The video communications company Zoom has told its staff to come back to work in the office now that the COVID-19 pandemic is over. The decision by the company is noteworthy because it’s the company that benefitted massively during the pandemic when work-from-home (WFH) began and people needed a way to communicate.
Despite the fact that Zoom previously said staff would be able to work remotely indefinitely, it has now changed its mind. The company is now chasing a structured hybrid approach where people within 50 miles of an office should come to work at least twice a week.
One of the interesting points that BBC News highlights is that Zoom’s growth has slowed sharply since the pandemic. Very early on, the service seemed to come out of nowhere - at least, it didn’t seem like a major brand before. Now it looks like it’s struggling to keep up the momentum.
The company was among many this year to lay off some of its staff. In February, the company said that it would be cutting back its workforce by 15% or 1,300 employees.
Its decline in necessity has also been reflected in its share price. The share price peaked in October 2020 at $500 but now sits at just $68, representing a large decline. To be fair to Zoom, a lot of stocks have retreated since the end of 2021 due to Federal Reserve interest rate hikes.
According to BBC News, the company has said it will continue to hire the best talent, regardless of their location. With that said it won’t be too surprising if employers like Zoom have a preference towards applicants who plan to come into the office where they can have more of an impact.
What do you think about Zoom's decision to get employees back into the office? Is it time for a return to work or should working from home become a permanent thing?
Source: BBC News