Summary4 min read

WSJ Your Money Briefing — “Companies Devise Coronavirus Response Plans”

Date: March 10, 2020
Host: Charlie Turner
Guest: Chip Cutter, Wall Street Journal Reporter

Overview

In this episode, the Wall Street Journal’s Charlie Turner speaks with reporter Chip Cutter about how companies are developing and implementing evolving strategies to protect their employees and business operations during the rapidly escalating coronavirus outbreak. The discussion focuses on the unprecedented nature of the COVID-19 crisis, the challenges around uncertainty, and creative company responses—from remote work mandates to resilience training—while examining complex issues like childcare and workplace logistics.

Key Discussion Points & Insights

1. The Unprecedented Nature of the COVID-19 Crisis

Uncertainty & Scope:
- Chip Cutter emphasizes that the breadth and fast-moving dynamics of the coronavirus outbreak are unlike any previous crisis, requiring constant reevaluation of plans.
  - “I think it's really unprecedented in its scope and certainly in its breadth.” (01:38)
  - “Companies really say that they're struggling to figure out what to do. A number of them are developing plans and really re-evaluating them oftentimes multiple times a day.” (02:11)

2. Major Challenges for Companies

Lack of Certainty:
- Organizations are grappling with how to keep employees safe while simultaneously minimizing disruptions to the business.
  - “Really, it's just the lack of certainty here... how do we keep workers safe while trying to minimize disruptions to the business?” (02:11)

3. Types of Company Response Plans

Splitting Teams & Relocation:
- Companies are dividing teams across locations to reduce concentration of staff (e.g., Bank of America sending teams to different cities). (02:33)
Remote Work Mandates:
- Major firms like Microsoft, Amazon, and Facebook have asked employees in various cities (New York, Seattle, San Francisco) to work from home for extended periods. (03:23)
  - “Microsoft has now told all of its New York based employees to work from home to March 25. Amazon has also told employees... to work from home for weeks.” (03:25)
  - “Facebook has encouraged all of its workers in the San Francisco area... to stay home all week.” (03:33)
Targeted Guidance & Supplies:
- Providing guidance—e.g., Microsoft asking people to stay six feet apart in office settings.
- Supplying funds for home office needs in case of extended remote work. (02:33)
Adjusted Office Policies:
- Ralph Lauren shortened office hours to allow off-peak commutes and offered voluntary work-from-home options. (04:15)
  - “Ralph Lauren... has actually shortened its office hours from 10 to 4... thinking that might help minimize their risk.” (04:15)
Special Considerations for Vulnerable Employees:
- Coinbase requested those with compromised immune systems or higher risk to work from home. (03:45)

4. Preparation for Working from Home

System Testing & Training:
- Companies conducted remote access tests and instructed employees to always take laptops home, ready for potential sudden remote work extensions. (04:31)
- Some offer resilience training to ease the adjustment to remote work amid personal/family challenges.
  - “Some companies are telling people to bring the laptops home every single night... Some are offering resilience training now, knowing that it can be challenging to be apart from your colleagues...” (04:31)

5. Childcare and Family Logistics

Complexity of Childcare Issues:
- With school closures, working parents face new pressures as companies struggle to offer meaningful backup childcare amid crisis.
  - “Childcare is an incredibly complex issue here... A real question whether those [backup] options will exist... some workers, for example, have children whose schools have closed.” (05:11)

Notable Quotes & Memorable Moments

On the evolving crisis:
- “It's just the lack of certainty here. Companies really say that they're struggling to figure out kind of what to do.” — Chip Cutter (00:46)
Comparing past crises:
- “Companies have dealt with crisis in the past... but around the world, companies [are] focused on this one issue right now.” — Chip Cutter (01:54)
Real-world adaptations:
- “Microsoft has told workers to stay six feet away from others if you have to go into an open office setting.” — Chip Cutter (02:33)
On the emotional impact:
- “Companies offering resilience training now, knowing that it can be challenging... to be working from home, while you also might be dealing with children or other personal issues at home.” — Chip Cutter (04:31)

Important Timestamps

00:46 — Description of company uncertainty and rapidly changing plans
01:38 — What makes this health crisis different from prior events
02:11 — Main challenge: uncertainty and constant reassessment
02:33-04:28 — Specific examples of company responses (split teams, remote work, policy changes)
04:31 — Prep for remote work: system tests and resilience training
05:11 — The complexities of childcare amid the crisis

Tone and Style

The conversation is direct and pragmatic, echoing both the urgency and uncertainty felt by companies at the onset of the pandemic. The tone remains factual and measured, blending specific examples with broad expert insights.

