Home Alone: The Future of Office Work
This week, we talk about how tech companies are planning for the future of the workplace during the coronavirus pandemic.
Welcome to our weekly chat about the environmental and social issues that influence the way we work, spend our money and live our lives. We're your hosts, Maitane Sardon and Dieter Holger. Want to get our newsletter every Wednesday? Hit the subscribe button in the upper right corner and please share with your friends!
Happy Wednesday, Dieter! Did you see that Google told its employees they will work from home for another year, until at least July 2021? Google had previously told them they would be working remotely through the end of 2020 and would return to the office at the beginning of January, but CEO Sundar Pichai said he wants to give employees more flexibility to balance work and life.
That’s right. The extended timeline will affect almost all of the search-engine giant’s 200,000 full-time and contract employees. Google is the first major American corporation to promise a timeline this long and this may prompt its competitors to reconsider theirs.
Tech companies have led the way when it comes to offering employees more flexible working conditions, as some of these jobs lend themselves more easily to remote working than brick-and-mortar companies. But other technology giants had told staff they would return to the office this fall or at the end of the year.
Yes, but don’t forget Facebook’s Mark Zuckeberg said in May that he expects at least half of the social-media firm’s employees to work from home permanently within 10 years. Twitter hasn’t decided yet when to have workers return to the office but has told them they can work remotely indefinitely if they want to. This is just one more example of how temporary measures that were rolled out to protect workers from the coronavirus may become permanent.
It will also be interesting to see what effect the shift to remote working has on gentrification and the housing market in metropolitan areas in the long term. Anything else happening in the investing world, Dieter?
Well, coal just got some more bad news. European Union carbon-credit prices jumped 69% this week from this year’s low to $30.19 for a metric ton of carbon-dioxide emissions. Companies buy these credits to cover their air pollution and avoid paying a fine. That’s why the bounceback in prices means that providing polluting energy, like from coal-fired plants, is getting more costly and difficult.
What am I looking at? The chart above shows the evolution of carbon-credit prices in the EU this year. Prices fell at the start of the pandemic, but have since bounced back as the economy reopens.
That could push more utility companies toward natural gas or renewables. Already, companies are accelerating the shutdown of coal-fired plants, including Energias de Portugal, which advanced the retirement of two plants this month. On another note, have you heard about the 15 Percent Pledge movement?
Yes! In the wake of global protests against racial injustice, we are starting to see stores dedicate more shelf space to Black-owned brands. Some retailers are pledging to commit 15% of their shelf space to these products, including LVMH-owned Sephora, Williams-Sonoma-owned West Elm and privately owned fashion-rental firm Rent the Runway.
It will be interesting to see if other major retailers follow suit and whether those that have signed the pledge can achieve the 15% goal. Now let’s open it up to our readers: Would you like the ability to work from home for an extended period of time in your job?
Share your thoughts below, email us or catch us on Twitter. Your words could appear in our next edition! Have a great week and remember to wash your hands. 👋
Meet the team:
Elevate the Conversation is produced by the editorial teams of The Wall Street Journal and Dow Jones Newswires. Here's a little bit more about us, along with our contact information. We'd love to hear from you.
Dieter Holger, Reporter: I have a knack for uncovering values-based investing trends and I’m obsessed with spreadsheets and charts. I really enjoy ‘80s music, skateboarding and yoga (but I’m bad at both). dieter.holger@wsj.com @dieterholger
Maitane Sardon, Reporter: I have a passion for amplifying the voices of those at the center of stories. I love running on Barcelona’s beaches and binging on chocolate ice-cream to compensate (it’s all about balance). maitane.sardon@wsj.com @sardomaitane
Catherine Lindsay, Editor: I like breaking down complex ideas and explaining them. On the weekend, you’ll find me wandering the city with my film camera at the ready. catherine.lindsay@wsj.com @CathsLindsay
Tammy Lian, Designer: As a visual producer, I'm always excited by the challenge of creative problem solving. In my spare time, you can usually find me taking care of my ever-growing collection of plants and drinking tea. tammy.lian@wsj.com @violian.tammy