Our policy is driven by the type of job and manager preference. It is earned through consistent performance over time. Someone starts slipping (i.e. documented performance issues)? Telework is revoked until the behavior is corrected and the barrier to being granted telework again is higher.
The intent is the more employees teleworking, the less lease space we need, thus lowering operating costs. Anyone teleworking three (or more) days per week must share an office. Full-time telework is permitted for pretty much any exempt job, but you must be available for on-site meetings if circumstances warrant a face-to-face presence.
Managers, Executives, and non-exempt staff are eligible, but these tend to be more case-to-case versus a blanket policy (i.e. again, driven by the type of job). The expectation is that two managers per section/cost center/department are available on-site at any given time. Others can be reached virtually.
We rely on Skype and conference lines, thus everyone who teleworks is expected to be presentable at all times. Fuzzy bunny slipper are fine, but flannel pajamas? Not so much.