Evolving Locations Strategies in the Era of COVID-19
16 Jul 2020
As COVID-19 continues to change lives across the globe, many employers are wondering what effects the pandemic will have on industries, jobs and the workforce over the near and long term.
The severity of these impacts will depend on the duration of the pandemic and the effectiveness of the solutions and government actions taken to handle the crisis. Initial data already indicates which industries are being impacted most and how the pandemic is set to potentially alter the labor landscape over the long term. Corporations should be mindful of these impacts and thoughtful about how the shifting labor landscape informs their short- and long-term location strategies.
In this paper, CBRE Labor Analytics looks at these key operational risk areas and how they may influence workforce and location considerations going forward.
Business Continuity and Operational Risk
One of the fundamental differences between the Great Recession and the impact of COVID-19 is the operational and workforce risk brought on by infectious diseases. This key difference puts a priority on the welfare of the employee and the continuity of the business. New questions are being asked about safety policies, cleaning protocols and densification. In these early days, many of these questions are focused on the workspace. However, as businesses determine the safest methods for getting employees back to the office, focus will naturally shift to the workplace. In a growing number of cases, the workplace may be an employee’s home. However, it is expected that, over time, many workers will gravitate back to the office in some form or fashion.
The unique risks brought about by a pandemic create an entirely new set of location criteria and considerations, including:
- Consolidation vs. Diversification
- Population Density and Public Transportation
- Technology Infrastructure
- Healthcare Infrastructure