Mastercard Inc. (Mastercard), a leading American financial service provider, maintains that it would allow its employees to work from home (WFH) or would not ask them to return to its worldwide corporate offices until they are comfortable with the virus situations. With the widespread virus forced to close business operations across the globe, the American company is planning to review its real-estate footprints.
Mastercard’s WFH Policy
A senior executive of Mastercard told reporters on Wednesday, May 20, 2020, that the company decided to let its staff continue working from home until the fear around the fatal coronavirus becomes subsided or is under control with vaccines or other preventive measures. The company currently has nearly 20,000 employees globally, with its main headquarters in Westchester, a New York City suburb. Mastercard purchased the campus from IBM in 1994.
The Chief Human Resources Officer (HR) of Mastercard, Michael Fraccaro stated, “We expect in the coming weeks and months that more employees will continue to work from home than come into the office,” adding that “And we are OK with that. We support that choice.” Fraccaro declared that “Once there is adequate testing and there is a vaccine and people feel comfortable to return, then we may see more… But in the early phases, it will be vastly less than what we had.”
Meanwhile, some staff of the company showed concerns that they had to take care of their children or parents and some others have considered about taking public transport to work. The HR officer said, “We have stated upfront to all our employees, that it is their choice … we want them to make the decision on when they feel comfortable returning to the office.”
Reconsidering Real-estate Footprint
The chief HR officer stated that Mastercard, the world’s second-largest payment processor, is considering reviewing its real-estate footprint and consolidating offices. Citing the needs for the company to reconsider its future real-estate operation, Fraccaro said Mastercard has created a “future of work” task force that is figuring out how best to handle real estate and employee needs.
With the prevailing situation of the virus pandemic and the imposition of the WFH policy of the employees, Fraccaro said that companies around the world would witness about only 30% of employees present in their offices when the virus outbreak maintains to stabilize. Likewise, other financial companies including its main rivals American Express Co. and Visa Inc. have maintained to continue applying the WFH policy of their employees.
Fraccaro explains about 90% of its workforce is currently operating remotely, including those based in overseas locations including Beijing and Shanghai whereas employees who are presently working in offices must follow social distancing rules, wear masks, and undergo temperature checks.
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