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MIflyer12
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U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 3:01 pm

“It seems a near certainty that there will be substantially more remote work going forward,” Powell said. “That’s going to change the nature of work and the way work gets done.”

Powell said the heavy investment by companies in new technology means there will be more jobs in the future associated with maintaining that technology but also potential job losses in industries focused on in-person contact. He said some of those industries may be moving to an “automated, no-contact model.”

This trend is already showing up in the jobs data, with the recovery slower in industries that rely on public interaction, such as travel, leisure and hospitality. Those are jobs disproportionately held by women and people of color and typically pay lower wages, Powell noted.


Who's holding out for a 100% return to business travel? Let's see if U.S. carriers change their tune in the coming months. This could have big impacts for networks and high-CASM RJs.

https://www.detroitnews.com/story/news/ ... 170669002/
 
tys777
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 3:22 pm

MIflyer12 wrote:
“It seems a near certainty that there will be substantially more remote work going forward,” Powell said. “That’s going to change the nature of work and the way work gets done.”

Powell said the heavy investment by companies in new technology means there will be more jobs in the future associated with maintaining that technology but also potential job losses in industries focused on in-person contact. He said some of those industries may be moving to an “automated, no-contact model.”

This trend is already showing up in the jobs data, with the recovery slower in industries that rely on public interaction, such as travel, leisure and hospitality. Those are jobs disproportionately held by women and people of color and typically pay lower wages, Powell noted.


Who's holding out for a 100% return to business travel? Let's see if U.S. carriers change their tune in the coming months. This could have big impacts for networks and high-CASM RJs.

https://www.detroitnews.com/story/news/ ... 170669002/


I've been remote for 6+ years. I work for a fortune 10 company that has been big on remote work for a long time. We were making a push to more virtual meetings before covid came along, and since it did, we have only accelerated that move. I think business travel will rebound, but nowhere near what it once was.
 
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Aaron747
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 3:36 pm

Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.
 
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einsteinboricua
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 4:00 pm

Aaron747 wrote:
If I were a commercial real estate investor I might be pretty ticked at him today.

Really? For stating the obvious?

Once all companies mandated remote work until further notice, the writing was on the wall. Today, workers have more leverage: if they were still productive from home and had no issues doing their work, then companies demanding a return to the office will find empty desks and job postings.

Of course, there will always be businesses that require in-person work. But that's more on the retail, restaurant, and services sectors. And even then, with the advent of online ordering, most of these jobs are on the verge of being reduced.

I wouldn't be ticked off with Powell; I'd be ticked off with myself if I had not taken into account that businesses will adapt and can go to remote work. So long as I have a leased signed, I'll cash it; if I fail to prepare for a lease break or a non-renewal, then it's all on me.
 
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Aaron747
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 4:21 pm

einsteinboricua wrote:
Aaron747 wrote:
If I were a commercial real estate investor I might be pretty ticked at him today.

Really? For stating the obvious?

Once all companies mandated remote work until further notice, the writing was on the wall. Today, workers have more leverage: if they were still productive from home and had no issues doing their work, then companies demanding a return to the office will find empty desks and job postings.

Of course, there will always be businesses that require in-person work. But that's more on the retail, restaurant, and services sectors. And even then, with the advent of online ordering, most of these jobs are on the verge of being reduced.

I wouldn't be ticked off with Powell; I'd be ticked off with myself if I had not taken into account that businesses will adapt and can go to remote work. So long as I have a leased signed, I'll cash it; if I fail to prepare for a lease break or a non-renewal, then it's all on me.


The Fed are usually late to comment on such trends - having it out in the marketplace where it’s a known issue is different.
 
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mbmbos
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 5:30 pm

I've been a WFH employee since before the pandemic started, and it works for me. Recently, my company - a very sizeable corporation - spoke to employees in an all-hands meeting. They stated they had looked at the metrics and found that office workers who had been working from home since the start of the pandemic were more productive than when they were in the office. So they rented out half of the corporate office and if someone needs to work in the office for a day or two, they book a cubicle or a conference room.

Can't tell you how much $$ I've saved on gas and wear-and-tear on the car. Plus, I no longer have 2+ hours devoted to commuting.

