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Apple Inc. (NASDAQ:AAPL) is ramping up efforts to “decentralize” out of its Apple Park headquarters in Silicon Valley due to the difficulties in hiring and retaining talent there, according to Mark Gurman, a leading Apple watcher.
What Happened: Apple’s top brass had for years fought against decentralization, but that thinking has now changed for several reasons, Gurman said in the second edition of his “Power On” newsletter for Bloomberg.
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Gurman, known for his scoops on the Cupertino-based company, noted that despite being high earners, Apple’s employees are struggling to afford the extraordinary cost of living in the San Francisco Bay Area. Apple has been losing talent as a result.
Apple has also realized that its cost of operations in Silicon Valley is extremely high and it could get the same work out of employees demanding far lower salaries in less pricey regions, Gurman noted.
Why It Matters: Apple’s plan to decentralize comes after it was reported last week that the tech giant plans to pilot a hybrid in-store and work-from-home program for its retail employees.
Apple has also asked its corporate staff to work from the office three days a week beginning September, but the workers have pushed back against the policy. However, Apple said it believes that “in-person collaboration” was essential to its culture and future.
Apple said in April it plans to invest over $1 billion on a new campus in North Carolina, while construction for another $1 billion campus was underway in Austin, Texas. The company added that it has surpassed its 2018 hiring commitments in Miami, New York, Pittsburgh, and Portland, Oregon.
Price Action: Apple shares closed almost 2% higher in Friday’s trading session at $139.96.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.