The future of work at Yelp is remote, according to Yelp Inc., which will shut its offices in three major U.S. cities. Chief Executive Jeremy Stoppelman said that the company will close its most frequently underutilized offices in Washington D.C., Chicago and New York on July 29. The three offices we are closing saw a weekly average utilization of less than 2% of the available workspaces, he said.
Stoppelman cited Yelp employee surveys that 86% of respondents said they prefer to work from home most or all of the time, with 87% saying that working from home made them more effective. He said that since Yelp opened its offices nine months ago, only about 1% of workers have chosen to come in every day. We realized over time that the future of work at Yelp is remote. It is best for our employees and our business, according to Stoppelman, who said record revenue in 2021 proves how productive we are in a remote work environment. Yelp CEO says abortion-rights are a risk worth taking Stoppelmen added that Yelp's remote-work policy has helped its hiring. The company has seen a surge in candidate applications, with many noting that remote work is part of the reason they are drawn to the company and role. Yelp has around 4,400 employees in the world. Its headquarters in San Francisco, as well as offices in London, Toronto and other places, will remain open. In 2022, the S&P 500 SPX is about 20% smaller than the Yelp shares YELP, down about 20% year to date.