Dave Kelly 8:47
So you’re going you’re you are sleeping, you’re sleeping better. Maybe you’re eating better, because you have access to your kitchen, less distractions, as far as the watercooler type talk. Even though it’s important to still communicate with your co workers, there was probably a lot less interruption between employees, just to just to vent about something that’s happening where you’re venting about your job or venting about your, your personal life. You know, I think a lot of that was easier to do when you were sharing walls with people running into people in the hallway. Me myself, I think about when I was working in an office, there was a lot of that going on. Hey, come on, grab a coffee with us real quick. So you think you’re going down for a five minute coffees turns into a 15 minute coffee? No one was playing those who had worked at an office that had ping pong table, you know, so they were they’re putting these things out there to help with the maybe morale or how people interact but I’m sure that there were certain people that that would become a distraction. I would say it would be the masses. But do you remember
Rolando Rosas 10:06
the movie? Why? So you’re saying that Dave, I’m thinking about the movie, and I know this is anecdotal. anecdotal. But the movie with Jennifer Aniston was called the office or the office workplace or what was it called? With? Oh, yeah, office space are. You remember that movie?
Dave Kelly 10:27
Of course, I remember that movie. Now that made me read that was office space came out. I believe it was like 1999.
Rolando Rosas 10:36
Yes, yes. Right. Right around that would engender Francis was just getting started. And when you say that water cooler and the name of the office manager, he would go around. Yeah. But, you know, maybe we gotta move that office and you have the guy that’s stuttered. Did what was his name? No, no, but but took all my stapler does take my stapler to take it, and he and burn down the place. But even during the process, how he was poking fun at work culture, right that people, all these people worked in an office. People were playing that one guy was playing Tetris. Right. And I remember, you know, when I, when I worked more, and this is before what I’m doing now, when I first started my professional career, I remember I’d fall asleep at my desk, just bored to death. And I know other people did that they played Tetris. And it’s funny because that when that movie came out in 99, I was still in, you know, my, my, my previous role as a as a manager. And I knew that was going on. And so how do you separate what people do in an office, if that’s their habits, and then with that gets back to the discussion we’re having about good workers versus ones that are not so good. If they’re playing Tetris in the office, or doing other things that are not providing productivity, you know, efficiencies, they probably going to do that when when they go home, they’re probably gonna play paid churches, they’re probably going to be on Netflix. And a lot of people I’ve been, we’ve seen the interviews where the talking heads assume that everybody’s playing Tetris. But if that were the case, productivity numbers would go down, they would have shot down dramatically, while we were where people were really locked in doors for those first six to nine months. And that the evidence did not support that massive numbers of people. Were watching Netflix during work and productivity dropped through the floor.
Dave Kelly 12:49
Right, right. I mean, what do they say if you’re a slacker in the office? And chances are, you’d be a slacker outside of the office. And I don’t really think that’s the norm. Organizations are trying to find the best talent that they can top talent. They’re not slacking off. They’re, they’re looking for results. And I wouldn’t be surprised if there was groups of people that realize, hey, we have an opportunity to show our managers that we can work without being babysat. And right, this is your time to shine. Also, there wasn’t a lot of what else were people doing? It was a scary time, you know, that beginning of the pandemic, people were home, you’re worrying about so many different things. And I think to keep your mind off of the scary first, you know, the first few months of that pandemic, it was scary, you know, very stressful, worried about your health, knowing that people were, were getting COVID. And you needed that opportunity to distract yourself. So yeah, extra hours was a good thing.
