Yelp Inc., the online business review company, will nearly halve the size of its Scottsdale office and take other space-saving measures nationwide in response to employee preferences for the remote work and improving the financial performance of the company since it allows it.
In addition to the reduced space in Scottsdale, the company will close offices in New York, Chicago and Washington.
He cited an internal survey that showed 86% of Yelp employees prefer working remotely all or most of the time, with 93% of employees and managers saying they were able to meet their goals.
Only about 1% of Yelp employees regularly visited offices as a result of the COVID-19 pandemic.
Reduced Scottsdale Office Requirements
Yelp is downsizing its rented Scottsdale office at 4343 N. Scottsdale Road, just south of Camelback Road, to 40,000 square feet on a single floor from 72,000 square feet on two floors.
“We have been adjusting our real estate footprint to reflect the needs of a remote workforce for some time,” spokeswoman Kylie Banks said in an email to The Republic. She did not reveal the number of Yelp employees in Arizona.
Yelp announced in September that the majority of its employees worldwide would be allowed to continue working remotely if they wished, making returns to the office optional.
“Over time, we realized that the future of work at Yelp was distant,” wrote Jeffrey Stoppelman, CEO and co-founder of Yelp, in a blog post. “It’s better for our employees and for our company.”
Distant Politics Drives Higher Profits
As evidence, Stoppelman cited record revenue for businesses in 2021. Yelp generated $1.03 billion in revenue last year, up 18% from 2020, and made a profit of 39.7 million, reversing a loss of $19.4 million the previous year.
The reduction of some office space will allow the company to reduce its rental expenses.
“We learned that not only could we effectively operate our business as a distributed remote workplace, but our employees could thrive and be just as, if not more, productive remotely,” Stoppelman continued in the blog post.
“Employees are happier working remotely because they can spend valuable time they would otherwise have spent doing the things they love with the people who matter most to them.”
Yelp, founded 17 years ago, manages 220 million ratings and customer reviews for restaurants, electricians, plumbers, auto repair shops and other businesses.
The company has approximately 4,400 total employees, most working in sales/marketing or product development. Yelp derives most of its revenue from advertising.
The teleworking desired by many
With more than 11 million job postings nationwide, more employers could consider offering remote work options if they hope to retain and attract staff.
A recent survey by job placement firm Robert Half showed restlessness among many workers in the Phoenix metro area, with 29% saying they plan to look for new jobs in the second half of the year.
While a higher salary was the main motivator, many job seekers expressed interest in working remotely.
According to the survey, among Phoenix-area residents who plan to pursue new opportunities, 52% said they were looking for fully remote positions, while 45% said they were open to hybrid opportunities.
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