Concerns about the coronavirus are—well, rampant; schools are and businesses are closing, sporting events are being cancelled or postponed, and, at least in some locales, toilet paper is said to be hard to come by. This week we asked readers to share how you’re coping.
Asked to list the measures in place in their workplace(s), readers cited:
51% - voluntary telework
42% - mandatory telework
42% - no external visitors
39% - mandatory work from home for those with symptoms, or who feel ill
26% - mandatory quarantine of those who traveled to high-risk areas
22% - paid sick time for those who feel ill/display symptoms
5% - questioning/questionnaires for workers to assess exposure
1% - screening of staff
Also cited were: Looking to add telework option (was limited previously), closing offices (for a minimum of two weeks), mandatory virtual client meetings, suspension of all client visits, business travel of any kind, no meetings with 10+ people, no air travel unless absolutely required to do business and approved by manager, equipping employees with resources and technology to effectively work from home, no travel, no visitors, no kids in the office, hand sanitizers, eat in the office (food provided ), some high risk folks are out for foreseeable future, alternating work schedules to minimize the number of employees in the office at one time, all deliveries must be left outside the front door unless a signature is required for the package, social distancing internally, and all meetings canceled unless can attend virtually from desk.
Only about 6% indicated they hadn’t undertaken any measures. And, who knows—that might have changed by now.
How Long?
As for how long those changes would be in place:
30% - For the foreseeable future
27% - Through the end of March
14% - Who knows?
12% - For the “duration”
11% - For a month
2% - Another week
No changes were (currently) in place for 4%.
“Most of our people work from home anyway, so it is pretty much business as usual in terms of work location,” explained one reader. “We've been very strongly considering moving to 100% virtual at the end of our current lease even prior to this.” Another said, “Not a tremendous transition for us, since we have a number of remote employees already.”
“Will extend as needed,” said one. Another commented, “This is evaluated daily by our response team.”
“With schools out until April 1, changes will be in place longer because we received new sanctions today for all restaurants to close for patrons as of today in North Carolina,” noted another.
“Officially through the end of March, however, we are aware that it may be longer,” said one reader.
“Three weeks, through April 6, with TBD on extending depending on rate of spread and health center resources,” noted another. “Until it's decided that there is a safe environment to conduct business,” another commented.
External ‘Forces’
While some of the foregoing already touched on this, we asked readers specifically what changes they had instituted (or had instituted) on external work interactions as a result of Coronoavirus concerns/caution (more than one answer was permitted).
84% - Shifting client meetings to conference calls/webcasts
52% - No non-essential travel
47% - No travel
34% - Cancelling client meetings
20% - Travel requires senior management approval
‘Catch Up’ Contributions?
And, amidst all those restrictions, mandatory telework, cancelled trips and meetings—not to mention no NCAA tourney, NBA, NHL or MLB (at least for a bit)—we noted that it might be an opportunity to do some of those things for which you might not ordinarily be able to find time. Asked what was on their “catch-up” list (multiple responses allowed)?
49% - Reading
45% - Working out (inside)
40% - Cleaning my apartment/home
39% - Spending time with my significant other
38% - Binge-watching a series (or two)
37% - Spending time with the kids
29% - Checking out a webcast or two
27% - Catching up on CE credits online
26% - Catching up on NAPA-Net Daily! (assume that’s because most are already current!)
23% - Seeing if those meetings that should have been emails really can be
22% - Reading NAPA-Net the Magazine! (that would be the Winter issue—Spring is at the printer!)
12% - Catching up on my beauty rest
12% - Just “vegging”
4% - Cleaning up my DVR
4% - Playing video games
Other Stuff
Long as that list was, readers had many other things on their minds, including:
Time to dig into the CRM and marketing tools that I need to understand and use better!
Working harder overall to mitigate the probable negative impact of the economic slowdown on our business. If it was possible to work less with no negative effects, we would have done that already :-), but I believe those who are not vigilant during the economic pullback may pay quite a price.
Finding my “think time” again.
Working on a certification that has been on my “to do” list.
Working on home improvements.
Prospecting for new clients, stalking people on linked-in, overheating the Judy Diamond server.
Talking with clients all day every day. No time to do any of the above. I have LESS time, not more.
I’ve been “eating that frog” each day. We all have those things on our “to do” list we continuously put off because it is something we think is not the best use of our time at the moment. I do one each day so regardless of what the day throws at me, I feel like I’ve accomplished something big!
Getting creative in the kitchen and trying out new recipes.
Doing my taxes...
Cleaning up my desk.
Trying not to check every hour how many Coronavirus cases there are in my state and county! Then binge-watching a series...
Catching up on work projects I kept putting off.
Organizing family and vacation photos.
It may be a time to reflect on client interactions in general, how we approach them, and make the most of our time and profitability models.
Attempting to keep up with my kids’ education!
Outside activities, hopefully in the sun, which helps kills this stuff.
Fishing.
Drinking fine wine!
Catching up on higher level work projects that get put to the side when were in the trenches.
Trying to stay in front of clients and let them vent if they need to vent.
Paddle boarding.
Finish my 3-year-long basement finishing project! And tackle any new projects.
Reviewing different parts of our business to see if there are ways to improve.