Rolando Rosas 13:59
And I had relatives at the very beginning that didn’t make it, you know. So it was it was a sad time for a lot of us that that saw loved ones not like not be able to make it through that. And I think for a lot of folks like myself and others who were trying to, you know, put some sense into what’s happening and figure things out, you know, you look at this and you say, hey, is there a better way? You know, can this help me take care of loved ones can this help me work through these conditions? And I think a lot of people decided, you know, maybe this is a good way to do work, where I can work, I can still be productive. And at the same time, I can also do the things that I need to do in order to, you know, live a full life. And that’s the next part that I want to get into We still want to stay with the research part. So let’s jump into the next piece of the study that we found in a lot of this, we were able to, we want to give credit on this on a lot of this research is some of this came from Forbes. And this is where we’re getting some of this information about some of the research that they also found. So I want to credit Forbes, and their folks are putting some of this together as well. There’s a study done by Ergotron of 1000, full time workers. And here’s what they found that a total of 56% of employees cited mental health improvements, better work life balance, and more physical activity. And so 56, so 560 Out of the 1000 cited that as one of the things. And you know, Dave, when I saw that, I am reminded of a team. And I played college sports. And I played high school sports. And I know that when the team is performing well, it’s usually because all the players are healthy on the team. And they can perform to their highest level. So if you have a team, where the quarterback is either sick, and he had or he broke his foot, or he has an ankle problem, and it happened literally happened to us, and one of our more important games, quarterbacks ankle got jacked up. We were we were going to be our biggest rival that we had beaten years, and we had them on the ropes, he got hurt. Our chances went down to two because our backup just wasn’t ready to play. He just wasn’t ready.
Dave Kelly 16:46
And as a team, you probably saw that coming like all of a sudden you’re demotivated, you are deflated.
Rolando Rosas 16:53
Yes. Yes. Yes. Yeah. And that’s an I look at him. I think Netflix uses this as well, in their corporate mindset, there, they have a kind of a game mentality from the fact that they have team members, everybody’s a team. And they all work together to try to strive for a common goal here. And if you look at employees in that way, that they’re all part of the team. And they’re all trying to do something to help the organization when, when you want to have the best players on the field. And those players, you want them to have done their rehab, right? So they rehab their ankles in their shoulders, or whatever else, so that when they get on the field they can perform. So I think it’s the same way for employees, why wouldn’t I want my employees to be mentally healthy, as physically healthy as they can possibly be? With what they have? All of those things? Healthy workers are good for the bottom line, right? Now, why wouldn’t you want your employees to be mentally healthy, and physically healthy.
Dave Kelly 18:05
And if you think we’ve seen this before, we have sales leaders who come into the office. And if they’ve had a bad morning, it sets precedent for the rest of the people on the team. I used to work in a sales group. And when the manager would come into the office, one of the one employee would kind of get a temperature or how she’s doing in the morning. And if her morning was going bad, there’d be a warning sign, hey, things, things careful. She’s having one of those days, or vice versa, hey, I ran into her. She’s gonna, it’s gonna be a great day. Now that stress could have come from just just a 45 minute commute, you know, into the office where there was maybe some road rage. It could have come from anything, of course. But you know, there’s a lot of stress when you’re kind of commuting through a city. And if you’re, if your leader walks into that office, with a with a bad state of mind, it rubs off onto the entire team. So if you remove that from the equation, there’s a better possibility that that person is stepping into the office in a more positive state of mind. And that was what I was saying earlier, like, even 30 minutes extra of sleep, not having to run out of the office and forget a couple of important things, you know, starting your workday, in a positive state of mind, for yourself and for your team is so important.
