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On the other hand Credit Suisse CEO said WFH is permanent and here to stay. I’m happy
yea for back office
Steve Jobs had this mindset. He ran his office like a bullpen and wanted ideas flying off everyone. He wanted everyone bumping into everyone so business could flow instantly.
Look at Pixar mid 90s and Disney. Disney was stuck on old technology and slow movie production while Pixar had the market cornered after Toy Story.
Steve then went back to Apple with this management style and crafted the iPod. Is it any coincidence the iPod blew the doors off the Microsoft Zune? Then the iPhone killing balckberry, and you get it.
Common denominator was getting together to collaborate, cooperate, and execute. None of this “work is something you do not somewhere you go” which almost killed Best Buy.
If we want to stick to finance...this is how Milken ran the desk in LA in the 80s. He sat at the center with rows of cubicles forming an x out from him. All ideas flowed on the floor to him. If you look at the milken "coaching tree" of who has gone on to do what it rivals that of tiger cubs.
What's the best book available about Milken?
Except that most jobs don't require the level of creativity needed to create the iPhone. No company has been innovative because their financial analysts are updating their Excel spreadsheets working at their offices as opposed to their homes. Do you really think that regular corporate jobs benefit more than marginally from the "free flow of ideas" that happens in an office?
Sure, I would argue that Tesla is one of the companies that does though. I doubt they'd be as successful as they are if they were WFH 5 years ago.
On most days, no, corporate jobs don't benefit from a free flow of ideas in the office.
But on that rare day where someone has a bright idea, it can be incredibly valuable and can be the direct result of a free flow of ideas. Ask any very successful senior banker (e.g. Ken Moelis, PJT etc) whose success started early in their career, if it would've been possible in a WFH environment. Can easily guess their answer.
TBH this sounds more like a reason to force people to leave prior to laying off staff lol
This happens more often by each week passing. Firms are trying to trim down the somewhat excessive hiring spree to cover up their staff shortages and mass firing would absolutely demoralize the whole firm and might induce a negative feedback loop which causes people to leave in droves.
It's cheaper to weed them up by chipping away any non-monetary benefits and forces people to resign. Classic tactics of making your employee life as miserable as possible to make them forfeit their rights instead of the firm paying those rights.
Bingo, CNBC just reported Tesla may cut workforce by 10%.
https://www.cnbc.com/2022/06/03/tesla-shares-dip-on-elon-musks-plans-to-cut-workforce.html
Yup, ouch. What’s WSO think on this
This is no different from when banks employ the same policies: to weed out any non-hardos who don't want to the devote their entire existence to their job. Everyone wins. Musk benefits from everyone under him working 80-100 hour weeks and making him richer, his employees benefit from working entirely with like-minded hardos and bragging about working at one of his companies.
I guess if you have young kids and work for Tesla, you are basically fucked.
I've heard that it's impossible to work a 40-hour week with kids. Apparently, it's never been done in the history of mankind. How will people manage?
Not sure what your point is here. The purpose of the topic is to point out that you must be in the physical office all the time. Being able to work from home occasionally is very useful to parents with young kids. Do you understand?
Agree with Elon here. Telsa and SpaceX are manufacturing companies with physical machinery and a large blue collar workforce, it's just not good for collaboration and productivity to have all the white collar workers chilling at home. The big question is will Elon extend this policy to Twitter once he acquires it?
Holy shit it's Drumpfy. Where've u been???
He's been trapping
You two are my favorite accounts
Think his mail order bride came in
Yeah the wife's here so I've been busy. How are you Pizz?
I think he gave up the deal
The fact that people are willing to give up so easily on one of the greatest blessings (WFH) to ever fall on the American worker is depressing. If we return to a place where we all working in the office 5 days a week we really do deserve to be treated like sheep.
I agree. Not only are some people willing to give up on it, based on comments here, some people think it is good thing to have no ability to work from home, which is just straight up strange.
It’s the senior boomers on this site who aren’t in the office much anyways or hate their families forcing 5 days in-person on everyone else.
My thoughts are for back office staff give them all 5 days WFH, for front office, product, revenue generating roles it is important to have a common location where they work but giving flexibility on WFH
I've run companies remotely and in-person. Some have been high rev/head and others lower due to a manufacturing component.
In-person definitely yields better results. When we hire remote only, we only do so if there's a large discount now.
Otherwise, in-person at least 2x a week.
