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You are right but up until the last month it was all nothing but speculation. What's changed is that now we are getting to see what the heavy hitters.....those who actually make the decisions....... have to say.
Whatever is going to unfold will happen pretty quickly now. By September/October we'll have the answer.
As usual, it really doesn't matter what any of us think or hope will happen.
In the last month or so there have also been more and more reports that in general people were/are not as productive working from home. That could be a big deal and trump all other considerations in the end. American businesses are all about productivity.
Fair enough, though I'm not sure if Morgan Stanley and Chase are representative of every industry and their needs. They have very specific ties to the financial sector in NYC and the appearance of wealth and productivity and how it affects America's bottom line as a whole.
I don't know that every other industry falls under that umbrella.
You are right but up until the last month it was all nothing but speculation. What's changed is that now we are getting to see what the heavy hitters.....those who actually make the decisions....... have to say.
Whatever is going to unfold will happen pretty quickly now. By September/October we'll have the answer.
As usual, it really doesn't matter what any of us think or hope will happen.
In the last month or so there have also been more and more reports that in general people were/are not as productive working from home. That could be a big deal and trump all other considerations in the end. American businesses are all about productivity.
It's a pretty interesting phenomenon that's unfolding, but it isn't equally applicable to everyone's situation. Those with less leverage, will have to march lock in step. Those with hard to find skills will have more negotiating power. There's clearly a generational divide in regards to opinions on this; millenials want a "do over" and boomers/gen z etc want "business as usual" to return. The WSJ had an interesting article a few days ago with interviews of people in the tech industry who stated that they are prepared to walk if they aren't allowed to WFH. So there are those people out there who's talent and skills leave them with options. From what I can tell, certain tech skills are much more difficult to retain and recruit, so they have more leverage there...hence why places like FB and Twitter are prepared to give their employees the option. While positions in finance, and law--there's an oversaturation of talent in the market, and therefore probably easily replaceable.
But the landscape will change--it's just a question of how much. My wife for example, is a senior VP for a production company in the city and she has firmly stated--she's not going back after WFH over the last 1.5 years. Her argument? She's happier and gets more done with less stress.
She has declared that when salary negotiations come up--she will add it as a perk to her raise. If the head honchos declare that it's undoable--she's prepared to walk and take her "talents" elsewhere. Otherwise she has told me numerous times, unless she actually needs to be in the office--there's no reason for her to go back. She understands more of a hybrid model, but the 9-5 rat race is a non-starter according to her.
It's a pretty interesting phenomenon that's unfolding, but it isn't equally applicable to everyone's situation. Those with less leverage, will have to march lock in step. Those with hard to find skills will have more negotiating power.
My wife for example, is a senior VP for a production company in the city and has firmly stated--she's not going back after WFH over the last 1.5 years.
She has declared that when salary negotiations come up--she will add it as a perk to her raise. If the head honchos declare that it's undoable--she's prepared to walk and take her "talents" elsewhere. Otherwise she has told me numerous times, unless she actually needs to be in the office--there's no reason for her to go back. She understands more of a hybrid model, but the 9-5 rat race is a non-starter according to her.
I wonder how much time does your wife's office have left on their lease?
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Fair enough, though I'm not sure if Morgan Stanley and Chase are representative of every industry and their needs. They have very specific ties to the financial sector in NYC and the appearance of wealth and productivity and how it affects America's bottom line as a whole.
I don't know that every other industry falls under that umbrella.
Add Goldman too , to the back to the office crowd along with Ernst & young
It's a pretty interesting phenomenon that's unfolding, but it isn't equally applicable to everyone's situation. Those with less leverage, will have to march lock in step. Those with hard to find skills will have more negotiating power. There's clearly a generational divide in regards to opinions on this; millenials want a "do over" and boomers/gen z etc want "business as usual" to return. The WSJ had an interesting article a few days ago with interviews of people in the tech industry who stated that they are prepared to walk if they aren't allowed to WFH. So there are those people out there who's talent and skills leave them with options. From what I can tell, certain tech skills are much more difficult to retain and recruit, so they have more leverage there...hence why places like FB and Twitter are prepared to give their employees the option. While positions in finance, and law--there's an oversaturation of talent in the market, and therefore probably easily replaceable.
But the landscape will change--it's just a question of how much. My wife for example, is a senior VP for a production company in the city and she has firmly stated--she's not going back after WFH over the last 1.5 years. Her argument? She's happier and gets more done with less stress.
She has declared that when salary negotiations come up--she will add it as a perk to her raise. If the head honchos declare that it's undoable--she's prepared to walk and take her "talents" elsewhere. Otherwise she has told me numerous times, unless she actually needs to be in the office--there's no reason for her to go back. She understands more of a hybrid model, but the 9-5 rat race is a non-starter according to her.
Us poor Gen Xers always left out of the equation.
But it's true that there is a divide generationally. I posted this on another thread we had that was moved but 90% of my firm's owners/leadership/partners are Gen X/Millenials and I believe they're going to be the driving force behind the decision making because so many of them have young children.
We do have 10 years left on our lease so the office won't go away entirely and there are some folks who want to work in office but they seem to be leaning heavily towards the hybrid model.
They also don't need to give the appearance of force that the financial sector does because no one is looking to Plaintiff's Employment lawyers as a spectacle of wealth and abundance. LOL
Nope. You can fire them and replace them with less talent and less production. Put your ego before common sense and see what happens. Times have changed and new ideas are being put into effect. If people can work from home and get the job done--I don't see what the problem is.
You forgot the part where everybody is just a number and you're all replaceable. Eager and willing individuals that have no problem showing up to work will fill the void. Employers will win at the end of the day, whether its paying you less to wfh or finding fresh new grads to plug in your gap. Race to the bottom starts now. All industry execs have to do is get together on the same page and workers are screwed. Orzo this might lead to another industrial revolution?
You forgot the part where everybody is just a number and you're all replaceable. Eager and willing individuals that have no problem showing up to work will fill the void. Employers will win at the end of the day, whether its paying you less to wfh or finding fresh new grads to plug in your gap. Race to the bottom starts now. All industry execs have to do is get together on the same page and workers are screwed. Orzo this might lead to another industrial revolution?
I don't know how you define "win" though, because ultimately it will come down to what individuals are able to get or not get...but the work landscape is changing because of covid-wfh... that much is guaranteed. It's just a question of how much.
Now yes, workers are replaceable but at what cost though? Not all parts are valued or created equally. We're not talking about people who are an assembly line--we're talking about people with technical and/or other specialized skills who have options. And les you forget, just because one employer is unwilling to bend--doesn't mean that others won't. Retaining and cultivating talent is a business challenge on its own. If i'm a top sales person at business A....and who has to work in person as per policy...and business B offers the same salary plus wfh--why wouldn't I go to business B?
Furthermore, if you're business A, are you willing to lose out on top talent because your own ego needs stroking? Now multiply that by the 100s if not 1000s of people who apply to business B rather than yours. Still sticking to that game plan? Good luck with that.
Like my wife said--when I asked her "what if they fire you?" She said "As VP of xyz? Good luck on finding someone who can save you X-millions of dollars the way that I do and good luck on finding someone who knows your business the same way that I do....I can get another position in a heartbeat who will work will let me WFH." My response? "Oh"
Retaining and cultivating talent is a business challenge on its own.
Top companies run through people like a bull. They squeeze them for all they're worth and toss them to the side for the next batch of suckers. Why do top employees burnout after x amount of years and move on? How much does your wife make that she's so irreplaceable, because if it isn't in the high six to seven figures sorry to say, you've got your head up her a*s.
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