by Christopher Freeburn | March 6, 2013 10:05 am
Best Buy (NYSE:BBY) is changing its policy regarding employees who work from home.
The struggling big box retailer says it will end its Results Only Work Environment, which permitted allowed 4,000 office employees to work remotely or set flexible work hours. The end of the program does not mean that Best Buy employees cannot work from home any more, but from now on they will need the approval of a manager, CNNMoney noted.
A company spokesman indicated that the company still advocated flexibility in employee work schedules, but was looking to increase managerial oversight.
Best Buy’s policy shift comes after Yahoo‘s (NASDAQ:YHOO) new CEO Marissa Mayer informed telecommuting employees of the Internet search pioneer that they had until June to start working from company offices, or find new jobs.
The retailer is restructuring operations under new CEO Hubert Joly, a turnaround expert hired last year.
Richard Schulze, Best Buy’s founder, recently ended a bid to takeover the retailer, after failing to obtain the needed financing for a buyout.
Shares of the retailer surged about 4% in Wednesday morning trading.
Source URL: http://investorplace.com/2013/03/best-buy-follows-yahoos-lead-ends-work-at-home-program/
Short URL: http://invstplc.com/1fugVlB
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.