New York City Mayor Eric Adams met with 100 chief executives in a bid to cajole them ‘to have their employees back to the office to boost the city’s economy.
He told business leaders it was time to bring their employees back to offices, saying the lack of people traveling to the Big Apple was hurting the city’s economy. The mayor said, “We can’t send mixed messages” by delaying return-to-work dates and “We can’t keep kicking the road.” »
“Let’s start with a three-day work week, to let people see how safe it is to return to work, and then we go back to a five-day week,” Adams said. He added: ‘Now is the time for us to come back’ and ‘Hopefully in the next few weeks the CEOs come up with a real plan of ‘this is when you need to come back’.
Adams explained his thought process – the local economy depends on people coming to New York. “This bank accountant who sits in an office is not just him. feeds our financial ecosystem. He goes to the cleaners to have his suits cleaned. He goes to the restaurant. He brings in a business traveler, which accounts for 70% of our hotel occupancy. He’s buying a hot dog on our streets, hopefully a vegan hot dog, but he’s contributing to the economy.”
Stephen Goldsmith, former mayor of Indianapolis and deputy mayor of New York, pointed out: “Anyone working in the downtown core of a city can attest that on the few days they actually venture into the office, the number of retailers closed they see and the absence of the previously familiar restaurant clerk who provided them with morning coffee or lunch service at noon. He added, “When these office workers stay home in large numbers, their previous discretionary spending on food, dry cleaning, supplies, etc. disappears from the urban core, as do the jobs of many.”
“It’s time to get back to work,” Adams said. “The deadline is now.” The challenge for Adams is that less than 30% of workers are returning to their desks, according to Castle systems, a data security company. It won’t be easy for Adams to bring people back.
We are in a hot and tense job market. Companies are not finding enough staff to fill their open workforce. Remote jobs are plentiful, according to LinkedIn’s Global Talent Trends Report. Check out any job site and you’ll see opportunities to work from home or anywhere you want to dominate the listings. Many organizations pay employees the same compensation whether they continue to reside in New York or decide to leave for a better life in a state with lower taxes, affordable homes, sunny skies, and quality public schools that are not required to close.
Adams’ goal makes sense. Politicians, landlords, corporate executives and business owners have a strong incentive to bring commuters back. Consider what would happen if the workers did not return to the Big Apple. This could lead to a cascade of business closures. Without the throngs of workers traveling to New York, restaurants, bars, gyms, shops and stores could be forced to close due to lack of customers. The desert landscape could create a vacuum in which crime, violence and open drug use worsen. This would put off people planning to go to the office or tourists coming to town to enjoy a Broadway show and dinner.
Tax revenues will decrease, which means that municipal authorities will be forced to reduce both municipal services and employees. With fewer garbage collectors, firefighters, police officers, teachers and hospital staff, the quality of life would suffer. Previous decisions made by Goldman Sachs, JP Morgan and Morgan Stanley telling their employees to return to the office may also have been motivated by the need to save the city from demise.
We have already seen an alarming increase in crime and violence in the city. Wall Street executives have told young bankers to get back to work, but they need to be vigilant and careful. Bank of America suggested that bankers, brokers, traders and other staff should keep a low profile. By avoiding overdressing, wearing expensive jewelry and watches, or prominently displaying the bank’s logo, they can go unnoticed and avoid the attention of a potential attacker. There have been horrific acts of senseless violence perpetrated in train stations, as well as in the streets of the Big Apple.
If people don’t return in droves, Adams will have to find other ways to revitalize the city. Otherwise, it could become a downward cycle of small business closures, rising crime and violence, forcing would-be returnees to reconsider their options and seek remote roles so they don’t have to cope. to these problems.
On the positive side, New York City has faced serious problems in the past. In 1975, the City was heading for bankruptcy. When asked for financial assistance, President Gerald Ford said he would veto any bill calling for “a federal bailout of New York City” and instead proposed legislation that would facilitate the bankruptcy of the city. Commonly, New York Daily News made headlines”From Ford to City: Drop Dead in 1975.” It took time, but City finally bounced back. Let’s hope it happens again.