Robinhood to permanently shift most employees to remote working
Reuters
Published Jan 13, 2022 01:04
By Mehnaz Yasmin and Niket Nishant
(Reuters) - Online trading platform Robinhood Markets Inc (NASDAQ:HOOD) said on Wednesday it plans to move a majority of its 3,400 employees to remote work permanently, joining a slew of top tech firms embracing a hybrid culture.
The California-based company's move to adopt a 'remote first' approach, the plans for which were first shared with employees in December, will help create an accessible workplace, it said in a statement.
"Being able to go primarily remote really means that now we can recruit and attract talent from almost anywhere," said Cynthia Owyoung, vice president of equity, inclusion and belonging at Robinhood.
Robinhood said some teams will need to live within a commutable distance to an office location due to regulatory and business reasons, and a small segment will still need to work from the office. It expects no change in the compensation structure of its staff.
Tech giants such as Twitter Inc (NYSE:TWTR), Meta Platforms Inc and Microsoft Corp (NASDAQ:MSFT) opted for flexible working policies early on during the COVID-19 pandemic.
Uncertainty around the fast-spreading Omicron coronavirus variant has also pushed several big U.S. companies, including JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS), to delay their back-to-office plans.
Founded in 2013, Robinhood's popularity exploded among retail investors early in the pandemic due to its easy-to-use interface and commission-free trades. It was also instrumental in fueling last year's "meme" stock frenzy, although technical glitches and a temporary restriction on trading securities of GameStop Corp (NYSE:GME) in January 2021 embittered some of its users.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.