I think it's great.
 
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Revelation
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 5:48 pm

IMO after being in corporate life for decades in high tech, companies were never very good at evaluating the effectiveness of their workforce, be it at home or remote.

Now they can have more or less the same overall productivity and drop their leases on commercial real estate, they're all in on that.

The real question is will they be able to sustain productivity over time, and as above, will workers come back to the office if forced to do so?
 
FlapOperator
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 5:54 pm

Aaron747 wrote:
Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.


The fact that commercial real estate will be looking at a far different model isn't a prognostication, its a fact from the last 18 months.

Additionally, COVID isn't the only dynamic driving this reality.
 
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c933103
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 5:55 pm

Question is why 40% of Japan think WFH lower productivity
 
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Francoflier
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 6:04 pm

Hard to say where remote working will end up once the dust settles. I imagine it will be somewhere between what we had before and the generalized forced work-from-home of the pandemic, depending on what was found to work out or not for each business.

As for business travel however, I wouldn't start digging the grave too soon...
There is a reason why companies and individuals pay good money and dedicate a lot time to traveling for business.
Skype, Whatsapp and Facetime were available long before the pandemic started after all...

The fact is, there is little that can replace actual human contact when doing business, especially when it's business that requires building a working relationship and trust between people.
This is hard to do over a screen.

If you decide to stop traveling to see your business partners and decide to do it all remotely, then your competitor will be more than happy to make the trip and wine and dine your customers away from you, or you may find that the remote office/sales outlet/production site you're managing remotely may not be as motivated or productive as before since the regional manager never really shows up anyway...

More remote working? Definitely.
Less business travel? Not so sure.
 
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casinterest
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 6:24 pm

Francoflier wrote:
Hard to say where remote working will end up once the dust settles. I imagine it will be somewhere between what we had before and the generalized forced work-from-home of the pandemic, depending on what was found to work out or not for each business.

As for business travel however, I wouldn't start digging the grave too soon...
There is a reason why companies and individuals pay good money and dedicate a lot time to traveling for business.
Skype, Whatsapp and Facetime were available long before the pandemic started after all...

The fact is, there is little that can replace actual human contact when doing business, especially when it's business that requires building a working relationship and trust between people.
This is hard to do over a screen.

If you decide to stop traveling to see your business partners and decide to do it all remotely, then your competitor will be more than happy to make the trip and wine and dine your customers away from you, or you may find that the remote office/sales outlet/production site you're managing remotely may not be as motivated or productive as before since the regional manager never really shows up anyway...

More remote working? Definitely.
Less business travel? Not so sure.



Yeah, the sales guys are going to get out there and push the "Gripping and Grinning" lines. Nothing says I have your back other than showing up when needed.
Software engineers and support, are going to reap some serious benefits.

There are a lot of productivity issues
'
Revelation wrote:
he real question is will they be able to sustain productivity over time, and as above, will workers come back to the office if forced to do so?


I feel that training and over the shoulder learning are suffering quite a bit. We may make it another 6 months without the offices, but at some point training and refilling positions will become an issue.
 
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einsteinboricua
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 6:52 pm

casinterest wrote:
I feel that training and over the shoulder learning are suffering quite a bit. We may make it another 6 months without the offices, but at some point training and refilling positions will become an issue.

THIS.

I switched jobs during the initial stages of the pandemic (coincidence though; I had applied before the pandemic hit). I think I would have been able to find sense of purpose if I had been trained with someone as to what I needed to do. Virtual could only do so much. But after six months adrift, with no guidance, I ended up quitting my job (the manager, who initially said he likes growing his employees and helping them out however possible, became really hardlined and refused to help me out and insisted I be micromanaged, so when HR said they couldn't help me, I quit).

I have quit two more times since then (and I'm returning to the company I quit above), but they all failed in the ability to train people and organize them.
 
MaverickM11
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 7:20 pm

Aaron747 wrote:
Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.

I think all kinds of investors are shorting commercial real estate for a while now
 
flyguy89
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 7:31 pm

einsteinboricua wrote:
casinterest wrote:
I feel that training and over the shoulder learning are suffering quite a bit. We may make it another 6 months without the offices, but at some point training and refilling positions will become an issue.

