Speaking on "Outnumbered" on Thursday, O'Leary argued that companies would struggle to attract top talent if they do not offer remote work, particularly as most employees do not want to commute to an office daily, especially with increased crime in big cities.
O'Leary, who has a portfolio of companies, emphasized that the economy has changed significantly, with many employees not returning to their offices. He stated that two years ago, the assumption was that 15% of employees would not return, but the actual figure is 40%. He also highlighted that specific sectors of the economy, such as accounting, compliance, financial services, and logistics, are not returning to the office.
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These jobs used to be in cubicles in the basement of corporations, particularly in New York City, where around 50% of B-grade offices are empty and will likely never fill up again. O'Leary suggested that these offices must be converted into condos or climate-controlled storage.
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According to O'Leary, the problem with insisting that everyone works in the office is that companies will not be able to hire the best talent. He shared that when his operating company went out to hire for financial services, the best talent told them that they would not work in an office and sit in a cubicle, particularly in a war-torn city like San Francisco, where they did not want to get shot on their way to work. O'Leary also noted that safety is a significant concern in large cities like Chicago, San Francisco, New York City, and Los Angeles, now considered war zones. As a result, employees want to work where they can get their jobs done safely.
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June 11, 2023
Martha Stewart, a businesswoman, and recent Sports Illustrated Swimsuit model, has been vocal about her desire to get people back into their offices. She believes it is impossible to get everything done, working three days a week in the office and two days remotely. She cited France's work culture, where people take off for August, as an example of a non-thriving country. However, O'Leary disagrees with this perspective, arguing that the economy has changed, and companies must adapt to attract top talent.
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O'Leary's perspective on remote work is that companies must offer it to attract top talent. He believes the economy has changed significantly. Many employees are not returning to their offices, particularly in the accounting, compliance, financial services, and logistics sectors. Safety is also a significant concern in large cities, making remote work a more attractive option for employees. While Martha Stewart disagrees with this perspective, O'Leary believes companies must adapt to the changing economy to remain competitive.
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