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Transcript21 lines

[00:01]
A
Still running global payroll like a relay race. Deal replaces fragmented payroll vendors with one global system. No third parties hire, manage and pay teams in 150 plus countries with in house local experts and white glove delivery and deal plugs into what you already use. Workday SAP Netsuite operate like a local everywhere. Visit d e l.com WSJ that's d e e l.com WSJ.
[00:36]
B
This is your money briefing for Monday, March 9th. I'm Charlie Turner for the Wall Street Journal. There could be a lot of empty offices as companies respond to the coronavirus outbreak.
[00:47]
C
It's just the lack of certainty here. Companies really say that they're struggling to figure out kind of what to do. A number of them are developing plans and really kind of re evaluating them oftentimes multiple times a day just to figure out how do we keep workers safe while trying to minimize disruptions to the business.
[01:04]
B
We'll talk about the plans that companies are making to protect their workers with the Wall Street Journal's chip cutter. As the coronavirus spreads across the US Companies have been racing to enact contingency plans in a bid to prevent workers exposure to the virus. What sort of plans have been put into place? Joining us is the Wall Street Journal's chip cutter. Chip first, what is different about this health crisis with regards to work compared with other viral outbreaks in the past?
[01:38]
C
Well, I think it's really unprecedented in its scope and certainly in its breadth. I think a number of employers are really struggling to figure out how do we get our arms around this just because it keeps changing by the day.
[01:49]
B
And you know, compared to other viral outbreaks, this seems a lot bigger. They seem smaller in comparison.
[01:55]
C
That's correct. Certainly companies have dealt with crisis in the past a number of different events from health issues to terrorist attacks. I think we have around the world though companies focused on this one issue right now and how to solve it.
[02:08]
B
What is the biggest challenge about this outbreak that companies have had to deal with?
[02:12]
C
Really, it's just the lack of certainty here. Companies really say that they're struggling to figure out what to do. A number of them are developing plans and really re evaluating them oftentimes multiple times a day just to figure out how do we keep workers safe while trying to minimize disruptions to the business.
[02:30]
B
Describe for us what sort of plans companies are instituting.
[02:33]
C
Yeah, you see companies really doing a number of different things here. Some companies are splitting workers up, taking a team of workers and saying some people should go to one location and others should go somewhere else. This is what bank of America is doing. They're sending some of their team members to Connecticut, keeping others in New York. You see companies like Goldman Sachs also considering similar measures. You also have companies handing out money so that people can buy supplies to have at home if they need to work from home for an extended period of time. You have companies giving people guidance. For example, Microsoft told workers to stay six feet away from others if you have to go into an open office setting. A whole range of different solutions. Companies really trying to do all they can to keep workers safe. But there's a lot of anxiety around this.
[03:21]
B
Well, describe first which companies are doing what.
[03:24]
C
So let's take New York for example. Microsoft has now told all of its New York based employees to work from home to March 25. Amazon has also told employees here to work from home for weeks. This follows what both companies have done in the Seattle area. For example, Facebook has encouraged all of its workers in the San Francisco area this week to stay home all week. They've cut shuttle service and minimized cafeteria service. Another way to try to keep people at home cost Coinbase. The San Francisco company has asked workers with compromised immune systems, including those who are at risk because of age or people for whom getting sick would be problematic, to start working from home. You just see a number of different approaches here. Ralph Lauren, the luxury apparel company in New York, has actually shortened its office hours from 10 to 4 because it wants to allow workers to commute to the office during off peak times, thinking that might help minimize their risk. They're also saying workers who want to can work from home again. It's another approach here. Companies trying to think creatively try to minimize business disruptions while still trying to keep employees safe.
[04:28]
B
What preparations have companies made for working from home?
[04:31]
C
They've done this in advance. A number of companies have done tests, for example, asking people to bring their laptops home to see if you could connect to the company systems remotely. Some companies are telling people to bring the laptops home every single night, not knowing if we might have to make a call to say stay out of the office for a long time. You also see some companies offering resilience training now, knowing that it can be challenging to be apart from your colleagues to be working from home, while you also might be dealing with children or other kind of personal issues at home. So they're offering training to try to make that a little bit easier, but it's going to be an adjustment for a lot of people.
[05:06]
B
That's what I meant to ask you. How have companies handled the issue of child care. That seems like a complex issue.
[05:11]
C
Childcare is an incredibly complex issue here that companies are having to get their arms around. One of the HR experts that we spoke said a number of companies come to him asking what to do and they think that the kind of backup childcare options that have existed before are going to be available now in a crisis. And I think that is a real question whether those will exist. And so some workers, for example, have children whose schools have closed and so they're having to kind of work around that, working at home while the children might also be there. It just raises all sorts of logistical questions.
[05:43]
B
Wall Street Journal reporter Chip Cutter. Thanks, Chip.
[05:45]
C
Thanks for having me.
[05:46]
B
And that's your money briefing. I'm Charlie Turner for the Wall Street Journal.
[05:50]
A
Deal replaces fragmented Payroll vendors with one global system. No third parties. Hire, manage and pay teams in 150 plus countries. Operate like a local everywhere. Visit d e l.com WSJ.