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Facebook going remote

Facebook CEO Mark Zuckerberg said that the social media giant will start allowing many of its 50,000 employees and new recruits to work from home on a permanent basis. Within the next five to 10 years, Zuckerberg anticipates that about 50 percent of Facebook’s workforce will work remotely, CNBC noted.

  • Reducing payroll: That process will start with “aggressively opening up remote hiring” beyond the urban hubs where Facebook has offices. The company will also let existing employees apply to work remotely, but will adjust salaries based on where they live.
  • The spread to watch: Only 2 percent of Americans permanently work from home on a regular basis. Nicholas Bloom, a Stanford economics professor who has done extensive research on decentralized work, said he anticipates that those numbers will more than double after the pandemic. A recent study from the University of Chicago estimated that 37 percent of U.S. jobs can plausibly be performed at home. 
  • Worth Noting: Facebook’s 740,000 SF lease with Vornado at the Farley Post Office is still expected to close. A source with knowledge of the deal told CO: “it’s immensely complicated. They were hoping to finish it by Memorial Day. They’ll miss that date, but the fact that they were aiming for it shows how near they are.”

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