{"id":36374,"date":"2023-10-26T19:59:15","date_gmt":"2023-10-26T19:59:15","guid":{"rendered":"https:\/\/prosfunds.com\/business\/billionaire-ceo-people-didnt-work-as-hard-when-they-were-remote-during-covid\/"},"modified":"2023-10-26T19:59:16","modified_gmt":"2023-10-26T19:59:16","slug":"billionaire-ceo-people-didnt-work-as-hard-when-they-were-remote-during-covid","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36374","title":{"rendered":"Billionaire CEO: People \u2018didn\u2019t work as hard\u2019 when they were remote during Covid"},"content":{"rendered":"
\n

\n Private-equity billionaire Stephen Schwarzman doesn\u2019t think office workers worked hard enough during Covid-19.\n <\/p>\n

\n Schwarzman, the Blackstone CEO whose\u00a0fortune is estimated at $32 billion, told a crowd of investors at a\u00a0ritzy Saudi Arabia conference <\/strong>known as \u201cDavos in the Desert\u201d that people who worked remotely during the pandemic \u201cdidn\u2019t work as hard \u2013 regardless of what th\ufeffey told you.\u201d\n <\/p>\n

\n Of course, many Americans would argue they never worked harder.\n <\/p>\n

\n Parents often had to juggle\u00a0near-constant Zoom meetings and Slack messages while simultaneously helping kids whose schools were shut. Others had to take care of babies and toddlers whose day cares were closed or help elderly family members quarantining with them.\n <\/p>\n

\n Americans in particular reported spikes in stress levels during Covid.\n <\/p>\n

\n One-third of US adults\u00a0reported experiencing stress, anxiety and great sadness that was difficult to cope with by themselves, a significantly higher proportion than in other countries, according to a\u00a0Commonwealth Fund report\u00a0published in August 2020.\n <\/p>\n

\n Schwarzman addressed remote work on Tuesday in the context of the impact on the commercial real estate market, where Blackstone has significant exposure as a major real estate investor.\n <\/p>\n

\n \u201cDuring the pandemic, people got used to staying at home,\u201d Schwarzman said. \u201cIt was actually more profitable for them to stay home because one, they didn\u2019t work as hard, regardless of what they told you. Second, they don\u2019t spend money to commute. They can make their lunch at home. They don\u2019t have to buy expensive clothes, so their incomes are higher.\u201d\n <\/p>\n

\n The official name of the conference held <\/strong>in Saudi Arabia is <\/strong>the Future Investment Initiative. <\/strong>During Schwarzman\u2019s same panel discussion, JPMorgan Chase CEO Jamie Dimon discussed how 60% of his company\u2019s employees are now in the office five days a week, while 30% are required to be in the office three days a week. \u201cWe track it,\u201d DImon said.\n <\/p>\n

\n The JPMorgan boss added that the bank\u2019s managing directors are required to be in the office 100% of the time.\n <\/p>\n

\n \u201cI don\u2019t think you can lead people and work from home,\u201d Dimon said.\n <\/p>\n

\n Still, many employees are working remotely at least some of the time right now.\n <\/p>\n

\n For example, about 58% of Manhattan office workers were at their workplace on an average weekday in late August and September, according to a\u00a0survey\u00a0from the Partnership for New York City. That\u2019s up from 49% in September 2022 but down from 80% prior to Covid-19.\n <\/p>\n

\n Just 12% of Manhattan office workers are in the office full time, according to that survey.\n <\/p>\n

\n Schwarzman, the Blackstone CEO, estimated that 20% of US office buildings are vacant and another 20% are leased but empty. He predicted that when existing leases expire, companies will cut back on the amount of office space they lease, leaving many office buildings \u2013 especially older ones \u2013 \u201cun-survivable as economic entities.\u201d\n <\/p>\n

\n \u201cThat\u2019s going to have a very bad ending,\u201d Schwarzman said.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private-equity billionaire Stephen Schwarzman doesn\u2019t think office workers worked hard enough during Covid-19. Schwarzman, the Blackstone CEO whose\u00a0fortune is estimated at $32 billion, told a crowd of investors at a\u00a0ritzy Saudi Arabia conference known as \u201cDavos in the Desert\u201d that people who worked remotely during the pandemic \u201cdidn\u2019t work as hard \u2013 regardless of what […]<\/p>\n","protected":false},"author":1,"featured_media":36375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-36374","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nBillionaire CEO: People \u2018didn\u2019t work as hard\u2019 when they were remote during Covid | Prosfunds<\/title>\n<meta name=\"description\" content=\"Private-equity billionaire Stephen Schwarzman doesn\u2019t think office workers worked hard enough during Covid-19. 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