Rolando Rosas 19:49
No doubt and I’m reminded something of if we’re sharing stats and information that are valuable to our audience, Dave Barbie Brewer, formerly of net flics she was she’s an HR exec there as well. And she had shared with us how she had talked to folks that were in the law enforcement community. She’s out in California. And she had shared with us that, that in her interactions with law enforcement, she kept hearing a theme that became very common, and that people that have long commutes, 40 minutes an hour, there’s tends to be an increase in, in domestic violence. And those folks that don’t have those types of commute, those types of situations don’t happen as often I’m paraphrasing, but I remember that was the essence of what she told us. And that gets back to your point about being mentally healthy. A long commute is not a healthy thing. It does not produce great outcomes, if we’re looking for if we’re trying to measure something and say, Hey, that not only does it work, but it’s producing a great outcome, then we want to do that. So if you can do whatever you can. And we’re going to have Kevin O’Leary here in the moment on virtually and talk about the other piece of the long commute is that it doesn’t do anything to reduce the carbon footprint. So if you are an organization or a person that says, you know, I don’t want to have those commutes one because it’s mentally bad. But secondly, I’d like to do my part in reducing a carbon footprint, long commutes are the opposite of trying to reverse the trend of putting carbon or reversing what people want to do in this in this day and age, which is they’re environmentally aware about what more carbon is doing to the environment. Right.
Dave Kelly 21:54
You know, I kind of chuckled though, when I heard that it’s what an interesting way to go, you know, the, the feedback from that, from that poll, and kind of putting that as number one is removing yourself from it. It’s, it’s less about, I as a person, like my home office, I like the flexibility. I like having everything in, you know, in my home, available to me all the time, but putting that carbon footprint thing out there. And you know, I want to do my part as a good citizen. That’s very clever. That’s very clever. And I would think that I’m sure that there’s a lot of people that honestly feel like that, but I’m sure that there’s also people that were jumping on the bandwagon because that’s inappropriate conversation that people have been having for quite some time in this country. So it was it was kind of sneaky, in my opinion, kind of sneaky. How they did that good. Wait, well, it well,
Rolando Rosas 22:54
he said it was a number of this is now Kevin O’Leary saying this in another interview, where he said that was the number one thing the the folks internally in his or 54 companies that responded was number one on their list, reducing the carbon footprint. And he mentioned that he had companies in every state in the US and several around the world. And he said he was surprised that that was at the very top of the list was reducing the carbon footprint and that the commuting times don’t do anything for that. And his folks want to do their part. And there was one way to contribute to that. No, it’s it was it’s amazing to hear that from folks that are in the business of making money. He’s not a guy that I would say is wishy washy about making money. And we’ll get to Kevin in a little bit. But I want to stay. Dave, if we could circle back to the pieces of research that we found. Another thing that we found in the research was that within this hour lab study that also found that job satisfaction was very high. And I’m going to quote here, continuing to embrace flexibility is essential. Most employees, in this case, 88% agree that the flexibility to work from home or the office has increased their job satisfaction 88%. I don’t know about you, Dave. But there are very few things where you’re going to get agreement on just about anything like that these days, no matter what topic we’re talking about. 80% is a very high, very, very high number to achieve in just about any question you’re gonna ask anybody and it but this one is quite high and it’s sounding that it’s that high.
Dave Kelly 24:42
So, I’m, I’m obviously not shocked by that, right. I think people get to a certain point in their career and they start doing the math. When people were home during the pandemic. People are doing the math. They’re realizing, hey, you know what I was spending I was spending an extra two to four hours a day, being non productive, commuting back and forth. And extrapolate that what does that mean? Two times five? Wow, that’s 10 hours, that’s 10 hours. And then when they talk about work life balance, or how some others say it, how does that was Nicole Middendorf, referred work life balances and call it what you
Rolando Rosas 25:32
call it that she’s got, I don’t know, I can’t remember the phrase, but mixed.
Dave Kelly 25:38
Yeah, but it makes it makes more sense. It’s about doing both together. Not necessarily at the same time, but it’s not a balance. It’s you can live your life. And you can work, you can give the attention that your family needs, while giving the attention to your clients and your employees and your teammates.
