

Regardless of where you are working, here’s some tips on balancing work and life I recommend you read. And if you do have to go to the office, read this good piece on how leaving the office at five is not a moral failing,

To close off, here’s three pieces on badness at work:

 

 

One of the the better reviews of WeWork and their IPO is naturally this one, by Stratechery


Stratechery is always great and this piece is no different: The WeWork IPO – Stratechery by Ben Thompson.

What makes it good is that rather than just slamming WeWork superficially, as many takes have, it delves into what could possibly justify why WeWork is a good investment.

My take is that if WeWork had a different executive, it could be a successful company. I think the comparison to AWS is somewhat valid, and in the gig economy with lots of short term work, it could become very successful. (It worked really well for a recent project I was on).

That said, I believe the executive team of WeWork will not be able to handle any drying up of capital or a recession of any length. Or investors will wake up and ask themselves why WeWork should be valued way more than IWG/Regus. Time will tell, of course.

One last thing: my understanding is that WeWork had to start from scratch in terms of buying up / leasing real estate, but AWS did not start from scratch and took advantage of existing capacity Amazon currently had.

(Image link to the original piece in the article reference)

It’s not that Brooklyn is getting more expensive: it’s that Manhattan is expanding. Why?

Home prices in some of the city’s neighborhoods have not just climbed over the last decade, they’ve blasted off, landed on Mars and found water.

Why? Well, look at where the growth is, and then look at this map of the NYC Subway:

More than other factors, the price of real estate seems  is tied to how easy it is to get back and forth from Manhattan.

That said, I’d be interested to know the story behind the areas of Manhattan that are stagnating.

NYC is never boring.

Source: New York Home Prices | New York Real Estate Price History