Big banks, tech companies take different approaches to bringing workers back to the office

SAN FRANCISCO, Calif. - Businesses and investors worry about COVID variants, but not enough to cause the stock market to plunge on Monday.

Nonetheless, big businesses have been carefully inching their way toward normalcy through varied "return to work" scenarios. 

Although investment banks have been closely monitoring the Delta Variant spread, Goldman Sachs, JPMorgan, and Morgan Stanley announced no changes to their return to work plans.

Banks have the upper hand.

"Investment banks are known for big bonuses and a bonus equals leverage," said Terry Connelly, GGU Business School Dean Emeritus. 

However, Silicon Valley mega tech is far different since employees are in high demand and can go out on their own.

"They do have more leverage about staying pretty much at home to work," said Connelly.

For example, LinkedIn is pursuing a combo of "work at home/work at the office" policy. 

Meanwhile, Salesforce is backtracking on its "work from home forever" policy to a slowly ramped up hybrid model.

Uber also backtracked from a similar policy, in lieu of employees returning to open offices or applying to work from home full time.

SEE ALSO: Apple delays workers' return to office due to resurgence in coronavirus cases

Tech mega-giant Apple pushed back its return to the office until at least October, perhaps later, and will give employees at least a month's notice before instituting a "return to work" policy.

Google's three-part approach will begin in September with 60% of employees spending at least a part of each week in-office, 20% working remotely only, and 20% allowed to leave the Bay Area to work remotely. 

Airbnb will maintain a "work from anywhere" policy until September 2022, when the company plans to allow employees to return to the office.

Dr. Richard, stock expert and CEO of the Foundation for the Study of Cycles, explained why some blamed the spread of the Delta variant for Monday's 2% drop in the stock market. 

"To me, this is one of those instances where the media looked for an explanation for something they didn't fully understand," said Smith. 

He also said Tuesday's big stock rebound proved that COVID is not the main issue. 

"To me, this was an expected seasonal trend. Oftentimes in late July, you see the markets correct, especially after the kind of run-up that we had," said Smith.

The markets hit their all-time highs a few days ago.