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The real-estate cuts have been made possible by a new openness to remote work that was ushered in by the heavy restrictions on mobility imposed by the Covid-19 pandemic. Most European banks have unveiled flexible work policies that generally allow most staff to work from home for two or three days per week. As a result, many have switched from assigning work stations permanently to models where employees take an available desk each time they come in for work -- so-called “hot-desking.”
Reducing office space usually happens slowly as many leases run for ten years or even longer and terminating agreements ahead of time can trigger steep compensation payments. In addition, many banks have only recently decided just how much work from home they will tolerate and which roles are suitable for it, meaning planning the future office layouts can only now begin in earnest.
I changed employers back in May. During the interview process I specifically asked what their plans were (as far as they knew).
Old Employer - I traveled 4-8 times a year (so 12 to 21 days a year) to client locations. No travel in my last two years (2019 then 2020). Remote otherwise (never even went to an employer office once outside of Orientation and then picking up a new laptop after we moved down)
New Employer - Pre-Covid, the entire company was traveling 38 weeks a year. Went remote with COVID. Coming out of COVID, offices are opening back up, if you are inclined to work out of one. My entire team is in ATL/DAL/SEA and my client is in SJ.
Company just announced new policy will be remote if you want, office if you prefer and travel will likely be limited to a handful of times a year at most ("Key project milestones like Kick-Offs, In person Design sessions and Release Parties"). Internally they loved what the employees did with remote work and client's loved it because their projects no longer have travel/lodging built into the price.
Then again, they have 30 something holidays and unlimited PTO....so they aren't exactly "Chair time is productive time" pine for the 1970s types.
The other Bandwidth thing that I heard through the grapevine was that leadership is really religious (CEO prays at meetings, there used to be a corporate chaplain and religious posters throughout the building) - I can't say how much of that is true or not.
I changed employers back in May. During the interview process I specifically asked what their plans were (as far as they knew).
Old Employer - I traveled 4-8 times a year (so 12 to 21 days a year) to client locations. No travel in my last two years (2019 then 2020). Remote otherwise (never even went to an employer office once outside of Orientation and then picking up a new laptop after we moved down)
New Employer - Pre-Covid, the entire company was traveling 38 weeks a year. Went remote with COVID. Coming out of COVID, offices are opening back up, if you are inclined to work out of one. My entire team is in ATL/DAL/SEA and my client is in SJ.
Company just announced new policy will be remote if you want, office if you prefer and travel will likely be limited to a handful of times a year at most ("Key project milestones like Kick-Offs, In person Design sessions and Release Parties"). Internally they loved what the employees did with remote work and client's loved it because their projects no longer have travel/lodging built into the price.
Then again, they have 30 something holidays and unlimited PTO....so they aren't exactly "Chair time is productive time" pine for the 1970s types.
That’s essentially how my company has decided to structure as well. They saved $80 million on travel last year and are embracing virtual as the future. Salespeople will still travel (albeit with more scrutiny), but internal travel (Quarterly meetings, territory reviews, etc) is basically eliminated. I was already remote anyway, but this just seals the deal that I’ll be remote for good in pretty much all aspects. I could see the writing on the wall last year, and that’s why we decided to buy 6-8 miles farther out with more land vs closer in with smaller house, smaller yard. Just knew I wouldn’t need the airport access like I did.
The other Bandwidth thing that I heard through the grapevine was that leadership is really religious
The CEO is an ex-USMC officer, was connected with the Donald Trump administration, got his undergrad degree from Oral Roberts and his law degree from Notre Dame.
Of course, the company is subject to Title VII of the Civil Rights Act of 1964.
I retired several years ago from a career in international marketing that required constant travel. It's a relief not to have to figure out how to achieve my objectives in the current climate.
That’s essentially how my company has decided to structure as well. They saved $80 million on travel last year and are embracing virtual as the future. Salespeople will still travel (albeit with more scrutiny), but internal travel (Quarterly meetings, territory reviews, etc) is basically eliminated. I was already remote anyway, but this just seals the deal that I’ll be remote for good in pretty much all aspects. I could see the writing on the wall last year, and that’s why we decided to buy 6-8 miles farther out with more land vs closer in with smaller house, smaller yard. Just knew I wouldn’t need the airport access like I did.
I figure this will be a theme in the near term. For some, not all, living near enough to their office won't be a requirement anymore, opening up options.
Sure, jobs can and do change. But as I've shared here before, I've been remote for basically a decade. Any job requiring me to be in an office even part of the time would have to bowl me over with money to even consider it.
"Bandwidth’s new headquarters will be built at the corner of Edwards Mill and Reedy Creek Roads at the former location of the N.C. State Fair Park and Ride lot."
Guess I won't be biking from the Art Museum to Umstead anymore.
"Bandwidth’s new headquarters will be built at the corner of Edwards Mill and Reedy Creek Roads at the former location of the N.C. State Fair Park and Ride lot."
Guess I won't be biking from the Art Museum to Umstead anymore.
why not? There's a wide off-road path along Reedy Creek that you can use......(heck there's even an underpass going under Edwards Mill)
"Bandwidth’s new headquarters will be built at the corner of Edwards Mill and Reedy Creek Roads at the former location of the N.C. State Fair Park and Ride lot."
Guess I won't be biking from the Art Museum to Umstead anymore.
I mean you can still just ride straight down Reedy Creek Road from the Art Museum. They're not removing a road. It's still a straight shot right form point A to B.
I mean you can still just ride straight down Reedy Creek Road from the Art Museum. They're not removing a road. It's still a straight shot right form point A to B.
I would expect a lot more traffic, possibly widening/changing the road, busy entrances, and intersections. Right now, it's a fairly quiet road. I also expect other businesses to follow. It's going to change it.
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