Coinbase CEO Brian Armstrong announced a permanent work from home for his 1000 plus employees and enforced a remote-first policy. It implies that up to 60 percent of staff will now be entitled to choose remote working over on-site, during, and post COVID-19 outbreak.
For most businesses across the globe, tech companies, in particular, things never be the same post-COVID-19. No more swanky office spaces, no state-of-the-art auditoriums, and more importantly, no more personalized cubicles and cabins, as work from home becomes the new norm.
If the coronavirus pandemic has us anything, it is that businesses need to adapt to changing times and demands and fast. From Big Four accounting firms, Wall Street banks to Silicon Valley giants, almost every company is now rethinking its strategy to optimize profits and reduce operational costs. All of this and much more, while keeping in mind the rules and restrictions.
Coinbase encourages telecommuting
In light of the enforcement of social distancing measures, the San Francisco-based digital assets exchange, Coinbase, too, had initiated work from home earlier this year. In an extensive three-stage plan, the firm called for telecommuting in phase three. Two months down the line, the company thought of making it a permanent practice.
In the announcement made on Wednesday, Armstrong confirmed that the firm was, in fact, pondering over the work from home idea even before the pandemic ravaged across the US. Thankfully, the transition from in-office to remote working was far less complicated than it expected.
Thus, the firm now wishes to offer a choice to most of its employees between juggling their time between working from home and coming to the office. The new arrangement also presents considerable strategic opportunities and benefits.
Work from home: Future of work?
According to Armstrong, the social distancing protocols are here to stay even if the lockdown gets lifted. In accommodating all its employees with a six-foot-long gap between each, the firm will need a comprehensive, spacious, and not to mention, an exorbitantly expensive floor plan. The existing offices do not have that much space, he affirmed.
With the new work from home arrangement, Coinbase will only need a one-floor office in ten major locations instead of 10-floor offices in each. Although the firm still plans to have an office in major cities, the site locations will be spread out.
Once the confinement measures are eased, Coinbase will form a dedicated team to oversee the transition of 20 to 60 percent employees from office to work from home seamlessly, Armstrong confirmed.