I’m willing to bet every single one of them worked more than he did.
No conflict of interest here folks.
Not like there’s murmurs about a commercial real estate crash looming due to remote work being super effective and there being no reason what so ever for CEOs to have these gigantic castles with thousands of serfs.
So glad my company downsized offices this last year. We’re like 80-90% remote (I still haven’t even been to the state my office is in), so there was no reason to keep a big office building that was mostly empty.
It’s amazing what a company can do when they care about their employees more than a stack of bricks with shit in them.
I wouldn’t go as far as to say they care about employees, there are plenty economical reasons to do so, the fact it gels with happy employees is pure happenstance…
The difference is when the drive to maximize money is greater than the need to lord over people.
That is, unless the company owns the real estate and buildings themselves, then the fear the value of the property will tank is another overriding factor that sets them against WFH.
the reality is that if companies have remote employees, they dont need commercial real estate. if companies dont need commercial real estate, a GIANT BUBBLE that will dwarf the subprime fuckups in 2008 happens & tens of billions of dollars in commercial real estate will rapidly lose value. anyone holding that property will see their assets plummet like someone jumping out of the 70th floor of a Wall St building.
if anything, the pandemic taught us that 90%+ of employees who could work in an office downtown (or wherever) can work just as well at home. Schwarzman’s ass is on the line.
Has he been to an office before? Just because you’re in an office doesn’t mean you’re “working hard.” Lots of people do random web browsing, online shopping, etc., while at work and on the clock. Typical belief of old timers. They think your presence at a desk is somehow a magical indicator of a hard worker.
The guys from the generation that sat smoking in their private offices.
Even assuming that what he claim is true and can back with evidence, he would need to go further and show that loss of productivity caused by remote working is massive enough to: offset cost of borrowing commercial real estate (Or much larger real estate with corresponding maintenance bill in case on-site location is need for other reason), paying employee transportation, giving up remote talent, etc.
It is entirely his fault for not preparing for the time where people will actually bring out calculator when there was moon-sized sign post for several years.
