Robinhood (NASDAQ:HOOD) has embraced the work from home (WFH) movement by making it permanent as the ongoing COVID health challenge and new technology combine to create the perfect storm to make centralized offices superfluous.
In a blog post, Robinhood said it would remain “primarily remote” supporting “Robinhoodies” wherever they are located.
The company stated:
“In the last two years, we’ve seen how flexibility and trust allows teams to do their best work, attract top talent, and create a workplace that’s more inclusive and equitable. Our teams have done amazing work and built a strong workplace community during these uncertain and challenging times, and we’re excited to continue to offer them the flexibility they’ve asked for by staying primarily remote.”
Younger workers, who are comfortable with technology and the advent of virtual offices (like Slack) are at the forefront of this movement. In the past, tech hotbeds like San Francisco have compelled workers to centralize in cities where jobs and interaction with others made it vital to locate in these hubs. Today, that is no longer true as workers seek better living conditions and lower taxes thus escaping the confines of centralization.
During COVID, many companies migrated to a WFH environment thus providing data that indicated an increase in worker productivity. By eliminating costly or time-consuming commutes and everything that goes along with working from a central office, workers have been able to improve their life-work balance.
Simultaneously, fast-growing firms have struggled to find new workers. A WFH environment means firms can recruit from anywhere – removing geographic constraints. Additionally, while some traditional firms aim to require in-office labor – Robinhood may be able to lure talented workers away from these firms.
For Robinhood, there will be “no location or regular in-office requirement, and teams will come together in-person occasionally for key experiences and moments that drive connection and innovation.”
While certain employees may need to live within range of an office (business/regulatory reasons) the benefits to both employees and Robinhood are clear.
A better work experience for employees, more productive workers for Robinhood, and the option to reduce the cost of really big offices.