Several companies believe that the past 12 months have proven the merits of remote work and have promised more flexible hours. However, more and more, there are signs that the work at home revolution may have its limits.
What’s happening: Most large global companies no longer intend to reduce their physical footprint after the pandemic, according to a KPMG survey of 500 CEOs published on Tuesday. Only 17% of CEOs expect to make reductions, up from 69% in August. Only 30% said that most employees would work remotely two to three days a week.
“This suggests that downsizing has already taken place or plans have changed as the impact of prolonged and unplanned remote work has affected some employees,” said KPMG in its report.
Executives estimated that 18% of employees had flexible permanent agreements before the pandemic. After the pandemic, they predicted it would increase to just 25% on average.
“I expected that number to be higher,” said Jimmy Etheredge, Accenture’s CEO in North America, this week.
Etheredge believes that the number will increase as discussions continue. At your company, which plans to keep flexible agreements in place for at least the summer, remote work is likely to be managed on a project-by-project basis.
While some clients in sectors such as retail have appeared every day – and can expect their consultants to do the same – others have indicated that they feel comfortable managing virtual professional relationships.
“It will really depend on customer by customer,” said Etheredge.
Some companies are moving forward with plans to cut spending on expensive real estate, including three of Britain’s largest banks. But the polls are an indication that not everyone is willing to bet on even more permanent remote work options.
Watch this space: The pandemic has also renewed conversations about mental health, forcing employers to be more receptive to concerns about burnout and overwork, noted Etheredge.
“This is something that our leadership team and I take very seriously,” said Solomon in a voice message sent to employees on Sunday.
White House aides prepare $ 3 trillion job package for Biden
The most recent: the proposal, on which Biden’s top advisers have been deliberating for weeks, would be segmented into two distinct parts – one focused on infrastructure and clean energy and the second focused on what is being called “care economics”, with focus on major domestic economic issues, reports my CNN colleague Phil Mattingly.
The pitch would be a big step towards approving key elements of the job agenda that Biden presented during his campaign, with a set of possible increases in corporate and wealthy taxes as options to cover some of the costs.
White House officials emphasized that no final decision was made. Biden has yet to review proposals and plans to consult strongly with Senate Democratic leader Chuck Schumer and House Speaker Nancy Pelosi on the scale and legislative sequencing of the next key pillar of his agenda.
But as details of Biden’s next big legislative priority take shape, investors and companies are watching closely.
On the radar: executives from major oil companies, including Chevron, Exxon, BP, Shell and ConocoPhillips met virtually Monday with Biden’s national climate consultant, Gina McCarthy, an industry source told my business colleague at CNN Matt Egan.
After the meeting, the American Petroleum Institute pledged to cooperate with the Biden government in the climate crisis.
“We are committed to working with the White House to develop effective government policies that help fulfill the ambitions of the Paris Agreement and support a cleaner future,” said API CEO Mike Sommers, who attended the meeting, in a statement.
Theaters think they can start making money again
Cineworld will begin a phased reopening of its Regal cinemas in the United States next month.
The company, which is the second largest cinema operator in the world, said on Tuesday that it will open some cinemas on April 2, with screenings of “Godzilla vs. Kong”, reports my CNN business colleague Hanna Ziady. More cinemas will open on April 16 with “Mortal Kombat”.
“With capacity restrictions expanding to 50% or more in most U.S. states, we will be able to operate profitably in our largest markets,” said CEO Mooky Greidinger.
Last week, AMC, the world’s largest cinema chain, said that 99% of its cinemas in the United States will be open by the end of this month.
Investor’s view: Cineworld’s shares fell on Tuesday, but recorded gains of more than 60% this year with enthusiasm about the reopening. AMC Entertainment’s shares, which have soared in recent waves of enthusiasm in the retail trade, jumped nearly 490%.
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Also today: New home sales in the US for February posting at 10am ET.
Tomorrow: The most recent data on US oil stocks will arrive as oil prices fall again.