Yelp to shut offices in New York, Chicago, D.C., saying future of work is remote

Yelp Inc. announced Thursday that it will close its offices in three major U.S. cities, saying “the future of working at Yelp is remote.”

In a blog post, CEO Jeremy Stoppelman said the online review firm will close its “most constantly underused offices” in New York, Chicago and Washington DC starting July 29th. “Altogether, the three offices we closed had an average weekly usage. Of less than 2% of the available workspaces,” he said.

Stoppelman cited surveys of Yelp employees who found that 86% of respondents said they prefer to work from home most or all of the time, and 87% said working from home made them more effective. . He said that since Yelp reopened its offices nine months ago, giving employees the option to enter, only about 1% of workers have chosen to come every day.

“Over time we realized that the future of work at Yelp is remote. It’s best for our employees and for our business,” Stoppelman said, adding that record earnings in 2021 show “how productive we are. in a remote work environment “.

See also: The CEO of Yelp says the stance on abortion rights is a risk worth taking

Stoppelmen added that Yelp’s remote work policy has helped recruit her. saying the company has seen “a sharp rise in applications for applications, and many noted that remote work is part of the reason they are attracted to the company and the role.”

Yelp has about 4,400 employees worldwide. Its headquarters in San Francisco, as well as offices in London, Toronto and elsewhere, will remain open.

Yelp shares YELP,
+ 2.08%
have dropped 20% so far, roughly the same as the S&P 500 SPX,
+ 0.95%
in 2022.

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