4 things you need to know about the future of hybrid and remote work

Spotify employees, spotify office
Spotify’s new work-from-anywhere program will promote flexibility and diversity, executives told Insider.

  • As more Americans get vaccinated, companies are starting to reconsider their reopening plans.
  • Employers like Spotify and TIAA are investing in hybrid work models.
  • This guide explains what you need to know about the future of hybrid work.
  • See more stories on Insider’s business page.

The post-pandemic workplace is going to look a lot different. Mostly, there will be fewer people in the office.

As more Americans get vaccinated, companies are starting to think about what their reopening plans might look like. Some employers, like Spotify and TIAA have decided to invest in hybrid work models, giving employees the flexibility to work from the office, their homes, or another location.

Insider compiled a guide with the four most important things to know about the future of hybrid work.

1. Remote work is leading to burnout.

Burnout and fatigue are familiar themes of pandemic life. Meetings are booming, workdays are lengthening. And at the same time, per recent LinkedIn survey data, 74% of employees are taking “shelter” in their current job as a way of mitigating risk during tumultuous times.

While what it means to work from home isn’t going to be the same in post-pandemic life, these remote and hybrid – where you come into the office some of the time – work styles are likely to. But conflict is rising around the best way to do it without sacrificing quality, company success, or personal wellbeing.

Read more:

Remote work can unlock productivity or push burnout. Here’s how smart companies are planning for our ‘hybrid’ and WFH future.

Use this 6-step checklist to conquer workplace burnout, protect your mental health, and re-energize your team

A day off work and ‘Zoom-free Fridays’ aren’t going to cut it. Here’s how to really tackle burnout.

Consulting confessions: 6 current and former staffers at Deloitte, PwC, and other top firms detail pandemic burnout

2. Prioritizing camaraderie and communication can improve remote-work culture.

Open lines of communication are key to improving the culture when you’re working from home. Leaders ned to ensure that all employees feel informed. It’s also important to give employees the opportunity to connect in more casual settings, like a virtual happy hour, to help them feel included.

Read more:

A Facebook exec shares 4 strategies any leader can use to improve communication and camaraderie when working remotely

Etsy’s chief operations, strategy, and people officer shares how the company maintains its culture while working remotely

3. The rise of remote work also means the rise of the virtual headquarters.

The pandemic means some employers have reduced the amount of real estate they own or rent. Some are getting rid of offices entirely.

But this presents a new challenge for employers, who now need to recapture the visibility, casual conversations, and collaboration that came so easily in person. Their best bet, technologists working to solve the problem said, is to create a virtual HQ – a suite of office tools that allow employees to work collaboratively from home.

Read more:

The ‘virtual headquarters’ are coming

4. Employers are debating the type of work that makes the most sense for their workforce.

Hybrid work doesn’t work for everyone. Wall Street, for example, wants employees back in the office.

But employees will be looking for more flexibility post pandemic. Here’s how companies are providing flexibility to their employees.

Read more:

TIAA’s HR chief shares the thinking behind its new hybrid work model that sorts employees into 4 categories of flexibility

H&R Block’s CEO and HR chief explain how the company decided against fully remote work – and why they expect staff in the office 3 days a week

Spotify’s new remote-work plan ‘isn’t in response to the pandemic’ – it’s a bet on diversity

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The rise of Cathie Wood, the rockstar stock-picker whose ETFs are dominating 2021

cathie wood ceo ark invest profile 2x1
Ark Invest’s Cathie Wood.

So far, this year has belonged to Cathie Wood. You could argue last year did too.

The founder of ARK Invest has seen flows into her active exchange-traded funds beat those of massive franchises like BlackRock’s iShares, thanks to her blockbuster 2020 performance, which was driven by bets into mega-growth stocks like Tesla.

Her funds have delivered eye-popping returns, with her flagship fund up more than 150% in 2020.

Wood has built such a large following that an announcement about a new ARK fund moved markets. Her podcast has landed big-name guests such as Elon Musk. She’s become a favorite of the r/WallStreetBets crowd.

Insider spoke with investors in both Wood’s business and funds, longtime colleagues, analysts at her firm, and fans who chart her rise through newsletters and memes. They describe her leadership, which comes with four decades of investing experience, and her curiosity, which keeps her analysts on their toes.

But threats are also looming: Talk of a stock-market bubble and an impending correction are brewing; the easy conditions created by massive fiscal and monetary stimulus could taper off as the economy recovers from the pandemic; and Wood’s highly concentrated funds have ballooned, which has raised concerns about capacity.

