1. Real Estate Loss: These companies have leased a lot of real estate. They can renege and save a lot of money long term. But in short term, they have to pay severance price ---> Less profits ---> Shares drop ---> CEO under pressure.
2. Bosses love Office: If you have a job with corner office, job is ordering people and want to show off your new porsche (since you're richer), can't do it at home.
3. RTO triggered attrition: Market is in a bad shape, companies need to fire people. But layoffs generally signal the market that the company is no longer growing. RTO acts as a proxy for layoffs.
4. Incentive based compensation: if you put "Employee of the month" on a wall , you can get away with paying x% less to the same employee. Similar effect doesn't occur with over-the-internet recognition.
5. Locking People in: A remote employee can jump companies in a matter of few clicks. For office based companies, you have to move house/cities and deal with a new commute.