Mastercard won’t send staff back to office without coronavirus vaccine
When the situation stabilises, companies around the world may find that their offices are only about 30 per cent full, Fraccaro said, leading Mastercard to think about its future real-estate needs.
Mastercard joins other technology and financial firms that have said they do not plan to implement widespread get-back-to-the-office initiatives any time soon, including its main rivals American Express and Visa.
But Mastercard has gone slightly further than others by saying it is waiting for a vaccine and not necessarily aligning its reopening timeline with when government lockdown orders end. Mastercard has created a “future of work” task force that is figuring out how best to handle real estate and employee needs, Fraccaro said.
About 90 per cent of its workforce is operating remotely, including those based in overseas locations including Beijing and Shanghai, Fraccaro said. Employees who work in offices must follow social distancing rules, wear masks and undergo temperature checks, he said.
“Once there is adequate testing and there is a vaccine and people feel comfortable to return, then we may see more,” he said. “But in the early phases it will be vastly less than what we had.”