Remote Working Shaking Up Silicon Valley
With the COVID-19 pandemic changing how people work, remote working, IT inventory services, and other associated trends have shown that employees can work and innovate even away from the workplace. Employers that were limited to hiring local talent can now hire anyone, from anywhere.
Silicon Valley, with a business model reliant on employee proximity, saw this shift firsthand, as San Francisco’s studio, one-bedroom, and two-bedroom rental rates saw the biggest year-over-year drops in the US in the month of September 2020, dropping by 31%, 24.2%, and 21.3%, respectively. Tech giants in the region are shifting their operations, which is a massive change as Silicon Valley has been the center of the US’s tech industry since the ’50s, with companies like Apple, Twitter, and Intel all setting up shop.
Silicon Valley’s 1.7million jobs were centralized in the San Francisco Bay area, but with companies embracing remote working, that is rapidly changing. By the start of June 2020, 95% of Facebook’s 45,000 workforce were now working off-campus. Other companies are seeing similar changes.
While the COVID-19 pandemic accelerated brought remote working, IT inventory services, and related services to the forefront, tech companies in Silicon Valley have been looking at distributed workforces for a while now. Joint Ventures’ most recent Silicon Valley Index reported that the region’s GDP went up by $17bn from 2018 to 2019, as is consistent with year-on-year performance. However, it also noted how employees were consistently emigrating from Silicon Valley, from 2017-2020.
Employee numbers are expected to grow, however, with Facebook expecting 10,000 global engineering and product hires for 2020, the majority of which will be remote workers. It’s also been setting up working hubs for employees in geographically dispersed locations across the North American region.
Meanwhile, Twitter reported a 10x increase in its jobs portal after the announcement from its CEO regarding the company’s remote work policy.
The shift to online everything also means that not only can tech giants hire more remote employees; they can also diversify their workforce. Twitter recently revealed their 2025 goals for workforce representation in the company; aiming for 50% of its workforce to be women in the US, with 25% of the workforce to be from Black, Indigenous, Latinx, and multiracial communities, which have been historically underrepresented in the tech industry.
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