Beware of Distant Bias – The New York Times

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When companies completely reopen their offices, many plan to offer their employees more flexibility in where they work. A “hybrid office” can make things more attractive and help attract and retain a variety of candidates. But companies are increasingly realizing a potential challenge, Sarah Kessler of DealBook writes for The Times: ensuring that remote workers are not left behind.

In a study When a travel agency randomly assigned employees to work mostly at home or mostly full-time in the office for nine months, those working at home were about half as likely to be promoted as their office counterparts. This was true even though remote workers were 13 percent more productive, made more calls per minute, and had fewer breaks and sick days.

If certain groups of workers choose to work remotely more often, for example parents with young children, a bias against encouraging remote workers could undermine broader diversity efforts. Here are four ways companies plan to reduce the disadvantages of remote workers:

Monitor promotion and payment data. Indeed, Paul Wolfe, head of global human resources at the job site, said his company is considering how it will monitor promotion and pay data to ensure that remote workers are treated equally, similar to the way it examines data as part of its diversity. and inclusion efforts.

Change the operating norms. If full-time office work is the norm, remote work is considered an exception. Some companies are trying to overturn this status quo. For example, Zillow plans to no longer allocate seats in its offices. On Slack, admins agreed to work a maximum of three days in the office each week.

Rethink meetings. Instead of meeting in a conference room calling remote employees, some companies are encouraging everyone to call separately from their laptops, whether they’re in the office or not.

Create virtual face time. Prithwiraj Choudhury, a professor at Harvard Business School, conducted an experiment last summer to test whether casual, virtual one-on-one meetings at a major global bank could make a difference in whether interns receive job offers. He found that meetings made a big difference when held with senior executives. Dr. “Informal interactions can be orchestrated even in remote settings,” Choudhury said, “which has implications for career outcomes.

Read the full story on remote bias here.

New York Governor Andrew Cuomo can file criminal charges in four counties. Prosecutors say they are considering cases in connection with allegations of sexual harassment. NS CNN news anchor Chris Cuomo, the governor’s brother came under scrutiny for giving him advice and not mentioning the scandal live on air.

All foreign visitors to the US may be required to be fully vaccinated. Biden management developing the plan as part of a system that will be implemented after the lifting of existing restrictions on international travel. Known global coronavirus caseload over 200 million yesterday.

Elon Musk’s massive pay package spawns “moonshot” copycats. Tesla CEO hits the top Bloomberg’s executive salary rankings earned nearly $33 billion on paper for the third year. The massive stock awards Tesla has received for meeting its ambitious market cap targets set a trend: Similar deals helped at least 15 CEOs earn $100 million or more last year.

Senate Democrats want major polluters to pay for climate change. Draft legislation aims to raise 500 billion dollars in 10 years Paying for damage caused by extreme weather conditions by taxing large oil and gas companies such as Chevron and Exxon. Today, President Biden’s exhaust emissions and sign an executive order It wants half of all vehicles sold in the US to be electric by 2030.

Mexico sues US gun manufacturers in Massachusetts federal court. It is said to be the first lawsuit filed by a national government against American arms manufacturers. in their home. The complaint argues that 70 percent of the weapons in Mexico came from across the border, with many falling into the hands of drug cartels.

Shares of Robinhood rose 50 percent yesterdaylimited a three-day run that doubled the market value of the popular trading app to nearly $60 billion after a quiet market breakout last week. The tool of choice for small investors continuing the meme-stock frenzy seems to have gotten lost in the frenzy itself, with signs that demand from day traders is fueling the rise.

Robinhood, at current market capitalization, would be the 11th largest bank in the S&P 500, just above if it were part of this index. Bank of New York Mellon ($45 billion). Robinhood was founded nine years ago; Bank of New York Mellon traces its roots back to Alexander Hamilton in the 18th century.

Robinhood is still worth less than half of the rival broker Charles Schwab ($130 billion), but twice the exchange operator Nasdaq (30 billion dollars). It lags behind payment firm among fintech companies Square ($120 billion) but now it has passed the crypto expert coin base (50 billion dollars). And if you take Robinhood as a meme stock – its rapid rise this week is a strong example – it’s by far the biggest, leading AMC ($15 billion) and Game Pause ($11 billion).

Whatever it is, Robinhood is growing faster than many of its competitors in the finance, tech, and in-between industries. “In this fourth industrial revolution of 5G, artificial intelligence and electric vehicles, we’re seeing new business models emerge,” said Dan Ives of Wedbush Securities. “Robinhood is a consumer juggernaut.”


