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Victorians could soon have the right to work from home two days a week under Australian-first laws
(www.theguardian.com)
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Haven't read the article yet so just going by the blurb: control is absolutely an aspect of it. Some companies have made an effort to have in-house food and on-site childcare for similar reasons, not just for convenience. There was some boss on record in an investment speech saying they didn't want workers to leave the building.
The irony is that that need for control is actually shooting them in the financial foot. There's been a few different studies showing that the WFH and other flexible work arrangements (e.g. 4-day-work-week) increase productivity.
But yes, I agree it's about control (as well as the investment in office space, often in the expensive CBD, which businesses hate the idea of not being used near capacity).