Permanent work from home an answer to many of India’s problems: Zerodha CEO
Nitin Kamath, the founder and CEO of stockbroking platform Zerodha, has pitched permanent work from home as a measure that will enable people to move out of larger cities and in turn serve as an “answer to many of India’s problems”. In a series of tweets on Saturday, Kamath said that he thinks the only long-term fix is for as many people as possible to move away from large cities and that now is the time to do so. “While we all work together to figure out what we can do to help in the current situation, I think the only long-term fix is for as many of us to move away from large cities. This is the answer to many of India’s problems. And now is probably the right time to work towards it,” Zerodha CEO wrote on the microblogging site.
He added his firm is in the process of transitioning as many people as possible so that they can work from home permanently.
As India reels under the second wave of Covid-19 pandemic, many states have imposed restrictions to curb the spread of the disease and have advised offices, both government and private, to let employees work from home. Earlier this week, the government also reached out to top corporates to consider converting their vacant office buildings into temporary Covid care facilities, according to news agency PTI.
“Large cities are choking & will continue to break down every time we're tested, COVID today, could be water shortages, pollution, floods, etc. Moving to smaller towns & villages will also create livelihoods there & reduce carbon footprint. Also a much better quality of life,” Kamath said in another tweet.
Many firms across the world have adopted the work from home norm with Facebook CEO Mark Zuckerberg saying the ability to hire engineers far from the social media giant's main offices has opened up new pools of talent. Many employees will continue working remotely after the pandemic -- at salaries more in line with their new locations, he was quoted as saying by news agency Bloomberg.
A study cited by Bloomberg has claimed that remote working makes people more productive. The work-from-home boom will lift productivity in the US economy by 5%, mostly because of savings in commuting time, the study says. The rapid adoption of new technology amid the pandemic will offer lasting economic gains, helping to boost sluggish productivity that has long weighed on global growth, the study suggests.
Goldman Sachs Group Inc chief executive officer David Solomon, however, termed the new arrangement “an aberration” that the investment bank will “correct as quickly as possible,” arguing that it’s especially crucial for new recruits to absorb the Wall Street culture, Bloomberg reported.