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More people are heading back to the workplace, but that doesn't mean they all like it – CBC News

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Career consultant Sweta Regmi remembers the days when working from home was unfathomable to her.

If you had asked her years ago, when she was employed at a call centre, Regmi would have had a question of her own for you.

“Are you crazy?” Regmi, founder and CEO of Teachndo Career Consultancy in Sudbury, Ont., said, laughing at the distant memory.

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But that was then — not today, when even her former colleagues at the call centre have been working from home amid a pandemic-era pivot toward more flexible work.

Yet the proportion of Canadians who are working from home most of the time is decreasing, as the protective lid of public health restrictions is pulled back and businesses grow more confident about bringing their people back to the office.

That’s setting up tension with those employees who don’t want to go back to the way things were — but who will have to adjust if that’s what they must do.

A shifting landscape?

Statistics Canada reports that nearly one in five employed Canadians were still doing most of their work from home as of May.

That sounds like a lot, but it’s down from more than 24 per cent in January — and well down from what was reported during the first year of the COVID-19 pandemic.

Rising fuel prices are just one cost that office staff returning to the workplace will face following an extended period of working from home during the pandemic. (Alex Lupul/CBC)

Ruel Tria has been working at home for more than two years. For him, the arrangement is just fine.

“Our business allows that,” said Tria, an operations supervisor who did all of his work in a Toronto office prior to the pandemic.

But that could change, as his workplace has sent out surveys asking about potential concerns employees might have about returning to the office.

Tria has been saving money while working at home, as well as the time he used to spend commuting.

“My concern is obviously the rising fuel costs,” Tria said, noting that’s just one cost that’s making the lives of commuters more expensive.

Nita Chhinzer, an associate professor of human resources in the department of management at the University of Guelph in southwestern Ontario, said there are various reasons employees are not keen on returning to the office — not all of them strictly financial in nature.

WATCH | Varying attitudes on heading back to the office: 

The push and pull of bringing people back to the office

5 hours ago

Duration 1:47

Nita Chhinzer, an associate professor of human resources at the University of Guelph, talks to CBC’s Canada Tonight about issues employers are wrestling with as they try to bring staff back to the office after an extended period of working from home during the pandemic.

“Maybe someone moved away from the city, or maybe they sold the car, or maybe they don’t want to do the commute anymore, or maybe they’re realizing that the work politics and drama isn’t of interest to them anymore,” Chhinzer told CBC’s Canada Tonight on Friday.

Beyond that, she said, there are varying views among people on what works best for them — including those who want to be back in the office more regularly — and that’s something employers have to wrestle with.

“The challenge for employers today is: How do they provide that flexibility but still create an environment where they can bring people together and kind of recreate the pulse of the workplace?” Chhinzer said.

People aren’t where they used to be

Cities are also feeling the effects of seeing fewer people make the trek into the office.

In Toronto, the return to the office has lagged and foot traffic in the downtown office core remains far below pre-pandemic levels.

The proportion of Canadians who are working from home most of the time is decreasing, as the protective lid of public health restrictions is pulled back and businesses grow more confident about bringing staff back to the office. (Evan Mitsui/CBC)

Marcy Burchfield, vice-president of the Toronto Region Board of Trade’s Economic Blueprint Institute, said the lengthy pandemic restrictions the city faced have shaped its rate of recovery.

“People across the Toronto region, they worked remotely for prolonged periods of times,” Burchfield said.

“There’s a direct relationship between how long a jurisdiction was locked down and the return of office trajectory. And Toronto is a perfect example of that.”

And that trajectory could remain slower than some businesses would like: Mark Rose, chief executive of the commercial real estate firm Avison Young, told the Globe and Mail this past week that a full, across-the-board return to the office is likely five years away.

Flexibility a key draw for some

Out on the East Coast, Paige Black is working in a new job that she specifically sought out because of the flexibility it offers in allowing her to work from home in Dartmouth, N.S.

She left her last job because that option was no longer going to be available in the same way.

WATCH | Not everyone wants to go back: 

Companies forcing return to office a dealbreaker for some, survey suggests

3 months ago

Duration 2:05

One in three Canadians say they would consider looking for a new job if their employer forced them back into the office and nearly a quarter would quit immediately, a new CBC News and Angus Reid survey suggests.

Like Tria, Black used to work in an office before the pandemic. The non-profit professional admits she “wasn’t a huge fan” of working from home, at least initially.

But she soon found that more flexible work offered many advantages, including more control over her day-to-day life.

“I felt like I got more of my time back,” she said.

Sweta Regmi, the founder and CEO of Teachndo Career Consultancy in Sudbury, Ont., says that for some employees, the ability to have flexible work is a ‘priceless’ perk. (Submitted by Sweta Regmi)

For Black and many others, that kind of flexibility is hard to beat.

“Nobody can put a price tag on flexibility,” said Regmi, the career consultant, summing up its worth to workers. “That’s priceless.”

Embracing flexibility

At some larger organizations in Canada, there’s a recognition that flexibility is here to stay — and they’re focusing on what they need to do to support that.

At the Canada Life Assurance Company, for instance, the organization is aiming to support both its people and a range of working styles.

The Canada Life Assurance Company says it has made changes to its main campuses and some of its regional offices, in a bid to provide more updated meeting facilities and more modern meeting areas for its employees. (Submitted by Liz Kulyk)

“Our approach to returning to the office is one that empowers our 11,000 employees to do their best work — wherever they are,” Colleen Bailey Moffitt, the company’s senior vice-president of human resources, said in an emailed statement.

Bailey Moffitt said Canada Life is “committed to supporting a hybrid, flexible way of working” and recognizes its teams and people have varying needs. It permits leaders to decide “which work style fits best for their team.”

But the insurance giant has also taken steps to make sure its various campuses and offices are welcoming to staff and fully equipped for their in-person work. And it has invested in those spaces over the past two years, including modernizing its meeting rooms and common spaces.

Other large employers have made similar investments to facilities over the course of the pandemic, as the changing long-term needs of their businesses have become apparent.

The federal government has also paid attention to the broader shift in how people — including its own public servants — are working.

“During the COVID-19 pandemic, federal public servants proved their ability to adapt to new ways of working both on-site and remotely while delivering results for Canadians,” the Treasury Board of Canada Secretariat said in a statement.

The board said it does not have government-wide data available on the proportion of federal servants working on-site versus a remote setup, but it said “more and more employees are making their way into work sites on a regular basis.”

The experience of the past two-plus years will help guide the government in developing “flexible, hybrid workforce models as part of how and where public servants work in the future,” the board said.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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