Rolando Rosas 26:05
And that’s a Gary Vee thing too. He says it’s not about or it’s about and right. You can have an organization that is working from home, and if that’s what they want to do, and you know, you do have a cohort that want to be in the office, you can have it both ways, right? That’s where hybrid comes in to play for folks that are work from home permanently. And you can have folks that work in the office. Now this does require it is going to require that it’s already happening, Dave, it’s gonna require that, especially larger organizations that are mostly impacted, they’re going to have to rethink their real estate footprint. Because if you look at right now, major cities like New York, San Francisco, and Chicago, others, you’ll see that the vacancy rates, or I should say the occupancy rates that are in those buildings has gone down, because people just aren’t there. And that does have a profound shift in, you know, taxes and business development, and how our whole world will function. Because if people are, you know, 30 40% of them are at home part time or most of the time, then that means that resources are going to shift back to where people are, are essentially living versus the city centers. And but it does, I think presented an opportunity. Barbie Brewer also mentioned this, and I’d never heard this before, that there are a lot, there’s millions of square feet right now that are completely empty and unused. And it’s an opportunity to reuse, redesign and reimagine those work places those offices into things that could help the local community, whether it’s urban farming, whether it’s low, low cost housing, or any combination of all of that stuff, and more than we haven’t even thought of that can help cities revitalize themselves and be more self sufficient, as well as reduce the carbon footprint. Imagine if a lot of food were grown locally inside the city, inside urban farms, inside of workplaces that are currently empty. They don’t have to truck a lot of stuff from the west for us on the East Coast over all the way to the from the West Coast to the East Coast. And I’m sure this play out all around the country. And we all benefit from that right, less stress on the roads, less stress, less stress on the bridges, less stress on the infrastructure, which means as a tax payer, the the need to repair all the these things on an ongoing basis goes down and we can redeploy those resources in a different way that it still benefits the community.
Dave Kelly 29:03
And I think Kevin, Kevin O’Leary touched on this also, you know, also kind of relates back into taxes. It there’s an opportunity here for people to move out of the big cities. You know, I don’t have the stats in front of me, but they have been hearing a lot about people moving out of San Francisco moving out of Chicago, coming into the suburbs, the suburbs. Because they don’t have to, they don’t have to be next door, you know, to their, to their, to their job. They don’t have you know, they want to come out benefit from raising their family outside of a city have an opportunity for maybe lower taxes, better schools, safer, safer environments. And those are I mean, those are all benefits to the individuals. probably put some tax can constraints on those major cities because now they’re obviously not collecting that money.
Rolando Rosas 30:05
Well, well, I’m going to localize it for you, I lived in New York City. Think about folks that do that commute from New Haven, Connecticut, into the city. Folks that live out in Long Island in Suffolk County are even further out, folks that that live, let’s say in Newark, or even further out further out south and west, as well as North Newark, or up into Piermont in New York, doing that commute every single day. There’s definitely less stress on the system, if you are folks having to make are having to make that commute. But if you can live in New Haven and you know, live your life in New Haven or not, and do the work, not just live your life, but do the work. Right. There’s a lot of folks that you know, in New York City area would love to just hope I can just plug in and not have to do that daily commute. You know, let’s let’s switch gears in Houston. I lived in Houston for a while, folks I live west out in Katy and Sugarland in in The Woodlands, they would love to live in those communities are beautiful communities. On the west coast, I mean, the Chicago mean that Chicago’s got a bunch of wonderful neighborhoods, all around the suburbs, it’s as well as on the west coast in Seattle, and LA, you have, you know, all kinds of folks that live, whether it’s in Santa Monica, or you live in Venice, or you live in some other area, you probably want to not hit the highway says you don’t have to right, all these major metro areas are suffering from a lack of well built infrastructure to support those needs. So now, if we dial that back a little bit, Dave, that’s infrastructures not as stressed in every citizen of America benefits from that, because, again, we can redeploy those resources into areas where they’re needed more. And not only that, but the the amount of maintenance probably could go down, saving untold hundreds of millions of dollars every single year. So infrastructure can can benefit as well, not just the human kind of infrastructure, but the kind that you and I used to hit the roads every single day.
