72% of professionals aren't happy about going back to work (in an office)

We’re writing today from a sunny cafe off Noe Street, in recently re-opened San Francisco. The weather is lovely, the trash seems to have multiplied since we were here last, and there are signs of the havoc COVID-19 wrecked on small businesses in the form of empty storefronts and ‘Thanks for your support, but we’ve closed’ signs hung in local eateries doors. 

Last Week

  • Florida, Ohio, and Texas joined 26 other states who have decided to opt-out of extra unemployment benefits in an attempt to drive people back into the workforce as businesses are desperate for more workers.

  • After pushback from employees who had gotten comfortable working from wherever, Uber walked back an earlier announcement and instead is creating a more permanent, flexible solution for those who find themselves more productive when working from home. 

  • Deloitte’s UK employees are now able to work remotely at any time, as their firm has permanently adopted flexible working practices. CEO Richard Houston says the company's 20,000 employees will be able to choose when, where, and how to work.

What's New

  • Airlines are struggling to keep up with the rebound in demand, hundreds of flights have been canceled or rescheduled and companies like Delta, United, and American have announced plans to hire thousands of pilots by next summer. What does this mean for you? We think Vox put it best when they warned “Air travel will suck this summer”.

  • Retail employees are giving notice en masse, a record exodus of over 600,000 people was recorded in April. Why? It seems like the pandemic made many realize that life is too short to hate your work and only make $11 an hour.

  • The New York Times reports that 19% of Manhattan office space has no tenants - the highest percentage ever. Companies are abandoning lease agreements and embracing remote work.

Money talks

Burlingame, CA-based startup Lyra Health, which provides mental health benefits for employees, raised $200 million in new funding with a valuation of over $4.5 billion, the company has raised $680 million to date.

Prelude, an SF-based startup whose goal is to make the scheduling of job interviewers easier for companies has raised $1.2 million in seed funding.

Smart, one of the UK’s largest retirement plan providers, is raising $228 million in its Series D financing round to provide pooled employer plans to more Americans.

JPMorgan realizes it’s tough when you’re fresh out of college and wants to do it’s part by upping the base salary for their first-year analysts from the paltry $85,000 they were paying, to a clean $100,000. Because you don’t get into banking for the warm fuzzies it gives you, it’s all about the money, honey.

Making moves

It isn’t easy being a magazine company these days. Michelle Lee, Allure’s Editor and Chief has jumped ships to Netflix, to become its VP of Editorial and Publishing. 

Pinterest’s Global Head of Inclusion and Diversity, Tyi McCray, is leaving the company less than a year after joining in August 2020. 

Instacart looks as though it’s been preparing for its rumored public listing, The Org has a look at the team of seasoned executives they’ve quietly been recruiting over the last year.

Trends

Business Insider surveyed a thousand employed Americans and found that 72% of those who have had to return to the office after working remotely are already feeling burnt out, compared to 60% of those who never left. 

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