Zoom, which thrived on the remote work revolution, wants workers back in the office part-time
NEW YORK (AP) — The company whose name became synonymous with remote work is joining the growing return-to-office trend.
Zoom, the video conferencing pioneer, is asking employees who live within a 50-mile radius of its offices to work onsite two days a week, a company spokesperson confirmed in an email. The statement said the company has decided that “a structured hybrid approach – meaning employees that live near an office need to be onsite two days a week to interact with their teams – is most effective for Zoom.”
The new policy, which will be rolled out in August and September, was first reported by the New York Times, which said Zoom CEO Eric Yuan fielded questions from employees unhappy with the new policy during a Zoom meeting last week.
Zoom, based in San Jose, California, saw explosive growth during the first year of the COVID-19 pandemic as companies scrambled to shift to remote work, and even families and friends turned to the platform for virtual gatherings. But that growth has stagnated as the pandemic threat has ebbed.
Shares of Zoom Video Communications Inc. have tumbled hard since peaking early in the pandemic, from $559 apiece in October 2020, to below $70 on Tuesday. Shares have slumped more than 10% to start the month of August. In February, Zoom laid off about 1,300 people, or about 15% of its workforce.