Zoom Employees Heading Back to the Office as Remote Work Period Concludes
Zoom Video Communications Inc., previously hailed as a favorite during the work-from-home era, is now summoning employees to return to the office.
Employees who live near Zoom must be there two days a week, a company spokesperson said. He said a “hybrid approach” is most effective for Zoom because it is “better positioned to use our proprietary technology, continue to innovate and support our global customers.”
The company’s video conferencing software of the same name was a breakthrough hit during the pandemic, when entire industries had to communicate virtually. Since then, companies as diverse as Amazon.com Inc., Chipotle Mexican Grill Inc. and BlackRock Inc. have increased the amount of time employees spend on-site.
Yet many offices remain underutilized, and there are signs that some roles may remain remote. Northeast offices were at peak capacity only 24% of the time in the first half of the year, according to data from job utilization analytics company Basking.io. Remote job listings have also increased in many cities.
Zoom itself has struggled to continue growing in a post-pandemic world. Although its share price increased fivefold between March and October 2020, the stock has since fallen to pre-pandemic levels. To revive growth, Zoom is developing broader software tools for large enterprises, including office collaboration products. It has invested in startup Anthropic to incorporate artificial intelligence into its software to manage and automate customer service requests.
Insider previously reported on Zoom’s new office practice.
While many CEOs want employees back to five days a week, “I think hybrid work will stick,” CEO Eric Yuan said on a May earnings call. “I think hybrid work brings us a different kind of huge opportunity. “