The effect of in-person is VERY noticeable at companies where your average employee isn't making $250k+ (SaaS/iBanking/PE). Interestingly enough, our churn is much lower at companies with hybrid.
Quick question on the churn comment. Do you offer incentives to come into then office? I imagine that there is a certain value you can ascribe to WFH and curious if you don't offer a similar value to people when they come into office then they will quit.
No incentives outside of relocation pay. When we hire someone new, we tell them we can have them work remote for the first 3 months and either leave or move here. You end up with a certain type of person who is really bought in...
I would be looking for another job.
He is right to ask executives to return, some of their Chinese factory workers are sleeping on a mattress near the shop floors to keep production running and to reduce the covid infection risk for their families. And these people don't get free cars for it either. They are ferried back and forth to their dorms (which barely exist) and the local guidance is that they can't go home to their families to avoid being barred from work.
Some jobs can be remote only, but I agree that Tesla management, engineers and suppliers need f2f time. Having worked for a car OEM before, the creative design sessions, complexity reductions, and drive evaluations were amazing (how do you drive/test from home?).
Also, they all get heavily discounted Tesla vehicles and don't pay for charging at work. Since they also don't pay for full autopilot (10K saving right there) their commute can't be that bad compared to sitting on the tube with no AC or using the subway with no CCW.
Given his announcement for layoffs the very next day, I can't help this was a PR stunt to distract from that. The messaging comes off as condescending, regardless of WFH stance and opinions. I'm mixed on WFH from a leadership perspective. I think you can effectively WFH if you do the following:
Musk is a clown. The corporate world is never returning to 5 days / week in-person; the cat is out of the bag. Any "innovation" company trying to enforce mandatory in-person policies, Tesla or otherwise, will lose talent to more flexible companies that pay an equal or higher salary and offer the benefit of workplace flexibility. Even before the pandemic people were flipping jobs every ~2 years for more money or other benefits. There hasn't been "employee loyalty" for at least a generation. If CEOs think they can keep their best employees from leaving to more flexible competitors or even other industries, they are straight-up delusional. Many of those in the 20-40-year-old cohort value flexibility or "work-life balance" at least as much, if not more, than money.
I agree completely, as this policy is anti-worker.
Elon's companies all pay below market and still attract top talent. I don't think this will change much for them. The kind of person that works at Tesla/SpaceX etc does not care about WLB.
Elon's companies may be an exception to the rule, and that's still a big debatable question mark. Perhaps some of his employees are willing to be underpaid for the element of "prestige" but, certainly, others are not and his employees get poached all the time. Also, people's tolerance to be relatively underpaid for prestige shrinks as the wage gap broadens.
Those points notwithstanding, the fact remains that top talent in any industry -- the top 5% of employees that drive the most incremental value/productivity in an organization -- will always have the most desirable opportunities across the broadest gamut of the most desirable employers. The vast majority of these individuals are self-interested above all, and are constantly being poached and trading up for titles, comp, and other benefits. Attempting to deprive these folks of basic benefits such as workplace flexibility is 100% unsustainable in today's world.
That’s pretty ridiculous, I get that some positions need more collaboration/FaceTime than others but 5 days is ridiculous. Not to mention this email makes him look like a fucking tool
Spent most of my career investing in manufacturing and industrials companies, so I have a pretty strong appreciation of how all the functions work together. Here is the challenge:
The argument completely falls apart for large companies. At larger companies, manufacturing is often done at a completely different location than the white collar jobs. If a problem arises with production, the white collar professionals may as well be working from home because they could otherwise be in an office in an entirely different time zone and may not even speak the same language. If you aren’t directly involved in the manufacturing, you probably aren’t located near the factory.
Similarly, people already worked in different offices or on different floors. I did M&A transactions where I had teammates located in another state and only ever saw them when we were onsite at the company. This was no different than home working — all of our interactions were on the phone. Shoot, even when I had a conference call, it wasn’t uncommon for everyone to take it from their own offices so they could be in front of their computer instead of sitting at a random conference in my office. This dynamic is even more pronounced for people who work on different floors. Need to speak to someone in accounting? You probably just ring them up or shoot them an email rather than take the elevator to their floor.
And what about those of us who are frequent travelers? I used to be in a hotel / on a plane at least one night a week for years. During this time, I was doing the equivalent of ‘work from home’ by working from planes / hotels / backseats of taxis. So for people to conclude that ‘work from office five days a week is optimal’ … to me it based almost entirely on a belief that people lack motivation at home rather than the efficiencies actually outweighing the inefficiencies.
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