Life
as we know it has changed dramatically during 2020. As the coronavirus spread
across the United States, cities and states issued shelter-in-place orders to
slow the spread of the coronavirus and prevent healthcare facilities from being
overwhelmed by critically ill patients.
In
May, when states started to reopen, Americans began to return to work with
eagerness and trepidation. Many were happy to leave isolation and reconnect
with friends and colleagues at a safe social distance. However, they were also
concerned about being exposed to the coronavirus.1
American
workplaces tend to feature shared workspaces, shared desks, shared equipment,
and shared bathrooms. We share a lot at work. Since no one wants to share
SARS-CoV-2, the virus that causes COVID-19, companies have been encouraged to
adopt new policies and procedures that will protect workers.1, 2
Implementing
workplace social protections
COVID-19
a tough virus to stop. It spreads between people who are in relatively close
contact (within six feet) through respiratory droplets released, primarily by
coughing and sneezing. Sometimes, it is spread by people who have no visible symptoms.
Since testing is not widely available, minimizing the number of new infections
will require companies to implement stringent social protections, reported Ranu
Dhillon and co-authors in the Harvard Business Review.2, 3
The
Centers for Disease Control and Prevention (CDC) and the Department
of Labor (DOL) have issued guidance for employers who are preparing for
employees to return to work. Both recommend businesses develop infectious
disease preparedness plans. Sound plans will identify where and how employees
may be exposed to the virus and then take steps to prevent exposure. The
guidance issued recommends:2, 4
- Organizing flexible worksites and work hours to ensure social distancing
- Discouraging sharing of offices, desks, work tools, and/or equipment
- Implementing routine deep cleaning and sanitization of workspaces
- Providing personal protective equipment when people work in close proximity
- Requiring workers to wear masks
- Making hand sanitizer readily available in many locations
- Establishing and encouraging handwashing breaks
- Creating isolation areas for employees who show symptoms
“Businesses are strongly encouraged to coordinate with state and local
health officials so timely and accurate information can guide appropriate
responses. Local conditions will influence the decisions that public health
officials make regarding community-level strategies,” explained the CDC.4
Embracing new approaches to work
Some employers may encourage some employees to continue to work from
home because they have discovered it improved productivity. For instance,
53,000 employees of the Social Security Administration have been working from
home. Statistics show the agency has been processing claims for new benefits
and appeals at a faster pace than they did before, reported NPR. The
backlog of pending cases dropped down 11 percent from March 23 through early
May.5
It’s a discovery that didn’t surprise Stanford Professor of Economics
Nicholas Bloom. In 2015, a paper he published in the Quarterly Journal of
Economics reported working from home – four days at home and one day in the
office each week – improved productivity among call center employees by 13
percent. Workers made more calls per minute, took fewer breaks, and experienced
fewer sick days over a nine-month period. Having one day in the office each
week was essential. It gave people time to refocus, re-energize, and share
ideas, reported Stanford News.6, 7
Evolving attitudes toward money and finances
While
returning to work may relieve some of the financial stress and anxiety
associated with COVID-19, the myriad of emotions sparked by a sharp market
downturn and economic recession are not going to disappear. Financial turmoil
rightfully raises concerns about current financial security and future
financial goals.
Right
now, we are working with clients to evaluate risk exposures, reviewing
financial plans, assessing budgets and savings goals, helping to identify
investment opportunities, and taking other steps to help restore their sense of
confidence and control. While we understand the urge to panic, we caution
against it. People and markets are resilient. This is not a time to throw
caution to the wind. It’s a time to take measure of the challenges ahead and
choose a path through them. We’re here to help.
We
can’t be certain how long COVID-19 will last. In early May the Milliken Institute reported 111 vaccines
were in development across the world and 197 treatments for COVID-19 are being
considered, including a number of drugs that may have originally been approved
for other purposes. As effective treatments and vaccines become available, the
threat posed by the virus should diminish.8, 9
In
the meantime, we are here. If you want to discuss recent events, review your
plan, or just hear a friendly voice, give us a call at 877-340-1717.
Best regards,
Womack Investment Advisers, Inc.
WOMACK INVESTMENT ADVISERS, INC.
Oklahoma / Main Office: 1366 E. 15th Street - Edmond, OK 73013
California Office: 4660 La Jolla Village Dr., Ste. 100 - San Diego, CA 92122
Phone (405) 340-1717 - Toll Free (877) 340-1717
Oklahoma / Main Office: 1366 E. 15th Street - Edmond, OK 73013
California Office: 4660 La Jolla Village Dr., Ste. 100 - San Diego, CA 92122
Phone (405) 340-1717 - Toll Free (877) 340-1717
Sources:
1 https://www.fa-mag.com/news/employees-are-in-no-hurry-to-return-to-work-in-office-setting-55536.html
2 https://www.osha.gov/Publications/OSHA3990.pdf
(or go to https://peakcontent.s3-us-west-2.amazonaws.com/Peak+Documents/June_2020_OSHA-Guidance_on_Preparing_Workplaces_for_COVID-19.pdf)
*The above
material was prepared by Carson Coaching.
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