In this Oct. 26, 2011 file photo, the logo of the online reviews website Yelp is shown in neon on a wall at the company's Manhattan offices in New York. Yelp is closing some physical offices, saying employees were hardly using them since the company went remote. Yelp said Thursday, June 23, 2022 it's closing offices in New York, Washington and Chicago and downsizing in Phoenix. (AP Photo/Kathy Willens, File)
Yelp is closing three of its U.S. offices after finding most of its employees prefer to work remotely.
In a blog post Thursday, Yelp Co-Founder and CEO Jeremy Stoppelman said the company will close its offices in New York, Washington and Chicago on July 29. The online review and reservation company also plans to downsize its office in Phoenix.
The offices the company is closing were its most “consistently underutilized," with only about 2% of workspaces in use each week, Stoppelman said.
San Francisco-based Yelp announced a remote-first work model in February 2021. Stoppelman said Yelp has proven it can be successful with a remote workforce, noting that the company achieved record revenue of just over $1 billion in 2021.
“Yelp continues to experience the benefits of a remote workplace and it’s the clear path forward for us," Steppelman wrote in the blog post.
Stoppelman said internal surveys show 86% of Yelp workers prefer to work remotely all or most of the time, while 87% said that working remotely makes them more effective. Since the company began reopening its offices about nine months ago, only 1% of the company’s global workforce is coming into an office every day.
Stoppelman said the remote-first policy has also helped with recruiting.
“Our workforce was previously concentrated in the areas where we have offices, and now we have employees spread across every state in the U.S. and four countries,” Stoppelman wrote.
Yelp, which has 4,400 employees, said offices in San Francisco, London, Toronto and other locations will remain open for now.7 Travel Stocks That Will Benefit as Covid Restrictions End
From sea to shining sea, the green shoots of a re-opening are rapidly turning into a forest of lush growth. That may sound a bit over the top, but after two long years, it appears that 2022 will bring a return to travel that resembles pre-pandemic levels. And if you still think that's hyperbole, consider this:
The Institute for Health Metrics and Evaluation at the University of Washington estimates that 73% of Americans are currently immune to the omicron variant of Covid-19. At that level, many experts believe that future surges will be less disruptive. And even Dr. Anthony Fauci believes it's time for Americans to turn the page.
And that's why investors should start looking at travel stocks. To be fair, this isn't a sector where investors will find many undervalued stocks. In fact, many skeptics may say that these stocks have future growth priced in.
That's a theory that is about to be tested in a big way. This is why we've done some digging and are presenting you with seven stocks that appear to offer some intriguing value as Americans make their travel plans.View the "7 Travel Stocks That Will Benefit as Covid Restrictions End"