THIS.

I switched jobs during the initial stages of the pandemic (coincidence though; I had applied before the pandemic hit). I think I would have been able to find sense of purpose if I had been trained with someone as to what I needed to do. Virtual could only do so much. But after six months adrift, with no guidance, I ended up quitting my job (the manager, who initially said he likes growing his employees and helping them out however possible, became really hardlined and refused to help me out and insisted I be micromanaged, so when HR said they couldn't help me, I quit).

I have quit two more times since then (and I'm returning to the company I quit above), but they all failed in the ability to train people and organize them.

Yeah this has always been my big concern with WFH. I’m currently hiring and on boarding/training/engaging new employees remotely has been a real challenge. I feel really bad for the most recent crop of college grads having to enter the workforce under these circumstances and being handicapped with regard to networking, getting to know their colleagues, and immersing themselves in the business. I at least had the benefit of working in person with my bosses and peers for years before forced WFH. The rookies aren’t going to have that advantage.
 
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Revelation
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 7:35 pm

Francoflier wrote:
Hard to say where remote working will end up once the dust settles. I imagine it will be somewhere between what we had before and the generalized forced work-from-home of the pandemic, depending on what was found to work out or not for each business.

As for business travel however, I wouldn't start digging the grave too soon...
There is a reason why companies and individuals pay good money and dedicate a lot time to traveling for business.
Skype, Whatsapp and Facetime were available long before the pandemic started after all...

Right, yet not used until people had no choice but to get them installed and configured and comfortable using them. Now they are comfortable using them if not particularly thrilled. I hear complaints about these apps, but I used to hear just as many complaints about being dragged into real meetings. Companies have now invested in these tools and are cutting real estate and travel budgets. The genie isn't going back into the bottle, IMO.

Francoflier wrote:
The fact is, there is little that can replace actual human contact when doing business, especially when it's business that requires building a working relationship and trust between people.
This is hard to do over a screen.

If you decide to stop traveling to see your business partners and decide to do it all remotely, then your competitor will be more than happy to make the trip and wine and dine your customers away from you, or you may find that the remote office/sales outlet/production site you're managing remotely may not be as motivated or productive as before since the regional manager never really shows up anyway...

Business travel is not just sales and support, it's a lot of other things too, such as conferences, training, in-house and partner gatherings, etc and while some can't be dispensed with a lot are going away and not coming back. Some suggest 30% is gone and not coming back, I think that's a reasonable guess.

Your competitor has to pay to travel and wine and dine whether they close business or not, so if you can be successful without those costs and wasted blocks of time you can undermine them.

If your remote office is only productive due to fear of manager's visits, you have bigger problems than your travel budget.
 
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ER757
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 8:03 pm

einsteinboricua wrote:
casinterest wrote:
I feel that training and over the shoulder learning are suffering quite a bit. We may make it another 6 months without the offices, but at some point training and refilling positions will become an issue.

THIS.

I switched jobs during the initial stages of the pandemic (coincidence though; I had applied before the pandemic hit). I think I would have been able to find sense of purpose if I had been trained with someone as to what I needed to do. Virtual could only do so much. But after six months adrift, with no guidance, I ended up quitting my job (the manager, who initially said he likes growing his employees and helping them out however possible, became really hardlined and refused to help me out and insisted I be micromanaged, so when HR said they couldn't help me, I quit).

I have quit two more times since then (and I'm returning to the company I quit above), but they all failed in the ability to train people and organize them.

Yeah, the remote training thing is a little more difficult for sure. I was on a hybrid home/office schedule for over a decade before COVID and went full-time WFH last March. Was no big deal for my daily tasks since I'd been doing so for many years already. But am retiring in a couple weeks and training my successor is do-able with Screen sharing on Skype calls but IMO would be more effective in person. But neither of us is keen on going into the office so we'll stay with that method. Fortunately she has background in the industry and even worked for us in the past so it's not like training a rookie with zero or limited knowledge.
 
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Aesma
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 8:10 pm

My company builds office buildings. Our offices are half empty... Some our clients are downsizing even with construction already started, reselling part of the big HQs they were having built.

