The first quarter of Airbnb (ABNB) as a public company was defined by the creative ways in which people traveled during a pandemic. The increase in road trips nearby to more remote locations and long-term stays has given the rental company an advantage compared to its counterparts in the traditional hospitality space.
However, the upcoming availability of vaccines raises the question of whether these adopted standards will continue in a post-coronavirus world.
“The lines between traveling and living are starting to blur,” Airbnb co-founder and CEO Brian Chesky told Yahoo Finance on Friday, citing that more travelers are staying on an Airbnb for weeks or months.
These lines are becoming blurred, in part, because of the ability of some workers to do their job remotely – say, from an Airbnb in Alaska, instead of a cramped apartment in New York. Chesky believes that many employees will continue to work remotely after the pandemic, at least part of the time.
“I think for any company that says we’re going to go back to the way things were, I think that’s just defying the laws of human nature. I don’t think any of us are going to go back to being exactly the way things were,” he said.
For the fourth quarter of 2020, Airbnb reported revenue of $ 859 million, exceeding revenue expectations, but still representing a 22% decline year over year. The company’s gross reserves amounted to US $ 5.9 billion, down 31% year on year.
As more employees who can work remotely take three-day weekends or adopt more nomadic lifestyles, employers will have to adjust to the new normal, according to Chesky.
“I think employees are in charge, not companies. Employees and the talent market will drive job flexibility, not companies. Because if a company says these are our rules, they won’t have the talent.” Chesky said, adding that he believes that most companies will end up with a hybrid model that allows for more remote work.
This new way of thinking has benefited its bilateral platform, and Chesky says it is also implementing increasing flexibility for Airbnb employees themselves. Although businessmen and technology companies have fled San Francisco in favor of Florida, Colorado and Texas, he has no plans to move the company out of California.
“There is no doubt that there will be much more flexibility. I think the idea that you have to be physically anywhere is changing. The place you have now is the internet, the place you have to be is Zoom”, he said . “I think what will happen is that all companies, including us, will be more flexible in general about where people live and how they work.”
Melody Hahm is a West Coast correspondent for Yahoo Finance, covering entrepreneurship, technology and culture. Follow her on twitter @melodyhahm and on LinkedIn.
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