Robinhood will permanently move most employees to remote work

The Robinhood Markets, Inc. logo is seen during a pop-up event on Wall Street following the company’s IPO in New York, United States on July 29, 2021. REUTERS / Andrew Kelly

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Jan. 12 (Reuters) – Online trading platform Robinhood Markets Inc (HOOD.O) announced on Wednesday that it plans to move the majority of its 3,400 employees to remote work permanently, joining a host of leading technology companies embracing a hybrid culture.

The California-based firm’s decision to take a “remote first” approach, the plans of which were first shared with employees in December, will help create an accessible workplace, she said. stated in a press release.

“Being able to go primarily remotely really means we can now recruit and attract talent from almost anywhere,” said Cynthia Owyoung, vice president of equity, inclusion and belonging. at Robinhood.

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Robinhood said some teams will need to live within a switchable distance of an office for regulatory and business reasons, and a small segment will still need to work from the office. He does not expect any change in the remuneration structure of his staff.

Tech giants such as Twitter Inc (TWTR.N), Meta Platforms Inc (FB.O) and Microsoft Corp (MSFT.O) opted for flexible labor policies early on during the COVID-19 pandemic.

The uncertainty surrounding the rapidly spreading variant of the Omicron coronavirus has also prompted several large U.S. companies, including JPMorgan (JPM.N) and Goldman Sachs (GS.N), to delay their plans to return to the office.

Founded in 2013, Robinhood’s popularity exploded among retail investors at the start of the pandemic due to its easy-to-use interface and commission-free transactions.

It also helped fuel last year’s ‘memes’ trading frenzy, although technical issues and a temporary restriction on trading in GameStop Corp (GME.N) titles in January 2021 made some of its users embittered.

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Reporting by Mehnaz Yasmin and Niket Nishant in Bangalore; Edited by Ramakrishnan M.

Our Standards: Thomson Reuters Trust Principles.

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