Time to leave the city?
What does that mean for the cities of the future? Well, the verdict is still out.
Difficult choices in industry selection
A third consequence is to do with industry selection. What constitutes a robust industry is being redefined. We all felt the travel or hospitality industry was a sound investment that would last forever. He and his colleagues had invested in businesses that serve those industries and now they see they have a lot of problems – unlike hospital businesses, or data centres, or warehouses which have been doing amazingly well.
Proximity and socialization – a mixed picture
Another speaker said she saw a mixed picture in terms of contentment with the lack of proximity and socialization. Some employees are highly content with remote working, others were not so keen. Finding the right working balance between remote work and physical presence - and getting those teams to work together - is key.
For example; one manufacturing company had some five thousand people in the Americas working from home, and 50,000 on site. So a lot learning has to be implemented to make that work, to deal with not only the lockdowns that have been different in different stages in all the countries in which the company operates, but the different mindsets and lack of information or education around what the virus is and what we should be doing to prevent the spread and how that spread works.
Equality and diversity yes, but remember the age difference
Presidents and leaders need to find a connection with their employees, at a time when travelling to different plants and hearing employee concerns might be difficult or impossible. It's hard to maintain that communication over a video connection.
That said, the pandemic has also been a great opportunity for people with disabilities in companies. All of a sudden, we don't see the difference anymore. We're all in the same network.
A problem, however, is the age difference. We're all fighting right now for equality and diversity. But suddenly age – and not just in conjunction with technology - is a real concern, especially when that comes with underlying health issues.
You Only Live Once
And more broadly, even executives should remember the YOLO concept: You Only Live Once. This Covid experience of the past three months has passed. We've all learnt important lessons; the need to help the less fortunate and less well-placed in our society, and perhaps – at the risk of being indulgent – the need to pamper ourselves at the same time. Enjoy a little excitement in your life. It's now or never. You only live once.