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I doubt it will have any effect in a larger sense. Telecommuting has too many advantages for the right workers and companies.
I think it was a mistake for Yahoo to stop it wholesale, instead of focusing on the less productive workers.
I wrote a column a while back that explores the benefits of telecommuting:
No Telecommuting Allowed!
"Ever since my full-time gig as Community Manager for Ziff Davis Media ended back in June, I’ve been looking around for a new gig by checking various job sites. I’ve been dismayed at how many job descriptions state that you must be in the office and that telecommuters are not invited to apply.
This strikes me as incredibly shortsighted on the part of these companies, particularly if the job in question involves managing online communities or dealing with social media in general. Why on Earth would you hire for a job that requires someone who basically eats, sleeps and breathes online, and then demand they spend part of their time actually going to and from an office instead of being online and in touch with your customers?"