Robinhood Markets, an online trading platform, announced on Wednesday that it wants to transfer a majority of its 3,400 workers to remote work permanently, joining a spate of other top IT companies that have embraced a hybrid culture.
The company's decision to adopt a remote first' strategy, which was originally shared with employees in December, will assist to build a more accessible workplace, according to a statement.
"Being able to go mostly remote means we can now hire and attract talent from practically everywhere," said Cynthia Owyoung, Robinhood's vice president of equality, inclusion, and belonging.
Due to regulatory and business reasons, certain teams will need to reside within commuting distance of an office, and a tiny segment will still need to work from the office, according to Robinhood. It has no plans to change the wage structure of its employees.
During the COVID-19 pandemic, tech heavyweights including Twitter, Meta Platforms, and Microsoft opted for flexible working policies early on.
Uncertainty around the fast-spreading Omicron coronavirus variety has caused several major American corporations, including JPMorgan and Goldman Sachs, to postpone their back-to-office preparations.
Due to its easy-to-use interface and commission-free transactions, Robinhood's popularity soared among retail investors early in the pandemic. Although technical difficulties and a temporary limitation on trading GameStop securities in January 2021 irritated some of its customers, it was also instrumental in driving last year's "meme" stock frenzy.