Companies that are able to hire in more places and offer flexibility of how people work are going to win. Flexible work places perform markedly higher on both employee satisfaction and performance. If you are a highly sought after worker, everything being equal, would you pick a place that forces you to be in your cage every day, or one that allows you to work at the office or at home as you see fit? Well turns out highly skilled people prefer the latter so much they will take lower pay for it.
Then we have seen the results come in and Restricted-To-Office (RTO) offices have markedly lower business and productivity performance.
So not only are they having do settle for lesser employees, and have good employees run off to greener pastures that treat them like humans instead of cage-monkeys, they also are underperforming.
Companies survive if they adapt to the planet they live in. And companies that stay behind die. Clock is ticking on RTO companies. Once a company realizes that their competitors have zoomed passed them it's usually too late to start moving.