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Remote employees ‘don’t work as hard’, says head of world’s biggest commercial landlord

Steve Schwarzman of the Blackstone group said staff want to work from home so they can save money

The boss of the world’s biggest commercial landlord has accused remote workers of staying away from the office because it means they “don’t work as hard” and can save money.

Steve Schwarzman, the chief executive of investment firm the Blackstone group, made the claims about hybrid staff while speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia.

In remarks first reported by Bloomberg, he said employees had kept working from home because “they didn’t work as hard, regardless of what they tell you” and also due to the savings they make on their daily commute, lunches and work attire.

bababatman ,

This revolting bottom feeder, Steve Schwarzman, would say that. He’s a commercial realtor, if remote working takes off he loses out. What else would he say?

bemenaker ,

Commercial landlord. LOL, like this douchebag has a clue what he is talking about.

Translation: These remote workers are costing me money!!!

T00l_shed ,

It’s more like. I can’t micro manage and control this aspect of their lives. I need them to be dependant on the meager scraps I give them so they keep crawling back. Also I want to go into people’s homes while they’re away and it’s harder to do when they’re home all the time.

bemenaker ,

That’s their boss, this is a corporate landlord crying because he’s losing tenants to corporate office space downsizing because of remote work.

MiDaBa ,

Remote workers can live in locations with cheaper rent. Blackstone has invested far too much money buying up overpriced housing in densely populated areas to allow that. A spread out population is bad for their bottom line.

eran_morad ,

Maybe because most office work is meritless horseshit???

JustZ ,
@JustZ@lemmy.world avatar

Half of it, in my experience as an old white guy, is old white guys (not me) dumping their emotional shit on people who can’t afford not to listen to it.

The other half, and I forgot what it’s called, but there’s a rule in resource management that a particular office task will always expand to fill the time allotted for completion.

That all said, a very well balanced individual might be able to do serious focus work for six hours per day before their brain turns to shit, before their memory, recall, intuition, logic, and rationality get all fuzzy.

FlyingSquid ,
@FlyingSquid@lemmy.world avatar

I don’t know… I feel like I need some sort of perk if I’m going back to work. How about a pizza party or some Alf pogs?

wwaxen ,

That gives me an idea. I’ll come back to the office… In pog form!

DeadNinja ,
@DeadNinja@lemmy.world avatar

I am sure there are good Steves out there, but first spez and then this waste of oxygen ? Cursed Steves !! /s

I_Fart_Glitter ,

https://lemmy.world/pictrs/image/a220a781-ddce-4c08-b921-abd6e5e26037.jpeghttps://lemmy.world/pictrs/image/ed58188b-ac87-4c10-afbc-16a8c4a4fd94.jpeg

DeadNinja ,
@DeadNinja@lemmy.world avatar

Thanks bro. Here’s two more Bad Stevies…

JustZ ,
@JustZ@lemmy.world avatar

I’ll bring this up at the next meeting.

DeadNinja ,
@DeadNinja@lemmy.world avatar

Over zoom I hope…

Coreidan ,

Who cares. Go back to being a fuckboy.

elrik ,

Even if we accept the premise that remote workers “don’t work as hard,” so what? They’re either fulfilling their job responsibilities or they’re not.

JoBo ,

I mean, it’s true? I used to have to spend 11 hours a day to get 8 hours in my workplace. Now I spend 8 hours a day to get 8 hours in my workplace. And I start earlier and finish later because I can take longer breaks during the day when no one needs me to be there. And I get more done because I’m not knackered all the time from commuting 3 hours a day.

They’re quids in (unless they’ve based their finances on the capital gains from owning property in a ridiculously expensive city while shunting the costs onto lower paid workers who are forced to commute long hours at their own expense).

oroboros ,

They’re quids in (unless they’ve based their finances on the capital gains from owning property in a ridiculously expensive city while shunting the costs onto lower paid workers who are forced to commute long hours at their own expense).

Well they have to have their side hustle too, gig economy and all!

abraxas ,

And companies used to know this. Pre-COVID, I got told on multiple occasions I wasn’t being picked for a job due to my commute distance because they were afraid I would be tired or unreliable due to having to travel to work.

I left a company because traffic got worse and commute sucked, only to discover that they shut their doors a few years later because remote workers were getting more done.

killeronthecorner , (edited )
@killeronthecorner@lemmy.world avatar

Yes, well, he’s saying the quiet part out loud. In his mind workers should know they are finite resources for the company to suck dry at their whim and spit out once they’re done with them.

This is the type of person who would ban lunch hours and eight hour days given the chance. They’re an embarrassment to their companies and to humanity in general.

tastysnacks ,

This guys manages finance people and stock traders. They probably don’t work as hard remotely. I’ve seen Wolf of Wall Street.

frezik ,

Don’t even have to delve into movies. The book “Way of the Turtle” is a first hand account of some of the early algorithmic traders. While there’s nothing mentioned that’s even close to Wolf of Wall Street, the actual work they did hardly filled a full day. Mid-day office ping pong tournaments were common.

Haywire ,

“remote workers never leave the office”

aesthelete ,

They’re either fulfilling their job responsibilities or they’re not.