SUBSCRIBE NOW TO READ THE FULL STORY: Cathie Wood made a career betting on the future. Insiders discuss how the ARK Invest founder won the funds (and hearts) of memelord traders and boomer investors alike.

Read the original article on Business Insider

How Snowflake CEO Frank Slootman became a billionaire by ripping up the ‘nice guy’ Silicon Valley playbook

Frank Slootman
Frank Slootman

Technology executive Frank Slootman took software company Snowflake public in one of the biggest tech IPOs of 2020, raising $3.4 billion at a $33.3 billion valuation. By the close of Snowflake’s first day of trading, its stock had shot up as much as 165%.

Overnight, Slootman’s 5.9% stake became worth billions, and Snowflake was established as an elite Silicon Valley player – it was briefly valued more highly than IBM at one point not long after its IPO, though its stock price has declined more than 13% since the beginning of 2021. Experts say Snowflake, which today has a market valuation of nearly $77 billion, has been bolstered by the rise of remote work during the pandemic.

As for Slootman, he has reached nearly mythic status in Silicon Valley as he continues to captain the ship at one of the industry’s most prominent success stories of the past decade.

Insider spoke with 15 people who know Slootman, who is 62, including former Snowflake colleagues and those from Slootman’s past companies ServiceNow and Data Domain. Some spoke on condition of anonymity, but nearly all described a militant CEO who’s part of Silicon Valley’s less talked-about conservative wing, a group that includes Palantir’s Peter Thiel, Tesla’s Elon Musk, and Oculus’ Palmer Luckey.

Insiders said Slootman has torn up the do-gooder playbook of Big Tech’s liberal elite and replaced it with a hard-charging, profit-driven ethos that doesn’t pay lip service to things like diversity and social justice. And while some warn of a backlash, for Slootman, who has compared himself to World War II Gen. George S. Patton, his main concern is winning.

“CEOs can sometimes suffer from a kind of weakness where they want to be liked,” Asheem Chandna, a software investor at Greylock and a friend of Slootman, told Insider. “He’s not somebody who has a need to be liked.”

You can read the full story here if you’re an Insider subscriber.

Read the original article on Business Insider

Teacher Bryce Stewart shares how he retired at 35, quitting his $50,000-a-year job to make $20,000 a month as a small-time landlord

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Bryce Stewart is a middle school teacher turned real-estate investor who was able to retire at 35 thanks to the passive income from homes he bought and rents out.

  • Bryce Stewart worked as a middle school teacher in the small city of Bethlehem, Pennsylvania.
  • Stewart used savings and a loan from his in-laws to start buying properties to rent out in 2009.
  • He retired from teaching at 35 due to rental income from tenants, which can total $20,000 a month.
  • Visit the Business section of Insider for more stories.

You could learn something from this former teacher.

Meet Bryce Stewart, a middle school teacher turned real-estate investor in Bethlehem, Pennsylvania. 

In 2009, he bought one property to rent out using a small sum from his own savings – after all, he made just $50,000 a year – plus a loan from his in-laws. Once Stewart found tenants, he continued to buy properties, using less traditional loans and tactics to come up with capital for the down payments. 

Stewart now pockets up to $20,000 a month in passive income from 37 properties he owns in Bethlehem, a small city less than 90 miles from both New York and Philadelphia.

Because of his real-estate investing successes, he was able to quit his day job in 2015, at the age of 35. Stewart’s creative strategies to become a landlord 37 times over paid off and enabled his early retirement. 

In an exclusive interview with Insider, Stewart explained how he financed the growth of his real-estate portfolio from just one unit to 37 despite having very little savings. 

SUBSCRIBE TO READ THE FULL STORY: Bryce Stewart breaks down exactly how he retired at 35 and rakes in $20,000 a month in passive income from real-estate investing

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New York cannabis M&A is already heating up

MedMen
Staff members work inside MedMen, a California-based cannabis company store serving medical prescription patients with cannabis products, on the store’s opening day on 5th Avenue in Manhattan in New York City.

  • Struggling cannabis companies with licenses in New York are likely acquisition targets.
  • Ascend Wellness said it would take a majority stake in MedMen’s New York assets.
  • There may be other deals to come as New York moves toward cannabis legalization.
  • Visit the Business section of Insider for more stories.