Dave Kelly 32:18
Right. And listen, we know that not everyone can work from home and have a hybrid work environment. But I’m thinking about other industries, like the transportation industry. I had read somewhere recently that Trucking is one of the top five industries in this company in this country. The trucking industry, when everyone is working at home, now they can be more efficient. They can be more productive, less people on the roads. Yeah,
Rolando Rosas 32:50
goods, goods get around a lot faster if there’s less congestion on the roads, that’s for sure. No, no doubt, Dave. I want to share this last. This last bit of research, and we could have pulled we found many, many, many other research points that our folks can use our audience can use. But here’s one that I think was really also very profound, because it reflects workers attitudes about remote work. You know, Fujitsu is a company that has around 80,000 employees in in their jet and in their offices in Japan. Prior to the pandemic, they had done an internal survey. And what they found was that 74% Let me read this exactly 74% considered, quote The Office as the best place to work. By far of all the thing, all the other options, they had 74% said that the Office going into the office physically in person, was where the best work got done. Now, they redid that survey, May 2020. So that have been let’s see, March, April, May, June. So like May the millimeter March, April, May, so three months after, basically they were sent home. That number went down from 74% to 15%. Let me say that again. 74% of employees have the 80,000 that Fujitsu has in Japan, that the office was the best place. That number went from 74 to 15%. That is amazing. That is amazing. It is amazing stat because something has to be better. Something has to be profoundly better. For the majority to now be the minority.
Dave Kelly 34:51
I wonder if Fujitsu deployed. I wonder what sort of tool tools they started using when they went home, there must have been something that increased collaboration, increased communication increased morale or, you know, just just overall company culture to go home with all the same tools, I would be shocked to get results that were that dramatically different. I must have been pretty, pretty. Sorry for the delay. I would, I would like to think that they took some time found tools to do these things better. Would you agree with that?
Rolando Rosas 35:41
Yeah. Yes. Yes. Absolutely. And, and for the biographies, and, and those people’s lives were changed because of that. I remember in that in that particular study, not only did the situs the the best place to work change. But in Japan, you have it is very common, to have at least an hour commute, if not longer to get to work. And that was one of the things that a lot of those folks were saying that they were relieved that they didn’t have to make those long commutes. And Japan has better infrastructure, by any stretch of the imagination than we do here. They have bullet trains and all kinds of other stuff that can move them from one place to another very fast. And so to go, in the short period of time where people are saying work is done in the in the office to now the best place is at home is is a is a sea change. It’s it’s profound. I just want to say this tape, because I think it’s important to note that, I don’t know if everybody realizes that, you know that the work, environment setting and mindset that we have today about working in an office from nine to five, really stems from the 1940s. In the 1940s, was when America started adopting this type of work of nine to five and goat going in at nine coming out at five Monday through Friday into an office so to speak. That kind of mindset has stayed with us for almost 80 years. Yeah, sure has. We’re not in the 1940s, the whole world is not in the 1940s. And I think it’s time for our work to also reflect where we’re at today. We have cell phones, we have collaboration tools, we have communicate instant communications in so many different ways that allows all of this to the collaboration piece to happen instantly. I mean, we use those tools here within our organization. And, you know, we use them on a regular basis with our teams and in so it’s it’s a matter of, you know, a lot of places, they don’t have the muscle memory, and it’s not a no fault of their own. No, Dave, some places that just wasn’t the thing, right? Getting on Zoom getting on teams, or RingCentral, or Google meet, it wasn’t their thing. It was like a few people do it. You know, some of the execs they do it when they you know, are remotely or some managers do it when they’re working remotely. Now down to the everyday worker, or even the accountant or the logistics person is using those tools to try to collaborate with colleagues. So a lot of organizations have had to build muscle memory. And that’s okay, like it would get back to our analogy of a team. You know, if you’re trying to run a West Coast offense with a new coach, it’s going to take some time. Right? If you don’t have the right assets in