After telling its staffers last week that they can work from home for the rest of the year, social media titan Facebook (FB) - Get Report reportedly told its workers Thursday that it will move toward a largely remote workforce over the next 10 years.
Facebook CEO Mark Zuckerberg explained the new policy to employees Thursday, The Wall Street Journal reported. The company’s workforce numbers more than 45,000.
Twitter (TWTR) - Get Report last week gave its workers the option to stay home permanently, and Alphabet (GOOGL) - Get Report joined Facebook last week in sanctioning remote work for the rest of the year. The coronavirus pandemic, of course, is what sent workers home in the first place.
As for Facebook’s edict: for new hires, the permanent remote-work option will first be offered to senior engineers, according to the Journal. Current employees with strong reviews also will be able to apply for stay-at-home-status.
Zuckerberg anticipates that a decade from now up to 50% of Facebook’s staff will work from home, he told the Journal before making the announcement.
He wants to shift slowly because the stay-at-homes will need new technology to enable personal interaction.
Morningstar analyst Ali Mogharabi was impressed with Facebook’s first-quarter earnings report last month.
While he expects a decline in revenue for the full year, as the economic downturn continues to hammer ad spending, “we were pleased with growth in user count and engagement, which could strengthen the firm’s network effect moat source.”
Facebook shares recently traded at $231.81, up 0.8%. The stock has climbed 8% over the past three months.