Newly public brokerage and provider of stock trading app Robinhood announced the company will be letting 3,400 of their employees to permanently work remotely. The plan was announced to employees in December, which mentioned they will not be requiring in-office or location based work for a large number of Robinhood employees.
However, during the past months, the company has been affected negatively and is currently only at 80% of their recent top statistics. Compared to when they first went public in July 2021, when their initial public offering (IPO) went from $38 to 16$ per share. During the first half of the year, Robinhood broke records with regards to the number of new customers in stock brokerage history. The second half of the year was not as good as Robinhood’s stocks have become unstable.
Robinhood Is Following Suit to Strategies being Adopted by Tech Giants
The public brokerage considers themselves as a technology company and follows other tech companies decisions of going completely remote. Other technology giants such as Microsoft and Meta Platforms have also made the decision to provide flexible work programs for their employees during the pandemic.
According to Robinhood, they are supporting the change by expanding their technological capacities by creating programs. These programs target the challenges their employees will be facing while they are working at home, particularly employees who belong to underrepresented groups.
The company mentioned how their teams have been working hard and they are offering this flexibility after they requested for working remotely especially during this challenging times. This plan was announced last month to Robinhood employees.