place to run a West Coast offense, you’re not going to be as effective. But even still, when you have a new playbook like a West Coast offense, and maybe you are a run and shoot team, or a option offense team, if we use that analogy as well, from a foot from football side of things, all of a sudden you got to shift gears, maybe you got to you know, start practicing new drills and the timing has to be different, the receivers have to move different, the patterns have to be different, the drop steps of the quarterback have to be different. Right. And that’s essentially what I would equate to what’s happened here in the last three years. Right, that new muscle memory has to be built. The Playbook has changed. And you know, some let’s say organizations where the coach is maybe not a friend of the West Coast offense is saying yeah, let’s switch from that because we didn’t work. Well. It may not be that it didn’t work so much as the players didn’t really buy into the into the offense. Maybe the the the drills necessary to get us to a place to use a West Coast offense. wasn’t there. I mean, there’s a now um, you know, so many organizations college and pro. And now the thing if we would do a run with a little bit more in the sports analogy is the run Pass option, right? Not at not every organization is going to be effective at running the run Pass option, because they don’t have the right coach don’t have they don’t have the right assets in place. But once you have the right assets in place, and you have a well oiled machine, collaboration online is no thing. It really isn’t. It’s okay, we have a meeting in an hour, or we’re going to meet tomorrow, or tomorrow, we have a meeting with a client, and it’s going to be on Zoom or teams, right. So it’s building that muscle memory. Now, they’ve done I forget anything about talking about muscle memory, or any other research that we had been done, we’d been doing prior to getting ready for this episode,
Dave Kelly 40:49
you don’t want to use a sports analogy. When you’re drafting people, you’re drafting people from anywhere, right? The right player, these players are in the draft, they’re willing to relocate, they’ll turn up their entire family, they’ll move to where the team is, you know, and when we, when we put this into the corporate world, the HR recruiters now have this opportunity to look way beyond their area codes. You don’t have you don’t have to rely on finding talent that’s within 60 miles of your HQ. And to be able to do that now you can really form your you can form your super teams, and pulling in talent from anywhere without them having to kind of uproot their entire family and relocate. That’s a huge advantage.
Rolando Rosas 41:44
No, of course. And I know we refer that that’s also bleeds into our virtual guest, Kevin O’Leary, which he talked about on this on this clip, we’re going to show here in a moment, about how the realities today have changed when it comes to recruitment when it comes to retention than it was before three years ago. 2019. And so if you’re using that playbook for 2019, it’s gonna be a tough, tough uphill battle for recruiting top talent. And they’ll go elsewhere, or they just won’t the you know, in a draft, sometimes you can ignore, you can’t ignore who drives you, right? That’s the only thing. But as a free agent, you can decide where you want to go. Right? You can decide no, I don’t want to play for the Knicks, or yes, I want to play for the Mets or I want to go over the Yankees, right? And they want top talent, they’ll pay for it. But if the Yankees had some weird rule about maybe like Boston, you know, you got to cut your hair to come here. I know some of those guys over for the Red Sox would be like, oh, like my hair nice and long. I don’t think I’m cut out for the Yankees. Right?
Dave Kelly 43:01
Yeah. It does kind of come into the corporate culture, right? There’s, we work with folks that have tattoos and long hair and T shirts. And that’s really cool. And they can find those organizations that best suit, best suit, excuse me, their personal style.
Rolando Rosas 43:27
That’s cool. And I think I think that’s, that’s becoming more and more of a thing where whereas before, you know, Corp, I would say corporate culture was maybe fourth or fifth in terms of what people considered. When they were looking for a job. It was always about the money, right, and money being at the top. But I think that’s that’s started to shift. And you don’t need 100% of the workforce to agree that corporate culture is important in order to make that a thing for recruiting. But enough, are saying that, hey, I want a culture that fits me more than me fitting into that culture. And so speaking of culture, I want to I want to bring on a clip that we have from Kevin, and Oreo. We’re going to play this now or are we just going to talk about it and you you play
Guest Speaker 44:19
ventures and one of the sharks on the hit television show? Shark Tank favorite in my home? Okay, so let’s just start here with this moral high horse business. Is working from home morally wrong?
