As COVID-19 cases continue to rise, and states are pausing their re-opening plans, the idea of working from home for the unforeseeable future is causing its own type of panic for those who are doing it. However, the ability to telecommute is a privilege these days. The alternative for many is unemployment or the risk of catching the disease.
According to the Bureau of Labor Statistics, not all jobs can be transferred to a home office. Many of those working in financial services (81.1% of them) are able to WFH. However, unsurprisingly, jobs in agriculture, forestry and fishing tip the other end of the scale with only 8% of employees able to WFH. There is also a link between the ability to telework and COVID-19’s effect on employment within a certain industry. The number of jobs in the hospitality industry dropped more than 40% between February and April, while there was only a 6% decline in the financial industry. This pandemic has more than likely changed the way employees, with the ability to telecommute, will take advantage of this new working environment, even once everyone is able to get back to work.
ABOUT MIKE MERCURIO
Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
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