19 Aug. 2020 | Comments (0)
We react to the July jobs report and then address the monumental shift to remote work because of COVID-19. Pandemic-related restrictions mean a large share of American workers are working entirely from home. Even after full vaccination, with the economy at full capacity, teleworking rates are likely to remain well above pre-pandemic rates, with major workforce and real estate implications. Many organizations struggle with this significant change as workers continue to adapt to this new way of working by themselves (remotely) or with their teams.
Further, increased telework means that much of consumer spending will shift from city centers to the places where people live. As consumption patterns change, businesses with a large footprint in city centers will be hardest hit.
Our panel of Conference Board experts, Gad Levanon, Vice President Labor Markets, Amy Abel, Vice President Human Capital, and Elizabeth Crofoot, Senior Economist Labor Markets, discuss the following topics:
- In which metro areas and occupations will telework likely become a norm?
- How has the dramatic change in how employees work affected stress levels and new ways of collaborating?
- How can leaders support their teams in a virtual environment and maintain a focus on productivity?
- How will a potential new way to work impact our consumption patterns and real estate footprint, especially the demand for retail and office space in city centers?