The two were walking downtown near Walnut Street and Broadway just after 2 p.m. when a man in a black T-shirt who appeared to be in his 20s approached one of the employees and punched and kicked him, Sgt. Kevin Dolezal said.
The man continued to assault the victim until he released the black backpack he was carrying, which contained an undisclosed amount of cash.
The suspect then ran away and a witness chased him but lost him after several blocks.
Dolezal declined to identify the business where the victims work.
Anyone with information on the robbery is asked to call the Redwood City Police Department at (650) 780-7100.