Apollo to Test Partial Remote Work as Vaccinations Increase
(Bloomberg) -- Apollo Global Management Inc. will test giving employees the option of working remotely two days a week through the end of the year, according to a person familiar with the matter.
The exact start of the experiment will depend on when Covid-19 vaccines become more broadly available, the person said. Employees will be given at least 30 days’ notice.
Firms across Wall Street have been struggling with how -- and when -- to get employees back at their desks. Many are treading lightly or delaying the effort, given looming virus variants and the difficulties in obtaining vaccines.
Apollo’s decision, made in response to employee feedback over the past year, is also an attempt to attract top talent, the person said. The plans were announced Thursday at a town hall meeting led by incoming Chief Executive Officer Marc Rowan and co-Presidents Jim Zelter and Scott Kleinman, the person said.
“Our teams have proven to be highly productive in remote and hybrid settings,” a company spokesperson said Tuesday in a statement. “As vaccines soon allow us to welcome back more of our workforce, we will be testing a hybrid approach designed to uphold our apprenticeship model and team camaraderie, while offering our colleagues, and future colleagues, greater flexibility to do their best work.”
Quant firm Two Sigma Investments will experiment with a similar approach, Chief Technology Officer Jeff Wecker said Monday.
Apollo, which managed $455.5 billion at year-end, has given its employees flexibility to work from home throughout the pandemic. The New York-based firm, with 1,729 employees as of Dec. 31, plans to implement the hybrid staffing model worldwide.
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