2 days a week WFH has been negotiated with unions, even though the higher ups don't like the idea, but I think some teams are doing more than that, including the IT department with which I work.

Many employees have a company car so there are savings for the company there too, I'm hoping someone will negotiate to get cash instead of the car. I got my latest one 1 year ago and made 2000Km with it...

As for IT jobs, some will be created for sure, but for companies that already had the adequate tools, just not used by many, they don't really need much more people. Just to pay more licensing fees to Microsoft... As for small companies, everything is in the cloud now, just buy from your usual vendor, or ISP.
 
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einsteinboricua
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 8:11 pm

flyguy89 wrote:
Yeah this has always been my big concern with WFH. I’m currently hiring and on boarding/training/engaging new employees remotely has been a real challenge. I feel really bad for the most recent crop of college grads having to enter the workforce under these circumstances and being handicapped with regard to networking, getting to know their colleagues, and immersing themselves in the business. I at least had the benefit of working in person with my bosses and peers for years before forced WFH. The rookies aren’t going to have that advantage.

Given that the pandemic has calmed down enough to where people are vaccinated and should they catch COVID, their symptoms will not be life threatening, I think there is still some advantage to going back to th office. I personally wouldn't mind a hybrid schedule of 3 days in the office and 2 remote (Mondays and Fridays), or less days in the office if it comes down to that. I still want to have some face to face time with peers, especially if we need to discuss items that simply cannot be done through Skype.

I'm just happy I'm no longer gonna be working in a SCIF and can actually stay remote until further notice.
 
LCDFlight
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 8:44 pm

I have been mostly remote for nearly a decade now. It has been normalized. The old guard (today’s CEOs) love the office because it is the center of their life happiness. They probably hate vacations and family time, too. There was humor inside companies when most of the mid level staff outright told leaders they aren’t coming back. The old fashioned corporate HQ ritual has been exposed as a charade that creates no value.

I am seeing my opportunities for remote work increase, not decrease over time. My leverage is increasing as a result of this (meaning if I say I’m not going back… thats a lifestyle statement).

Now that this has been going nearly 2 years, people are rotating into new jobs fully remotely. “Going back” does not even apply. There is no back.
Last edited by LCDFlight on Wed Aug 18, 2021 8:49 pm, edited 1 time in total.
 
Brick
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 8:49 pm

Innovation and internal promotions have completely stopped at my company because remote working has resulted in the loss of ability to gain ambient knowledge and ideas from hallway, lunch room, and pre/post meeting conversations.
 
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Aaron747
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 9:53 pm

Brick wrote:
Innovation and internal promotions have completely stopped at my company because remote working has resulted in the loss of ability to gain ambient knowledge and ideas from hallway, lunch room, and pre/post meeting conversations.


If people have not carried on such activities in the remote environment they probably aren’t cut out for it.
 
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Aaron747
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 9:55 pm

c933103 wrote:
Question is why 40% of Japan think WFH lower productivity


Many marriages in Japan are a sham - those might be the dudes who don’t like being at home with their wife all day in a small space.
 
flyguy89
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 10:25 pm

einsteinboricua wrote:
flyguy89 wrote:
Yeah this has always been my big concern with WFH. I’m currently hiring and on boarding/training/engaging new employees remotely has been a real challenge. I feel really bad for the most recent crop of college grads having to enter the workforce under these circumstances and being handicapped with regard to networking, getting to know their colleagues, and immersing themselves in the business. I at least had the benefit of working in person with my bosses and peers for years before forced WFH. The rookies aren’t going to have that advantage.

Given that the pandemic has calmed down enough to where people are vaccinated and should they catch COVID, their symptoms will not be life threatening, I think there is still some advantage to going back to th office. I personally wouldn't mind a hybrid schedule of 3 days in the office and 2 remote (Mondays and Fridays), or less days in the office if it comes down to that. I still want to have some face to face time with peers, especially if we need to discuss items that simply cannot be done through Skype.

I'm just happy I'm no longer gonna be working in a SCIF and can actually stay remote until further notice.

