this post was submitted on 30 Dec 2023
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Among tech companies, RTO has primarily been about one thing: maintaining real estate investments. This was likely the primary reason Apple began RTO much earlier than most of its peers (Aug 2022). Apple has enormous RE investments in Apple Park, in San Diego, Austin, and a bunch of other locations, and RTO was a way to ensure their values stay up, and they can remain qualified for tax credits by bringing commerce to those areas.
The fact that RTO also causes the most expensive people to leave was a fortuitous bonus. In 2023, interest rates went high, and money (and thus revenue) became tight, so companies like Amazon enacted RTO to force their most expensive employees to leave.
Make no mistake: Apple, too, used RTO as an attrition tool. They fully expected some single-digit percentages of their engineering workforce to quit due to RTO.