Kevin O’Leary 44:32
No, no, it’s not. The world’s changed, the economy’s changed. The ethics of work have changed. We went through an extraordinary period during the pandemic, the idea that you split up headquarters and you let people leave a headquarters and work from home was was you know, not even contemplated was considered too risky. Now, it’s a proven effective method of project management. In Elon Musk case in you know, to be fair about what he’s talking about. When you are in a highly engineered business like Tesla, or SpaceX, I get the idea that you want collaboration between engineers that are sitting around trying to solve design problems or whatever. But it has nothing to do with the other 10 sectors of the economy, which have already made a decision. I have 54 companies and almost every state, in almost every sector, we now know what the percentages is just under 40% are never coming back to the office.
Guest Speaker 45:30
So we’re not even talking about two, three, whatever this is just like they aren’t coming back in.
Rolando Rosas 45:36
Alright, so let’s take let’s take this, this first bit of this segment. So 40% of his businesses 40%. And this is for a guy who is a ruthless shark, right? They’re not coming back to the office. Now. He could just fire him all. He says that all the time, right? Or not him, but he’s like, you know, when we’re not making a deal or whatever, to get rid of him? Right? Replace him? Why not? Why not? Dave? These are people that couldn’t he replace, or no
Dave Kelly 46:10
40 percents a pretty big number. I think if you’re Yes, I guess you could just pick from the 60%. But the 40% that were at home, have proven to be productive employees, productive producers. So sure, he could but why would he do that? Plus, he, I think and label a clip
Rolando Rosas 46:29
when you replace them. That’s what I’m saying? Couldn’t you just replace all 40% I want everybody to come home tomorrow, come into work into the headquarters. And, you know, that’s because that’s the way I will grow. And, you know, with corporate culture is eroding so that 40% They’re all bad apples, less refined replacements,
Dave Kelly 46:49
Kevin is a statistics numbers and money guy. Okay, he looks at those things. First, he would replace them if he felt that there was a need to. Mm hmm.
Rolando Rosas 47:02
Interesting. Interesting. No, I just wanted, I wanted to see what you thought about that. Because yeah, 40% is, is is quite the number. When it comes to the number of employees that he’d have to you know, he’s looking at a big problem. So let’s dive back into that conversation with Kevin. And so he can give us a little bit more insights, insights into why he thinks, why he thinks the way he thinks when it comes to remote work,
Kevin O’Leary 47:30
where they used to work in cubicles, and they had to drive an hour to the office, they found a different lifestyle, and they still get their work done. Now, I can make some work in the office. And they’ll simply say, Thank you, but I’m going to work for somebody else, your competitor, right. So we choose not to do that.
Guest Speaker 47:50
Right. And so and it’s also the models themselves. So the New York Times is there’s a great analysis the other day, enough empty office space in New York City to fill 26 and a half Empire State Buildings. I mean, holy Come on. There’s a lot of issues around that. But I would just say, then you’ve got Disney saying, okay, get back in four days a week. Now, I will no get back in four days a week is essentially giving up on a on a day, which is still a huge shift in and of itself, right. 20% shift. So is it really here to stay for the majority of workers? And is this what you’re gonna see empty buildings?
Kevin O’Leary 48:25
Yeah, it’s here to stay. The economy has changed not only domestically, but globally. The way that work has changed. And if you think about, let’s say, the accounting department, or the let’s say you’ve got a compliance issue, and you’re saying, Look, we have to report to the regulator and financial services, I have many investments, financial services companies, Thursday, noon deadline. I don’t care when you do it at two in the morning or whether you get up and feed your children before they go to school. I couldn’t care less as long as on the drop dead date the work is done. That’s project management.
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