The shift to extended telework policies may have far-reaching consequences for the tech industry, affecting wages, commercial rents and even the way new companies are born, according to human resource execs, real estate professionals and venture investors.
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Tech companies such as Google and Facebook have long been revered as vanguards for office culture — attracting top talent with free gourmet meals, onsite massages, and even laundry services. Some of those flashy perks were quickly emulated by businesses eager to replicate the culture of innovation that helped catapult tech companies to the top of the S&P 500.
But now, after spending billions on fancy digs and convincing workers to move to some of the priciest real estate markets in the country, these same tech companies must adapt to a sudden and potentially prolonged shift to telework. The overnight change was sparked by the pandemic, but the newfound flexibility could persist long after the current global health crisis ends.
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