Kevin O’Leary, renowned investor and star of “Shark Tank,” has challenged Tesla Inc. CEO Elon Musk‘s controversial assertion that working from home is “immoral.” O’Leary, who oversees a vast business empire consisting of 54 companies, has expressed his support for remote work and rejects any notion of immorality associated with it.
Musk, the influential figure behind Tesla and Twitter, recently launched a scathing critique of remote work, questioning its ethical implications. He argued that while some individuals enjoy the luxury of working from home, essential workers like delivery drivers and factory employees do not have the same privilege.
O’Leary countered Musk’s notion that remote work is a moral issue. In an interview with CNBC, he bluntly stated, “No” when asked whether working from home is unethical. O’Leary’s stance on this matter aligns with the preferences of a significant portion of the American workforce. A recent study by McKinsey & Co. revealed that 87% of employees in the United States would opt for flexible work arrangements if given the opportunity.
The McKinsey study further emphasized the importance for employers to embrace technology, adopt policies and provide training to facilitate seamless integration of remote and on-site work. O’Leary shares this perspective, acknowledging the changing landscape of work and the need to embrace innovative practices.
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Speaking with CNN, O’Leary acknowledged the unique circumstances of Musk’s businesses, such as Tesla and SpaceX, which heavily rely on collaboration among engineers. He emphasized that this should not overshadow the success and viability of remote work in other sectors of the economy. Many industries have already embraced hybrid working models, and O’Leary argued that the pandemic has demonstrated the effectiveness of remote project management.
With his extensive business portfolio spanning various states and sectors, O’Leary revealed that 40% of his companies have permanently transitioned to remote work. He highlighted the financial benefits, noting that post-pandemic, these businesses are projected to generate a 20% increase in free cash flow. O’Leary sees this as evidence that remote work is not only effective but also cost-efficient, particularly in terms of reducing real estate expenses.
“Forty-four percent of our employees across our venture portfolio work remotely, and they ain’t coming into the office, period,” O’Leary said in a CNN interview in March.
For example, O’Leary has accumulated a nearly $50 million position in a startup called StartEngine. The platform allows anyone to invest in startups, including raising $15 million this year alone from retail investors. The startup has long touted the benefits of their work-from-home model. This allows them to recruit from anywhere in the world, save on costs and gives flexibility to workers looking for work-from-home positions.
But his support for remote work doesn’t mean he tolerates slacking off. With his strict standards, O’Leary emphasizes the importance of maintaining a strong work ethic, even when working remotely.
While this remote work arrangement may seem unconventional to some, O’Leary views it as a mutually beneficial trade-off. He states, “I call my employees 24/7. That’s the deal. If you don’t work in the office, I can call you at two in the morning if we have a crisis, and they’re gonna answer. That’s the way they’re used to it now.”
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In a 2019 interview with CNBC, before the pandemic reshaped work dynamics, O’Leary emphasized that he expects his team members to be responsive, even when they are on vacation. Given that his employees are dispersed across various locations, spanning the country and sometimes the globe, he recognizes the need for round-the-clock availability. The focus is on achieving results rather than adhering to a strict 9-to-5 schedule.
“Do I expect my employees to respond to me when they’re on vacation? 100%,” O’Leary asserted. He further emphasized that his employees are expected to fulfill their responsibilities, whether they work 24/7 or adopt alternative schedules, as long as the job gets done. This flexible approach aligns with the evolving nature of the economy, where rigid working hours are no longer the sole measure of productivity.
As O’Leary prepares for the 15th season of “Shark Tank,” he anticipates a wave in entrepreneurs seeking investment opportunities. The economic terrain, shaped by changing dynamics and limited venture capital availability, has led to an unprecedented influx of applications. O’Leary maintains an optimistic outlook, expecting a surge in deal flow, and eagerly anticipates securing favorable terms.
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This article Kevin O’Leary Challenges Elon Musk’s ‘Immoral’ View On Remote Work — ‘They Ain’t Coming Into The Office, Period’ originally appeared on Benzinga.com
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It’s crucial to engage with young consumers today as they are tomorrow’s buyers. On today’s Inside Automotive, we’re pleased to welcome back the Marketing Director at Jeff Wyler Automotive Family, Kevin Frye, to share his perspective on reaching young customers.
Frye emphasizes how imperative it is to, “meet the young consumer where they’re at.” He says that since younger people are today’s and tomorrow’s consumers, there needs to be a way for dealers to reach them. Frye asserts that “I love looking at some of the modern channels that are generating great success. Shows like Formula 1: Drive to Survive have completely upended the demographic to have younger people as a bigger fan base.” He also notes the same producers created another series called Full Swing, which really focuses on the Producers Guild of America, PGA, which brings in the same demographic. Additionally, since Frye is a huge NFL fan, he took notice when the NFL began simulcasting games on the Nickelodeon platform. During these games, they implement augmented reality, interview players, and ultimately draw in younger demographics.
Within all three examples Frye highlights above, he believes, “all three are ways to connect with younger people that are going to be the future fan base and consumer.” Additionally, in efforts to appeal more to younger generations and encourage greater longevity and brand loyalty, automakers like Toyota, Lexus, BMW, Mercedes, and many more have produced several entry-level vehicles.
Additionally, Frye reiterates that dealers should aim to “attract and engage with young customers who they know are going to be the future of automotive.” He describes using Step Up Social, a Miami University organization, to engage with young customers on TikTok as one way to bring the Jeff Wyler Automotive Family where the younger consumer is at. “TikTok is huge globally,” says Frye. As a result, when looking at the fan base or core demography on TikTok, the average age spans from 18 to 24, which is the age range dealers want to approach.
Two-pronged approach
Frye declares there are two ways to drive the most success for dealers to reach young customers. For starters, the most successful approach to this demographic: “I’ve discovered that social media works best if a grassroots effort is used. Or, to put it another way, encouraging your salespeople, service technicians, and team members to do it directly rather than doing it yourself has been found to be the most successful.”
However, from the dealership side: Wyler did indeed go after TikTok, but they did it differently than most. Frye explains, “we went out to a social media event to witness full-time college students with their own TikTok agency, and teach others how to make successful videos.” So, Wyler partnered with them to go after two messaging areas:
- Targeting EV knowledge and adoption
- Buying completely online
Both messaging channels highlight not only education but outlined why they should do it with the industry experts, Jeff Wyler Automotive Family. But when it came to measuring each video’s success rates, it came down to utilizing trending hashtags and music the partnered marketing agency used. Frye says, “That’s why it is so important to partner with young customers and to network outside of the automotive industry, to connect us to that demographic.”
“You can have the greatest content, but it it’s not seen, it’s worthless.” — Kevin Frye
Don’t forget to catch Frye at Digital Dealer this year to better understand TikTok in the industry, leveraging AI into the consumer experience, how to compete with Carvana, and what Frye believes is the next big transformation within the industry.
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