Talk is Cheap
Mind the Bullshit. People stomping their feet saying they won't back to work will be in their chairs by yearend.
Mind the Bullshit.
We are going to see a lot of articles like the one below claiming that people are going to stomp their feet and refuse to go back to work. Don’t believe it; talk is cheap. We will see butts in chair again by the end of the year.
Aside from the misleading headline—people said they would look for another job—this is just people saying they don’t want to go to work, a condition most of us have suffered since puberty. There will be a lot of huffing and puffing and there be some changes but at the end of the day people like getting paid. Employers will demand attendance. Employees will comply.
For investors, this sets up an opportunity to short the bullshit by buying what they are selling every time people get excited. My favorite is SLG, a huge owner of New York office buildings (yes, I own some shares). Would be interested in your ideas.
Dr. John
People who don't have the same negotiating leverage with their companies but have made significant lifestyle adjustments may not be so pliant. People who have had an easier time getting through covid may have more financial leverage; they are more likely to comply. From what I can see, there are slackers in both populations.
Well hmm ... I'm a CEO of a mid-sized firm (70ish folks). We went to WFH in March last year, fearing the worst. We got nearly the best. We're not hurrying back - we need a small fraction of people in the office daily for various incoming/outgoing secure paper (checks, claims). Other than that, not so much. We gave up two offices when leases expired. No expectation of re-opening those branches. Our HQ is 10% used. We have 2+ years left, so it's not really worth subletting a portion - though we're thinking about it. So for us it costs less, makes people happy overall and has net positive impact. We're a service organization, tech savvy and have clever virtual call center capabilities that we've integrated with our own software but are otherwise "off the shelf" from AWS/Twilio.