Agreed, at least that’s where I’d like to net out for me personally. Most everyone on our team is anxious to be back in the office together for a few days per week at least.
 
737307
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 10:36 pm

Aaron747 wrote:
Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.


I suppose it depends on what kind of commercial real estate we are talking about?
With increased Working from Home, perhaps you need more and more data center space? All that electronic equipment needs to be housed in a physical building, protected from the elements, supplied with reliable power.
 
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Aaron747
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 11:02 pm

Dieuwer wrote:
Aaron747 wrote:
Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.


I suppose it depends on what kind of commercial real estate we are talking about?
With increased Working from Home, perhaps you need more and more data center space? All that electronic equipment needs to be housed in a physical building, protected from the elements, supplied with reliable power.


Data center demand is only going up year after year. Obviously we were talking about leased office space as it relates to WFH.
 
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DarkSnowyNight
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Re: U.S. Fed Reserve chmn Powell on remote work

Wed Aug 18, 2021 11:08 pm

Revelation wrote:
Francoflier wrote:
The fact is, there is little that can replace actual human contact when doing business, especially when it's business that requires building a working relationship and trust between people.
This is hard to do over a screen.

If you decide to stop traveling to see your business partners and decide to do it all remotely, then your competitor will be more than happy to make the trip and wine and dine your customers away from you, or you may find that the remote office/sales outlet/production site you're managing remotely may not be as motivated or productive as before since the regional manager never really shows up anyway...

Your competitor has to pay to travel and wine and dine whether they close business or not, so if you can be successful without those costs and wasted blocks of time you can undermine them.


Indeed. This is aspect often overlooked by advocates of travel expenditures. There are indeed times when it is advantageous to let a competitor spend money instead.

In the end though, even clients who insist on in-persons are not likely to maintain that stance when they start spending much more for the same result. A competitive cost structure for me is also a competitive cost structure for my clients. Impossible to ignore for long.


MIflyer12 wrote:

Who's holding out for a 100% return to business travel? Let's see if U.S. carriers change their tune in the coming months.


At this point, that is likely limited to people who's incomes are directly affected by it and do not have the ability or desire to adapt. With a predictable lack of irony, this website represents an outlying microcosm of people holding out for this. I personally find no astonishment on that, as we are an aviation —commercial, at that— enthusiast site.

Most other people though, particularly those involved in monitoring and approving the cost of business travel, welcome this fundamental and irreversible shift.
 
bpatus297
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 12:44 pm

MaverickM11 wrote:
Aaron747 wrote:
Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.

I think all kinds of investors are shorting commercial real estate for a while now


How do you short real estate? I understand the basics of shorting stocks, I never knew you could short real estate. Genuinely curious.
 
bpatus297
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 12:47 pm

einsteinboricua wrote:
flyguy89 wrote:
Yeah this has always been my big concern with WFH. I’m currently hiring and on boarding/training/engaging new employees remotely has been a real challenge. I feel really bad for the most recent crop of college grads having to enter the workforce under these circumstances and being handicapped with regard to networking, getting to know their colleagues, and immersing themselves in the business. I at least had the benefit of working in person with my bosses and peers for years before forced WFH. The rookies aren’t going to have that advantage.

Given that the pandemic has calmed down enough to where people are vaccinated and should they catch COVID, their symptoms will not be life threatening, I think there is still some advantage to going back to th office. I personally wouldn't mind a hybrid schedule of 3 days in the office and 2 remote (Mondays and Fridays), or less days in the office if it comes down to that. I still want to have some face to face time with peers, especially if we need to discuss items that simply cannot be done through Skype.

I'm just happy I'm no longer gonna be working in a SCIF and can actually stay remote until further notice.


How are you doing classified work from home?
 
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DL717
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 12:53 pm

MIflyer12 wrote:
“It seems a near certainty that there will be substantially more remote work going forward,” Powell said. “That’s going to change the nature of work and the way work gets done.”

Powell said the heavy investment by companies in new technology means there will be more jobs in the future associated with maintaining that technology but also potential job losses in industries focused on in-person contact. He said some of those industries may be moving to an “automated, no-contact model.”

