Blackstone CEO Schwarzman Says Remote Workers Don’t Work as Hard

Blackstone CEO Steve Schwarzman, whose firm is one of the largest owners of commercial property, said part of the reason workers are proving difficult to lure back to offices is because they enjoy a lighter workload at home. Speaking during a panel discussion at the Future Investment Initiative in Saudi Arabia, Schwarzman said people profited from remote work as “they didn’t work as hard” and saved money on commutes, lunches and work attire.
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[bobbystajkowski]

He’s essentially saying that companies need employees to come work at the office because the real estate investors depend on it.

[buddyrevell]

Says the guy who's company is massively over leveraged in commercial real estate.

[martinoates]

So, it's about the real estate, nothing to do with worker productivity.

[dootburger]

Damn right I don't work as hard, I don't have to drive 2 hours to get into the office and spend 8 hours explaining to a manager what I'm trying to get done that day.

I don't work as hard because I'm working more efficiently.

The fact that businesses can't provision office space in an agile way is not my issue.

[fenixfurioso]

Am so tired of billionaires denigrating the workforce. Not working hard enough? Some CEOs' salaries are 300 to 400 times the pay of an average employee in their company. Are they working 300 to 400 times harder? Of course not! Billionaire bullsh*t at its best!

[misterultra]

Firstly from a guy who is probably massively investing in commercial real estate

Secondly grom a guy who is sitting in his one man office, while the normal employees should work in a big room together with 200 other employees

Thirdly yes, people are working harder at home since they can be more focused and are more ready to work longer since they do not have to commute to work 1-2 hours per day

[dumdiversaspapalbull]

So that’s why CEOs are always remote then.

[Wendywonder]

He is essentially saying: everybody go back to office, so I can make money

[kracer]

It all boils down to remote work allows people to enjoy a reasonable standard of living with the savings afforded by not having to commute, reduced child care expenses, eating at home, and things like that. Employees will do whatever a company wants if you pay them enough. Blackstone employees are back 5 days per week because they average employee is earning multiples of the average American. For some reason, those inconvenient facts are always missing from these conversations.

[Vladkazenski]

I used to be a consultant and went to office 3-4 times. Wasted 2.5 hours, higher insurance, expensive lunch, loud phone conversations in an open space

[madProgenitorDeity]

"We're so sick of WFH, don't these people know they're not supposed to even have homes?!"

[mandu]

What a goddamn ghoul. Not a shred of humanity left in his husk.

[fadeproofnyc]

Let every employer know, whether they wish us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe, in order to assure the survival and the success of remote work.

[olliea]

He is the leader of the black stone group which is not exactly Blackstone company but he’s the chairman and CEO of the umbrella company that blackstone branched out from and chairman and ceo of the company that owns Aladdin

[phoenixvette]

I get my work done by the deadline, no matter where I am. But when I was at the office 5 days a week, I watched much more tv and was far less healthy. It costs me $40 per day going to the office and at home I spend about $10 on my existence. If they want me back in the office I’ll need a “cost of living” increase.

[EthelbertCoyote]

Suppositions are not data, to make an argument as he is making he needs to back it up not with his own conclusions but data driven conclusions. Not everyone works the same and has the same job. A surgeon showing up to work at their job is important a programer being on live video chat not being bothered unless they need to be so they can focus can be crucial. Back to work for many means back to interruptions, non-meaningful interactions, risk of being late because of roads, weather, accidents, traffic, and a ton of other issues. Managers need to not look at workforce as a whole as much as per work task, and employees need to as well to make the most productive work. A remote workers are in contact with people durring work hours generally far less so far fewer actual sick days needed.

[Kendaman]

HOLDING A MASSIVE BAG IN COMMERCIAL REAL ESTATE.

BLACKSTONE BAG IS FULL OF USELESS OFFICE SPACE.

BOTTOM LINE IS THAT COMPANIES SAVE MONEY NOT RENTING OFFICE SPACE FROM BLACKSTONE BAG HOLDING AZZ.

[spicytaquito]

Our office is now demanding we go back one day a week to "engage with peers" but we all know it's because the building is empty, no one is going in and they're losing money. This "man" has too much power over the economy and workforce and what we do.

[csp]

Sez the guy who's firm owns a plethora of office buildings, many of which are now underwater

[bravosavo]

I am happy to go office .. going to office is like picnic....travelling 2hrs back and froth...long drives....having. 1hr office lunches like picnic .... coffe break morning and evening and leaving early as you need to pick kids from school....
Actually when i am at home need to wake at 5 and start at 6 am with 15 lunch break....work from home sucks