Has there been a company that was affected in a favorable way during the pandemic that Zoom? Millions of office workers’ lives revolved around using Zoom to communicate and meet with co-workers and clients, but now even Zoom is telling their employees it is time to get off Zoom and get back to the office.
They want all employees within 50 miles of a company office to go to the office at least two days per week. That would be a seismic shift from a year ago when only 2% of the company’s 8,400-person workforce was working on site.
“We believe that a structured hybrid approach – meaning employees that live near an office need to be onsite two days a week to interact with their teams – is most effective for Zoom. As a company, we are in a better position to use our own technologies, continue to innovate, and support our global customers,” a company rep told Insider.
Millions of people had never been on a Zoom call before the pandemic hit in 2020, and the company’s value exploded as the world relied on the video conferencing service. Shares of Zoom stock soared six-fold three years ago, but late in 2021, reality hit as the stock plunged, and since its peak, Zoom’s market value has lost $100 billion.
To put in perspective how prevalent Zoom was during the pandemic, in April of 2020, Zoom meetings attracted 300 million participants per day, 30 times the number of workers on Zoom calls the previous year.