This trend is already showing up in the jobs data, with the recovery slower in industries that rely on public interaction, such as travel, leisure and hospitality. Those are jobs disproportionately held by women and people of color and typically pay lower wages, Powell noted.


Who's holding out for a 100% return to business travel? Let's see if U.S. carriers change their tune in the coming months. This could have big impacts for networks and high-CASM RJs.

https://www.detroitnews.com/story/news/ ... 170669002/


Our best friends worked from home for their last 20 years of work. Both are million millers on multiple airlines. Working from home doesn’t mean you don’t travel.
 
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Aaron747
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 12:55 pm

DL717 wrote:
MIflyer12 wrote:
“It seems a near certainty that there will be substantially more remote work going forward,” Powell said. “That’s going to change the nature of work and the way work gets done.”

Powell said the heavy investment by companies in new technology means there will be more jobs in the future associated with maintaining that technology but also potential job losses in industries focused on in-person contact. He said some of those industries may be moving to an “automated, no-contact model.”

This trend is already showing up in the jobs data, with the recovery slower in industries that rely on public interaction, such as travel, leisure and hospitality. Those are jobs disproportionately held by women and people of color and typically pay lower wages, Powell noted.


Who's holding out for a 100% return to business travel? Let's see if U.S. carriers change their tune in the coming months. This could have big impacts for networks and high-CASM RJs.

https://www.detroitnews.com/story/news/ ... 170669002/


Our best friends worked from home for their last 20 years of work. Both are million millers on multiple airlines. Working from home doesn’t mean you don’t travel.


Absolutely right. Anyone in an account management or customer success position will be on the road minimum 30% of the time. Probably even more without a fixed office.
 
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einsteinboricua
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 1:14 pm

bpatus297 wrote:
How are you doing classified work from home?

I'm not. What I meant was that my new job will not deal with classified work so I don't have to go to a SCIF to work anymore (which means remote work until further notice).
 
bpatus297
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 1:46 pm

einsteinboricua wrote:
bpatus297 wrote:
How are you doing classified work from home?

I'm not. What I meant was that my new job will not deal with classified work so I don't have to go to a SCIF to work anymore (which means remote work until further notice).


Got it, you had me curious for a second.
 
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Revelation
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 2:02 pm

ER757 wrote:
Yeah, the remote training thing is a little more difficult for sure. I was on a hybrid home/office schedule for over a decade before COVID and went full-time WFH last March. Was no big deal for my daily tasks since I'd been doing so for many years already. But am retiring in a couple weeks and training my successor is do-able with Screen sharing on Skype calls but IMO would be more effective in person. But neither of us is keen on going into the office so we'll stay with that method. Fortunately she has background in the industry and even worked for us in the past so it's not like training a rookie with zero or limited knowledge.

einsteinboricua wrote:
Given that the pandemic has calmed down enough to where people are vaccinated and should they catch COVID, their symptoms will not be life threatening, I think there is still some advantage to going back to th office. I personally wouldn't mind a hybrid schedule of 3 days in the office and 2 remote (Mondays and Fridays), or less days in the office if it comes down to that. I still want to have some face to face time with peers, especially if we need to discuss items that simply cannot be done through Skype.

My former employer was an early adapter of video teleconferencing and still makes a lot of money off the stuff and we had liberal WFH policies. The main advise I would give is to not just say '3 days in the office' but also to specify them so you get 'critical mass' of people in the office on the same days which facilitates both formal and informal information transfer. I found that if you leave this to the employees you get randomization. It was frustrating to go into the office hoping to interact with someone and finding they chose to stay home. Just call them? Well, some people really resented getting calls at home, more so than if you would just walk into their offices at work, even though it was a company provided phone. They would just ignore the phone or incoming video requests, saying they were doing something else at the time, or if you got them they would not be very forthcoming on the phone and do everything they could to end the call as quickly as possible and let you know in unspoken ways that future calls weren't welcome.

Bottom line is policies have to be developed in the WFH world to get the best of both worlds, and management has to stay on top of things to make sure communication is still flowing.

Brick wrote:
Innovation and internal promotions have completely stopped at my company because remote working has resulted in the loss of ability to gain ambient knowledge and ideas from hallway, lunch room, and pre/post meeting conversations.