As New York looks to legalize cannabis, companies are already making deals to enter what could be one of the largest markets in the US.

On Thursday, MedMen and Ascend Wellness said that they’d reached an agreement for Ascend to take a majority stake in MedMen’s New York operations. Following the $73 million deal, Ascend will hold an 86.7% stake in MedMen’s New York assets and have an option to acquire the rest.

Struggling companies that operate in New York’s medical cannabis market could be attractive acquisition targets for companies looking to enter New York, experts told Insider.

MedMen has struggled to turn its operations around in recent years and analysts have pointed to the possibility of such a sale as the company looks for ways to stabilize its balance sheets. Recently, MedMen hired investment bank Moelis & Company to look at “strategic alternatives.” Moelis served as the financial advisor to MedMen in this deal.

Several other cannabis companies are also likely targets

Click here to read more about the deals you can expect in New York as it looks to legalize cannabis. This article is available exclusively to BI Prime subscribers.

Read the original article on Business Insider

Inside the rise of Cathie Wood, the rockstar stock-picker whose ETFs are dominating 2021

cathie wood ceo ark invest profile 2x1
Ark Invest’s Cathie Wood

  • Cathie Wood has reached a cult-like status with day traders and professional investors alike.
  • In 2020, ARK’s ETFs grew at the fastest proportional rate of any ETF or mutual-fund manager.
  • Insider spoke with investors, analysts, and fans about whether ARK’s rise is sustainable.
  • Visit the Business section of Insider for more stories.

So far, this year has belonged to Cathie Wood. You could argue last year did too.

The founder of ARK Invest has seen flows into her active exchange-traded funds beat those of massive franchises like BlackRock’s iShares, thanks to her blockbuster 2020 performance, which was driven by bets into mega-growth stocks like Tesla.

Her funds have delivered eye-popping returns, with her flagship fund up more than 150% in 2020.

Wood has built such a large following that an announcement about a new ARK fund moved markets. Her podcast has landed big-name guests such as Elon Musk. She’s become a favorite of the r/WallStreetBets crowd.

Insider spoke with investors in both Wood’s business and funds, longtime colleagues, analysts at her firm, and fans who chart her rise through newsletters and memes. They describe her leadership, which comes with four decades of investing experience, and her curiosity, which keeps her analysts on their toes.

But threats are also looming: Talk of a stock-market bubble and an impending correction are brewing; the easy conditions created by massive fiscal and monetary stimulus could taper off as the economy recovers from the pandemic; and Wood’s highly concentrated funds have ballooned, which has raised concerns about capacity.

SUBSCRIBE NOW TO READ THE FULL STORY: Cathie Wood made a career betting on the future. Insiders discuss how the ARK Invest founder won the funds (and hearts) of memelord traders and boomer investors alike.

Read the original article on Business Insider

The top 20 dealmakers of 2020, ranked

rainmakers list 2x1
Meet the top dealmakers of 2020.

Dealmaking got off to a rough start in 2020, with mergers and acquisitions temporarily going over a cliff in the springtime as the world was met with a series of lockdowns and harsh restrictions to confront the spread of the coronavirus.

But by late summer and into the autumn, activity roared back, albeit with some notable differences – such as virtual meetings in lieu of in-person management presentations, and limited celebratory fanfare for completed deals. 

In spite of a stormy start for M&A, top dealmakers at firms like Goldman Sachs and Morgan Stanley still managed to deliver a series of marquee deals like S&P Global’s $44 billion all-stock planned acquisition of data firm IHS Markit, chipmaker Nvidia’s $40 billion acquisition of SoftBank-owned British competitor Arm Holdings, and Salesforce’s $27 billion acquisition of Slack.

Ultimately, 2020’s M&A volumes were down just 5% compared to the year before. 

To take a closer look at the people behind the numbers, Insider has partnered with MergerLinks, a financial intelligence platform that tracks deals and individual bankers, to present our second-annual edition of “The Rainmakers,” a league-table ranking of the top-20 M&A bankers based on the size of the deals they orchestrated in North America last year. 

So who was the top rainmaker when it came to M&A in 2020?

While Goldman Sachs had the most representation with four bankers cracking the top-20, the No. 1 spot went to Anthony Armstrong, Morgan Stanley’s global head of technology M&A. Armstrong, who joined Morgan Stanley in 2015 after a long run at Credit Suisse, landed several megadeals in 2020, including a role advising chipmaker Nvidia on its $40 billion cash-and-stock acquisition of Arm Holdings, the the SoftBank-backed semiconductor giant. 