Working the phone.
Working additional hours—talking to investment managers off cycle—so far no down time!
Completing DB studies for QPA exam that was moved.
Home improvement projects.
Working—just as hard (if not harder).
Stressing out about adding homeschooling my kids to my already long list of daily to-do’s!
Cleaning out my email box.
My wife and I are closing on a house so we're trying to get packed and see how we're going to move.
Got started in the taxes. Having the entire family home together is both blessing and curse...
Studying for credentialing exams.
Catching up on paperwork.
Moved into a new house after the first of the year so we'll be able to get to some projects earlier than expected... painting, changing out doors, organizing the garage, outdoor work when it’s warmer, etc.
Still working and trying to ease client fears and concerns related to their accounts—I’m not sure they will be much “vegging” out time if fear continues.
Writing music.
Since I already work remote, and much of my job does not involve travel, suspect it will be business as almost usual for me.
Podcasts. Recognizing that being quarantined with my SO is not necessarily a good thing! :0) We both agree. House projects.
Working out (outside).
Getting rid of stuff in my office that has been piling up for years.
Of course, NAPA-Net is most important!
Feeding my IRA contribution into the market to take advantage of the sale!
I don’t love watching TV very much, but if I’m not able to work and trapped at my house maybe it’s not too early to start gardening? My gym already shortened hours so as to be open only during busy times (shouldn’t it be the other way around?) and will be closed entirely soon, so I hope we are allowed to run somewhere other than our own backyards or I will be wearing a trench around the perimeter.
Exercising Listening to music.
Work, work, work.
Getting my parents’ taxes and my taxes filed :)
Loving on my fur kids.
(More) Reader Comments
As you might imagine, there were a number of reader comments beyond the comments above. Here’s a sampling:
In my opinion this is the impetus to change life as we knew it. Social, political and financial decisions will be affected for everyone going forward.
I think this is a great time to reassess how we currently handle things. It also gives you a window into people's true character. You'll remember who your good partners were that reached out and supported you through the crisis.
People are more worried about toilet paper than their 401k balances at this point. I haven’t been able to work out whether that is good or bad. Last week it was funny. This week it isn’t.
I think groups including advisors should have gotten in front of the effects of this virus. Every HR professional and client contact i have has mentioned their employees are freaking out about the stock market. Why haven't advisors beefed up the communications to not freak out before this week’s crash?????
Say “thank you” to those that keep us fed. At the grocery story early Saturday morning I said to a woman stocking shelves, “Thank you for being here.” Her response: “Thank you. That is the nicest thing someone has said to me today—actually that is probably the nicest thing someone has said to me in a couple weeks.”
I am concerned about the number of businesses, and thus employees, who will be negatively affected by this virus.
Our office believes in riding out these market downturns and we have been teaching this to our clients for years. Despite how scary this has been and still is, we are proud of the resilience of our clients and participants who are hanging in there and (for the most part) not panicking.
I probably have more concerns about the concerns.
Heading the warnings, enforcing social distancing with my family, and avoiding groups of people.
Extremely concerned about damage to the economy, and second-order societal and political impacts of large scale layoffs/lost wages/small business closures.
The coronavirus will fundamentally change the way business is done. Movement towards web based events will replace social gatherings. Not all at once but over time.
Living in south Alabama, it is hard to appreciate what all of the precautions are about since our risk for exposure is fairly low, but we are still practicing social distancing and “quarantining” ourselves at home. I am feeling very fortunate for our lovely southern spring weather!
So much fear... I did my part last night: went out for Mexican, drank three mucho grande Margheritas and left my server a giant tip.
A LOT of toilet paper hoarding jokes... I’m over those...
My 80 year old uncle shared with me that in the 1950s during the polio epidemic he remembers a summer where they couldn’t go to the public pool or do anything in large groups. It pretty much sucked but they made it through, so did the market, so will we.
Heartbroken for high school and college seniors across the country missing out on athletics, concerts, proms/formals, programs/senior recitals... the list goes on and on... no closure to the so many, many special “this is the last time I get to ______.” And, yes I have a college senior who is completely in the “unknown” but she’ll figure it out. True test of resiliency for all of us!
It’s tough. I’m sure by the end of this everyone will know someone who had COVID-19. We have a parent in senior living and it’s tough to know if she is safer there or with us. Right now, trying to avoid all stores and ordering food online, including using services like Home Chef. Looking forward to walking the dogs just to get out of the house.
Fortunately I think we will be better equipped to handle this than most, and I do believe that every crisis creates opportunity!
Please tell me when the market will recover!
When, precisely, did the modern world leave common sense behind? Or am I just late to the game in questioning where it went?
I really don’t know what’s going on—is it going to be illegal for me to see anyone in person by the end of the week?
I’m not sure all of this is warranted, given the numbers. It's almost as if we don’t have all of the information.
It’s stressful for everyone, but for those who suffer with mental health issues such as anxiety and depression, it's a ten-fold impact. Be kind and check in on your friends who struggle—they are not okay.
Thanks to everyone who responded to this week’s NAPA-Net Reader Poll! Stay safe, wash those hands—thanks for all you have done, and will continue to do during this crisis. This too shall pass…
