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Recession and Return-to-office

Recession and Return-to-office
Throughout the pandemic, employees have gained considerable leverage in the job market, from wages to benefits and even flexibility. This has made it difficult for employers to force remote workers back into the office. But times are changing. Amid various business challenges like market volatility, rising inflation, lagging revenue and a high risk of recession, many companies are slowing down with hiring and in some cases, even letting workers go. 

Meta, Twitter and Uber are among some companies that have pushed back return-to-office plans for employees. Dara Khosrowshahi, CEO of Uber wrote in an email to employees that the company "will treat hiring as a privilege and be deliberate about when and where we add headcount." Meanwhile, a Meta spokesperson said, "in light of the expense guidance given for this earnings period, we are slowing its growth accordingly."

Carvana and Robinhood are companies that went on a hiring streak recently and are now letting go of workers. Robinhood CEO Vlad Tenev announced that the company would be letting go of approximately 9% of its 3,800 employees. As for Netflix, the company recently laid off 150 employees. This quickly shifting employee-employer dynamic could give companies the ammunition to take a harder line against the full-time work-at-home arrangements that many employees have pushed for, according to corporate policies experts.

Source: CNBC
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