Quite a challenge, but also there's tons of wasted time from low value hallway, lunch room, and pre/post meeting conversations so a balance has to be found. My last pre-covid employer was a total 'no WFH!' shop. Overall the vibe from the ambient conversations was of overall low value with only a very few potential diamonds in the rough. I'm quite confident they would have been better off with less hallway gatherings and more WFH, presuming of course the employees had relatively productive work spaces at home, which may or may not be the case. Yet the CEO was as old school as it comes, and he just liked roaming the halls and seeing butts in seats, it was a boost to his ego to think he was in charge of all of it.

A lot of this depends on what you are trying to do, in my case software development. TBH I didn't need a lot of local interaction, most of the stuff I was working on was 'virtual teams' scattered around the globe. A lot of the 'informal communication' happened in online forums and emails. I work better in quiet places without interruptions. In college I'd go find a quiet corner of the library to do my work, whereas others would be fine in the crowded cafeteria. The trend towards call center style offices to save money on real estate was a real negative for me. I was far happier doing WFH when allowed.
 
MaverickM11
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 2:33 pm

bpatus297 wrote:
MaverickM11 wrote:
Aaron747 wrote:
Pretty stunning statement for Powell to make. If I were a commercial real estate investor I might be pretty ticked at him today.

I think all kinds of investors are shorting commercial real estate for a while now


How do you short real estate? I understand the basics of shorting stocks, I never knew you could short real estate. Genuinely curious.

Youre right--I meant shorting corporate real estate stocks
 
bpatus297
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 2:39 pm

MaverickM11 wrote:
bpatus297 wrote:
MaverickM11 wrote:
I think all kinds of investors are shorting commercial real estate for a while now


How do you short real estate? I understand the basics of shorting stocks, I never knew you could short real estate. Genuinely curious.

Youre right--I meant shorting corporate real estate stocks


Got it. I am always on the prowl for new investment opportunities and though I might me missing something.
 
tommy1808
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 4:28 pm

Revelation wrote:
Brick wrote:
Innovation and internal promotions have completely stopped at my company because remote working has resulted in the loss of ability to gain ambient knowledge and ideas from hallway, lunch room, and pre/post meeting conversations.

Quite a challenge, but also there's tons of wasted time from low value hallway, lunch room, and pre/post meeting conversations so a balance has to be found.


My employer started funding team BBQs, or whatever teams decide to do instead, based in the assumption there will always be some brain storming involved and for the informal atmosphere to spill over into MS teams meeting.
So far that seems to be working just fine.

Best regards
Thomas
 
MaverickM11
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 6:22 pm

bpatus297 wrote:
MaverickM11 wrote:
bpatus297 wrote:

How do you short real estate? I understand the basics of shorting stocks, I never knew you could short real estate. Genuinely curious.

Youre right--I meant shorting corporate real estate stocks


Got it. I am always on the prowl for new investment opportunities and though I might me missing something.

That said a few people figured out a way to bet against housing in the housing crisis so I'm sure someone somewhere is developing a new financial instrument to bet against commercial real estate.
 
MaverickM11
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Re: U.S. Fed Reserve chmn Powell on remote work

Thu Aug 19, 2021 6:26 pm

tommy1808 wrote:
Revelation wrote:
Brick wrote:
Innovation and internal promotions have completely stopped at my company because remote working has resulted in the loss of ability to gain ambient knowledge and ideas from hallway, lunch room, and pre/post meeting conversations.

Quite a challenge, but also there's tons of wasted time from low value hallway, lunch room, and pre/post meeting conversations so a balance has to be found.


My employer started funding team BBQs, or whatever teams decide to do instead, based in the assumption there will always be some brain storming involved and for the informal atmosphere to spill over into MS teams meeting.
So far that seems to be working just fine.

Best regards
Thomas

It's interesting to hear from people who have returned to the office, who are grabbed into a meeting by a VP or the C suite, simply because they're the only ones there, and there wasn't time to wrangle the online troops together. Of course the online crowd howls they weren't included.

I think 'out of sight out of mind' is going to drive some people back to the office, and the ones that don't matter, out of the company.

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