Summary

Mat Ishbia, CEO of United Wholesale Mortgage, mandated a return to the office for all employees a year ago, leading to the departure of 500 workers, but the company has since thrived, with Ishbia expressing no regrets and emphasizing the benefits of in-person collaboration, a stance supported by some employees and contrasted by competitor Rocket Mortgage's layoffs.

Abstract

United Wholesale Mortgage's CEO, Mat Ishbia, made the decision to bring all employees back to the office in summer 2021, a move that initially resulted in the loss of 500 staff members. Despite this, the company has seen improved performance, and Ishbia stands by his decision, arguing that face-to-face interactions lead to better and quicker decision-making. He cites an instance where overhearing a conversation in the office prevented a costly error, reinforcing his belief in the value of physical presence at work. Many UWM employees, including IT product manager David Yeh, concur with Ishbia's approach, preferring the benefits of office-based work over remote work. The company prides itself on never having conducted layoffs in its 35-year history, a stark contrast to competitor Rocket Mortgage, which laid off over 2,000 employees last spring. Ishbia has publicly criticized this move by Rocket Mortgage, emphasizing his commitment to avoiding layoffs. The context also touches on broader debates about remote work, with figures like Elon Musk aligning with Ishbia's views on the importance of being physically present in the workplace for success. The discussion concludes that there is no one-size-fits-all approach to work environments, and it is up to business leaders to determine the best strategy for their company, with employees retaining the freedom to choose their place of work.

Opinions

Mat Ishbia believes that in-person work leads to better outcomes and is crucial for his company's success, with no regrets about his decision to mandate office presence.
Some UWM employees, like David Yeh and Rocky Fund, support Ishbia's stance, finding more value in working from the office than remotely.
Ishbia criticizes competitor Rocket Mortgage's decision to lay off employees, highlighting his company's 35-year no-layoff policy as a point of pride and ethical business practice.
Elon Musk and other successful CEOs share Ishbia's sentiment that remote work can indicate a lack of motivation and that physical presence is often a requirement for certain company cultures.
The text suggests that the debate over remote work versus in-office work is nuanced and depends on the nature of the job, with considerations of fairness

This CEO Asked All Workers Back to the Office a Year Ago, and His Company Is Doing Much Better

He has no regrets.

Last summer, the United Wholesale Mortgage CEO Mat Ishbia asked every employee to return to work, and his company lost 500 employees, but the company is doing much better today.

A year later, Ishbia said he had no regrets.

Ishbia said, "I have no regrets. Employees are free to work from home, but they can't work at our company from home. So there's no hard feeling. It just means they weren't a great fit."

Ishbia is a math wizard who can prove with numbers that in-person work is much better for his company. He believes when everyone interacts face-to-face, employees make better and faster decisions and solve problems quicker.

For example, Ishbia told WSJ a story about a technical team working on a new product last month. One of the engineers overheard another engineer talking about an issue he was facing, which made the first engineer adjust his approach and avoid a costly mistake.

The company employees agree with their boss.

Ishbia's employees realize now that working from home is fun but less effective.

David Yeh, an IT product manager who returned in June 2021, said, "Returning to the office was hard in the beginning, but the benefits of working in the office outweigh any other benefits." Many other employees agree with their CEO. Rocky Fund said, "There is no better place to work in Michigan than UWM."

Another employee said, "I worked at Quicken Loans for six years. I left mainly because I lacked a work/life balance. Working 60–70-hour weeks with mandatory weekends consistently gave me no personal life. So, switching to UWM was by far the best decision I've ever made."

United Wholesale Mortgage never had a layoff.

Before you accuse Ishbia of not caring for his employees, Ishbia never had a single layoff in 35 years at UWM and promises he will never have a layoff.

On the other hand, United Wholesale Mortgage's competitor, Rocket Mortage/Quicken Loans, run by Dan Gilbert, laid off over 2,000 employees last Spring.

Ishbia expressed his disgust on his LinkedIn, "Even though the United Wholesale Mortgage directly competes with Rocket, I hate seeing this type of negative impact on families in Metro Detroit. These 2,000+ people will struggle to find new jobs, and I think it's disgusting that they're thinking short-term and are solely focused on cutting costs a few million per month. This is the wrong thing to do to people."

Remote work is only acceptable to some companies.

People are quick to attack United Wholesale Mortgage CEO Mat Ishbia, and I want you to remember that he's free to run the company any way he desires.

If he views most employees who want to work from home as unmotivated to succeed, he is free to think so. Elon Musk agrees with Mat Ishbia. Musk said, "If you're not willing to spend 40 hours a week minimum in our facility, you can pretend to work someplace else"

Most successful CEOs have similar ideas. They are saying this is required at our companies, and you are free to come to work or quit.

There is no right or wrong approach.

Some jobs can be done in a remote setting. Others can't be done.

Nurses can't do their job from home, nor can the person who works in construction, so stop pretending that all jobs can be done remotely. There is a fairness and equity issue at hand as well.

For example, the construction worker has to be present at the site. However, his supervisor can do the job from home. Is that fair? Is that right? How productive is that?

Business managers must decide which jobs can be done remotely and what employees are trusted to do their jobs away from the office. There is no right or wrong approach, and there is more than one way to get the job done.

You have to assess your work environment.

If you find yourself in a situation you don't like, assess your situation.

No one should work in a toxic environment or for a boss they don't like, so if your boss wants you to go back to the office and you don't want to, quit. You have no right to blame your boss. They are free, and you have a choice. You can leave your company anytime you like.