— Bill Gates on his remorse over his affair with Jeffrey Epstein interview on CNN.


A coalition of major economy companies, including DoorDash, Instacart, Lyft and Uber, Launched a voting initiative in Massachusetts this is very similar to Proposition 22, one measure passed last year in california and this classified gig workers as independent contractors. What they hope to achieve depends on who you ask.

If you ask the concert companies, they are trying to make their workers strong. As in California, the proposal would create a category of independent contractors who qualify for a minimum wage of $18 for time (but not time in between) transporting passengers and deliveries and, in some cases, minimum benefits such as a health benefit. . That’s more than their employees currently have.

If you ask labor advocates, gig companies are trying to avoid their obligations. Massachusetts sued Lyft and Uber last yearaccuses them of not treating drivers exactly like employees. The voting measure would sanctify business workers as independent contractors in state law, and the resulting benefits would pale in comparison to what companies had to provide to employees.

There are so many federal financial regulators that, as one senator told the heads of some of these agencies, most people don’t even know they all exist. one last trial. These include the Office of the Currency Controller, or OCCSupervising nationally chartered banks and federal savings associations. The often overlooked institution is embarking on a fintech revolution as well as an ideological sea change in its regulatory aims.

The OCC is a bit rudderless – but maybe not for long. Michael Hsu has been an auditor since May, after two previous candidates for the job failed. The White House is now reviewing the permanent takeover of Saule Omarova of Cornell University Law School. The Times’ Emily Flitter reports. Omarova was the Treasury Department special adviser for regulatory policy under President George W. Bush and could be nominated in the coming months. in it academic writingOmarova underlined growth Risks of fintech firms acting like banks and the transition of banks to cryptocurrency. That’s probably not what technologists, bankers, or blockchain enthusiasts want to hear.

Most likely among them is Brian Brooks, a crypto industry executive who served as auditor from May 2020 to January this year, encouraging crypto companies to seek national banking statutes (later joined a crypto exchange) while running the agency. Brooks replaced former bank executive Joseph Otting, who referred to lenders as his “clients,” as his supervisor. During their tenure at the OCC, both Otting and Brooks exchanged friendly messages with Jamie Dimon of JPMorgan Chase, according to emails obtained by The Times. By contrast, Omarova is a low profile banking law professor who is expected to be tough on the industry.

Regulation that promotes economic equality is a Democratic priority. The White House has pledged to address the widening financial and racial inequalities during the pandemic. restrain corporate power By appointing regulators who are not overly comfortable with Wall Street or Silicon Valley. It’s a great opportunity to fill the opening at OCC.

Opportunities

  • Vici, an investment trust, will become one of the largest casino owners in Las Vegas after purchasing 15 properties in a $17.2 billion deal from MGM. (CNBC)

  • Bill Ackman’s hedge fund Pershing Square is reportedly in talks to raise $1 billion to fund its stake in Universal Music, originally designed for Pershing’s SPAC. (Bloomberg)

  • “Grill Maker Weber’s IPO Goes From Sizzling to Fizzle” (Bloomberg)

  • DoorDash is reportedly in talks to invest in European grocery delivery app Gorillas. (FT)

  • Pop star Rihanna is now a billionaire thanks to her stake in the beauty company Fenty she founded. (forbes)

Policy

  • New York City’s vaccination passport scheme has reignited a debate over online privacy. (NYT)

  • The NSA has warned all federal government employees to avoid participating in public Wi-Fi networks, due to growing fears of hacking. (NYT)

  • A few major banks do not yet have an online portal for small businesses to apply for forgiveness of pandemic recovery loans. (NYT)

  • It’s been 50 years since the last real update to the US Constitution. Here’s what legal scholars think should be changed next. (Times Opinion)

best of the rest

  • HSBC is the latest major bank to raise the salary of junior staff to $100,000 for first-year analysts. (Financial News)

  • With schools and childcare still uncertain due to the pandemic, many parents with young children say they are unable to return to their workplaces or even apply for jobs. (NYT)

  • Elon Musk said he was working on a book about the life of Walter Isaacson, who wrote biographies of Steve Jobs and others. (CNN)

  • There are signs that all-you-can-eat digital subscriptions are getting more subtle. (NYT)

  • The State Department is investigating the disappearance of a $5,800 whiskey bottle that the Japanese government gave to former Secretary of State Mike Pompeo. (NYT)

We want your feedback. Please email your thoughts and suggestions. dealbook@nytimes.com.

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