Dropbox CEO slams return-to-office mandates, compares them to outdated malls and theaters
Dropbox CEO slams return-to-office mandates, compares them to outdated malls and theaters
Speaking on an episode of Fortune's "Leadership Next" podcast, Houston said what most people have long thought: that returning to the office is a waste of time...
Here's a rare sight: a CEO of a large company has spoken out in support of remote work for employees, slamming those firms that drag staff back into the office against their will. Dropbox boss Drew Houston compared RTO mandates to trying to force people back into malls and movie theaters.
Speaking on an episode of Fortune's "Leadership Next" podcast, Houston said what most people have long thought: that returning to the office is a waste of time and money when employees can do exactly the same tasks at home.
"We can be a lot less dumb than forcing people back into a car three days a week or whatever, to literally be back on the same Zoom meeting they would have been at home," he said. "There's a better way to do this."
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RTO is just posturing to share holders.
"Look, look, we're treating our staff badly, so you know we're a good investment!"
Hm, I don't think that's likely. I have some other tinfoil hat theories:
- it's so that they can watch their workers to make sure they're working;
- it's to ensure the workers don't have other commitments outside work (like looking after a kid);
- people who are board members of both real estate businesses and RTO companies.
It's actually:
- To ensure the corporate real estate market doesn't collapse like the the consumer real estate market did in 2008 despite the same problem with massive loan fraud inflating the value of business real-estate for toxic bank loans that are rated AAA, but are actually worth shit as no one needs corporate real estate post - Covid.
It's the 2008 housing crisis, but with corporate real estate. COVID forced work from home, which caught banks with their pants down, having no way to actually drive the demand back up for these buildings that will continually house less and less people from less and less businesses (Work from home + businesses not surviving Covid, now Tariffs.)
Our entire banking system is backed up by debt packaged with corporate real estate that's rated as AAA, but is just more toxic cat shit no one wants wrapped in dogshit that banks need. It's a bomb that's been growing as giant corporate buildings become ghost towns, and city centers become more horizontal than verticle.
Big companies with big loans from banks know they're fucked if the corporate real estate market collapses. So they force work from home as a band aid that gives their corporate property some value, or at least justifies it on paper. In reality, the cost to force workers into the office always offsets the billions in losses if their corporate office real estate ever followed real market forces and depreciated in value.
I still don't understand how this talking point makes sense. So businesses are purposefully incurring costs to prop up an industry that they're not involved in? A business will stop leasing a building and save money if they can, hell mine did.
Lots of Fortune 500 companies own buildings and both they and their executives have big investments in commercial real estate. They don't want the market to collapse because it'll hurt them all personally.
See my other comment in this thread.
I would qualify your first point. Parkinson's Law tells us that we have pointless bosses in huge numbers, and they need to justify their own existence. The people who actually produce things, everyone can see if they're working or not by looking at the output. But their supervisors, and especially their supervisors' supervisors, those people are desperate to make themselves relevant, to justify their pointlessly-large salaries despite a complete lack of utility.
- that is true, but they love to do it to stroke thier own ego.