Zoom (ZM) -) became a household name when the pandemic hit in 2020. The video conferencing app enabled businesses and schools around the world to transition to a suddenly remote-only environment. Conference tables and classrooms became virtual; coworkers turned into talking heads floating on a virtual backdrop.
Three years later, remote work has proven that it is here to stay. As of mid-2023, 12.7% of full-time employees were working entirely from home and 28.2% were working in a hybrid model, according to Forbes. A further 98% of workers said they want to work remotely, at least part of the time.
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But many major companies have recently begun to walk back their remote or hybrid policies, demanding their employees return to the office at least part time. Amazon, Apple, Disney, JPMorgan, Google, Goldman Sachs, Meta and Tesla are prominent on this list.
And in early August, Zoom, the company known for enabling remote work, said it was adopting a similar policy. The tech giant, which employs more than 7,000 people, said that all employees who live within 50 miles of an office have to come in at least twice a week.
Speaking to CNBC a few weeks after the decision, Zoom's CFO Kelly Steckelberg said the new hybrid model is going well so far.
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"We believe that a structured hybrid approach works well for us. It's great for our collaboration," she said. "We hear from our employees, they want to see their friends and colleagues. And so doing it in a way that ensures when they go into the office, their friends and colleagues are going to be there."
Steckelberg noted that only 35% of Zoom's workforce lives within that noted radius of an office. The bulk of the company's staff remains remote.
"This doesn't mean that remote work is not still part of the future. Aproximately 65% of our employees are still remote," she said. "We believe this is a great balance and allows us to keep our workforce connected and keep us innovating."
Zoom reported adjusted earnings of $1.34 per share Monday, above the $1.05 expected by analysts polled by Refinitiv. The company reported revenue growth of 3.6% from last year at $1.14 billion for the quarter, above analyst expectations of $1.12 billion.
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