Published - January 10, 2023 @ 3:03 PM (EET)
Marking one of the most comprehensive return-to-office policies, Disney (NYSE:DIS) chief executive Bob Iger told workers to return to corporate offices four days a week starting 1 March.
According to an internal memo, Iger stressed the importance of in-person collaboration.
"As I've been meeting with teams throughout the company over the past few months, I've been reminded of the tremendous value in being together with the people you work with," Iger wrote. "Creativity is the heart and soul of who we are and what we do at Disney. And in a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that come from being physically together."
While Disney was slower than other competitors to implement a return-to-work policy, the four-day requirement to come to the office Monday through Friday is slightly stricter than its peers, who have opted for two or three mandated in-office days for hybrid employees.
Streaming rival Netflix (NASDAQ:NFLX), for example, has yet to set a firm policy for workers to return to the office. However, in 2020, Chief Executive Reed Hastings told reporters that working from home was "a clear negative," partly because it makes it harder for employees to debate ideas.
WHY IT MATTERS
In November, after the company's board dismissed Bob Chapek, who had led the company for less than three years, Iger began his second stint as Disney's CEO.
In his first meeting with employees last year, Iger said he was planning to spend a lot of time in the office and suggested workers could adjust their hours to avoid traffic when they return.
The new policy comes less than two months after Iger returned to the company's helm, sparking renewed growth and developing a successor to take his place. He further noted plans to refocus Disney on storytelling and restructure the company to give more power to creative executives.
In the memo on Monday, Iger praised staffers for their work, citing the company's film Avatar: The Way of Water for reaching the seventh highest-grossing movie ever.
Over the past year, Disney shares have fallen about 40%. But, so far, 2023 looks solid for Disney investors. In the first four trading days of the year, shares of the media giant rose 8%, well ahead of the market's 1% gain.