I agree, but the problem is that they still have no way of determining that aside from chair to ass ratios because all of the upper layers of these organizations don’t know how to do their jobs.

seaQueue ,
@seaQueue@lemmy.world avatar

Ah, yes, a man with a vested interest in seeing offices full to capacity can clearly be trusted to tell the truth here.

modifier ,

Someone is confusing hard work with productivity. Fucking dinosaur.

Lemmylaugh ,

He’s essentially saying that companies need employees to come work at the office because the real estate investors depend on it.

Question what do the models say will happen if commercial real estate values crash because everyone is wfm? Can it really cause an macro economic issue?

RagingRobot ,

It sounds like they are trying to distribute the impact of their poor decisions onto the workers.

archomrade ,

The short version is yea, they (and we) are pretty fucked if they can’t fill their commercial leases.

The long of it: apparently in 2020 a whole lot of property owners took out new loans/cash-out refinanced when interest rates hit record lows before COVID hit. A lot of those (maybe most of them) were balloon loans, meaning they were short term (about 5 years usually) with small payments for the duration, and a larger balloon payment at the end.

We are coming up on the end of 5 years, and commercial real estate prices have still not recovered. They could be in a situation where they owe the bank more than what the property is worth, and if enough properties default because of that, we could be in a similar situation as in 2008.

Frankly though: they can fuck off. They gambled (again) with our economy, they don’t deserve to be catered to our bailed out for their reckless decisions. I say nationalize the defaulted properties and convert them to housing, much like we should have done in 2008 instead of bailing out the banks who caused the crisis.

I will happily watch them squirm from my comfortable home office

HawlSera ,

I mean, at work I’m probably just going to play Pokemon on my phone until an actual assignment shows up, then do it and back to Pokemon.

If I worked from home I can’t imagine I would do my job any differently, except it would probably be playing Pokémon Violet on the switch instead of Pokemon Masters on my phone

agent_flounder ,
@agent_flounder@lemmy.world avatar

Olddipshitsezwha

Illuminostro ,

I can’t wait to see these billionaires dragged out of their bunkers and eaten.

SeaJ ,

The evidence says otherwise. He can go fuck himself. I personally prefer going in but I understand people wanting to work from home or at the very least do hybrid work. Childcare is fucking expensive and if you can work while watching kids, that can really help combat the massive rise in housing costs.

RaoulDook ,

Remote work is not free babysitting time. A competent remote work policy will specify that child care is not a part of remote work.

If you can do it without impacting productivity and not get caught then it’s probably fine though.

I would not recommend it based on my experience. Remote full time since 2020 and a parent

SeaJ ,

Remote work offers significantly more flexibility especially if both parents work remote. Many are able to work it just fine. It may not work for you but there are a ton of people that are just as productive when given that flexibility.

I have not seen any remote work policy mention childcare at all.

RaoulDook ,

I have not seen any remote work policy mention childcare at all.

Many people don’t read the policies they agree to, but I did and it is in that remote work policy. Specified that remote work is not a substitute for child care.

SeaJ ,

I have read several remote work policies in the past few jobs I have had. Zero of them mentioned childcare.

RaoulDook ,

Well get ready for it because people in C-level positions that write policy tend to participate in industry collaboration, and it will likely be standard before long. It’s a sensible requirement to make sure your employees are not wasting paid work time on personal tasks. You don’t have to like it but that is the truth.

SeaJ ,

It’s an idiotic requirement which is unenforceable. They can’t exactly monitor that. Any company pushing for that sounds like they don’t have a clue in how to measure their employees’ performances.

RaoulDook ,

Again, what I said is the truth even if you don’t like it. It’s entirely possible to detect when some employees are watching their kids while at work, and if that was against company policy the employee could be sanctioned. Here’s an example, an employee is on a conference call with their child in the background, and information available indicates that they are the only person home with the child, therefore they are either providing childcare or neglecting their child.

A parent with a small child under school age should not be watching their kid while working, because it takes a lot of attention to supervise those small children, when work should be the focus of their attention. Older kids who are self-sufficient would be a different situation.

SeaJ ,

Except that is not the truth as indicated in my experience of it not being mentioned in the several jobs I have had where I worked remote. I’m sorry that that bursts your bubble but that’s the truth. In fact I have been on conference calls where there has been a child present and nobody gave a shit since the person was also extremely productive. Again, if it is not affecting productivity, it is a non issue and it sounds like your managers need to learn that basic fact and figure out how to measure very basic KPIs.

There are some cases where it is absolutely not going to affect performance at all for most people. If both parents work from home, they have much more flexibility in handing off interacting with their child. Some parents might have difficulty finding full time daycare or affording it. They still have core hours when they can focus but may also need some flexibility. Those two scenarios are not going to result in decreased productivity for most employees because they can shift some of their work to other hours.

RaoulDook ,

Dude you’re not “bursting” anyone’s “bubble” with your opinion here. I simply informed you of some facts, and you can ignore them if you please at your own risk.

SeaJ ,

You have a very loose definition of the word “facts” and show zero evidence backing what you say up.

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