Stephen Schwarzman, billionaire and CEO of Blackstone, one of the largest private equity firms in the world, caused controversy when he stated that people activate remotely during the pandemic “they did not work as hard as they claimed”.
These statements were made during a discussion on the impact of remote work on the commercial real estate market, at Saudi Arabia's Future Investment Initiative Congress.
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Schwarzman, whose fortune is estimated at US$32 billion, questioned the productivity of working from home in pandemic, suggesting that professionals preferred to stay at home, as this meant less effort and more economy.
He argued that, despite the allegations, people were not working as hard as the physical office environment would require.
The pandemic has brought unique challenges to workers, especially those who have had to balance profession with caring for children whose schools were closed or caring for elderly family members in Quarantine.
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This often resulted in extended work hours, including weekends, as professionals struggled to maintain balance.
However, concerns about the mental health and well-being also increased during the pandemic. The World Health Organization (WHO) reported a 25% increase in cases of anxiety and depression worldwide.
In the United States, a third of adults reported significant levels of stress and anxiety, making the country one of the most affected.
Other business leaders, such as Jamie Dimon, CEO of JPMorgan Chase, have shared Stephen Schwarzman's approach to hybrid work.
Dimon said 60% of his company's employees are now in the office five days a week, while 30% are required to be in the office three days a week.
He emphasized the importance of in-person leadership, stating that he does not believe it is possible to lead effectively with everyone working remotely.
The bottom line is that while remote work has become a reality for many, the challenges and benefits associated with it remain an ever-evolving topic of debate.