Click here to see the full list of the 20 top North American dealmakers for 2020 

Read the original article on Business Insider

PRESENTING: Inside the career rise of a 29-year-old private jet broker who manages celebrity clients like Diddy and the Kardashians

Kelvin Mensah
Kelvin Mensah.

Kelvin Mensah left his life in New York, where he’d worked retail and service jobs growing up, to move to Los Angeles in 2015. By 2019, Mensah had cofounded his own company, PJKev Approved LLC, and chartered more than 300 jets.

“My first time in LA, I remember going up to the hills and looking at all these mansions,” he told Insider. “That opened up my vision and mentality to how it’s possible to acquire these assets and build wealth for your family. I said, ‘If I could find a niche of close associates with a high-net-worth business, I could make a lot of money from a small percentage.'”

Mensah, 29, is now a luxury lifestyle specialist who arranges private flights for high-profile clients, like the Kardashians and soccer superstar Neymar Jr. By focusing on excellent customer service and fair prices, he’s established a client list of more than 300 people across industries like entertainment and sports.

Subscribe here to read our feature: A 29-year-old private jet broker reveals how he built a career in luxury lifestyle from the ground up and landed celebrity clients like Diddy and the Kardashians

Read the original article on Business Insider

See the key employees who run Exxon Mobil in our exclusive org chart

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Exxon’s top four execs. From left to right: Andrew Swiger, SVP and Principal Financial Officer; Darren Woods, CEO; Jack Williams, SVP; and Neil Chapman, SVP.

  • Exxon faced a difficult 2020. The oil titan saw profit evaporate as oil prices crashed, and it was forced to slash spending and cut jobs. 
  • Behind those tough decisions is what some employees have referred to as the God Pod, Exxon’s executive suite. 
  • At the top are CEO Darren Woods and three other members of the company’s management committee. All four men, who are white, have been with the company for decades. 
  • We mapped out the executives they oversee in an org chart available exclusively to Insider subscribers
  • Visit Business Insider’s homepage for more stories.

Exxon Mobil, like most large oil companies, faced a number of tough decisions in 2020. After the price of crude collapsed, the firm slashed capital spending by $10 billion, cut thousands of workers, and said it would write down billions more in assets. 

Behind those decisions is what some employees have referred to as the “God Pod” – Exxon’s executive wing at the company’s headquarters. The name is a reference to the top floors of the office that the group occupies, and it’s been used to describe the company’s leadership style. 

“The executive wing of Exxon Mobil’s headquarters outside Dallas is nicknamed the God Pod because orders given by executives there can sometimes be as sharp as thunderbolts,” longtime New York Times energy reporter Clifford Krauss wrote in 2017

At the top is CEO Darren Woods, who’s led the company since 2017, along with three other members of Exxon’s management committee: Neil Chapman, Andrew Swiger, and Jack Williams. Together, they have an average tenure of nearly 35 years. They oversee Exxon’s second tier of executives including vice presidents and division leads.

All four members of the management committee are white men. 18% of Exxon’s US executives are minorities, as of 2019, the company says on its website. 

It’s a new year, but many of 2020’s challenges linger: The layoffs sunk morale, oil markets are still stunted, and some investors are pressuring the company to address the risks associated with climate change, as many of its peers have done. 

We lay out the executives who will navigate those challenges in an org chart, available exclusively to Insider subscribers. It includes 138 of the firm’s top employees. 

View our exclusive Exxon org chart here

Read the original article on Business Insider

PRESENTING: We analyzed 23 memos from CEOs responding to the US Capitol riot. The most effective messages get personal.

Albert
Albert Bourla is the CEO of Pfizer.

On Wednesday, a pro-Trump mob stormed the US Capitol while Congress was confirming Joe Biden’s win in the presidential election. It took hours for authorities to clear the Capitol building. Five people died.

As news of the attempted coup spread, business leaders across industries – including tech, finance, and healthcare – sent staff memos and issued public statements decrying the violence. Collectively, the messages expressed sadness, outrage, and hope for a better future.

Insider reviewed 23 of those memos looking for common themes. Some memos were posted publicly on social media; others were emailed directly to staff and reported in other media outlets. 

Subscribe to read our full analysis: 

We analyzed 23 memos from CEOs responding to the US Capitol riot. The most effective messages get personal.

Read the original article on Business Insider