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Businesses have been in a precarious position. If management pushes for mandatory mask-wearing and vaccinations, they risk alienating a sizable segment of their workforce. When a company is too lenient in enforcing Covid-19 rules and procedures, a majority of employees will complain, be afraid of catching the virus and potentially quit.
The U.S. Food and Drug Administration's (FDA) decision to approve the Pfizer vaccine has given cover to companies to make decisions. It seems, just from the brief period of time since the approval, a number of companies have declared vaccine mandates for employees. These companies include Chevron, Hess and CVS Health. Florida's Walt Disney World will now require union workers to be fully vaccinated, in addition to nonunion and salaried employees. The agreement was reached Monday, after the FDA's announcement.
The public sector is taking action too. Both New Jersey and New York are mandating its workers to be fully vaccinated. President Joe Biden urged political and business leaders to require vaccinations. "If you're a business leader, a nonprofit leader, a state or local leader who has been waiting for full FDA approval to require vaccinations, I call on you now to do it, require it.” Biden continued, “Do what I did last month, require your employees to get vaccinated or face strict requirements."
It's not just about the vaccinations. Companies and the public sector are calling for mandatory mask-wearing and routine testing. Goldman Sachs, a top investment bank based in New York City, has made it compulsory for its bankers, brokers and traders to get fully vaccinated to work in its U.S. offices. In addition to the employees, starting September 7, clients and visitors will have to be completely vaccinated to enter the premises. The bank is also calling for weekly testing of its staff. Those who have not had their shots will be told to work from home.
Reuters reported that Swiss-based investment bank Credit Suisse has ordered “unvaccinated U.S. staff to work from home.” This raises an interesting question for Goldman and Credit Suisse. For those who want to work from home, they’ll remain unvaccinated. This would run counter to their objectives.
Companies are also taking other measures, in light of the FDA approval. CNBC reported that Ed Bastian, the CEO of Delta Air Lines, told employees Wednesday that they “will face $200 monthly increases on their health insurance premiums, starting November 1, if they aren’t vaccinated against Covid-19, citing steep costs to cover employees who are hospitalized with the virus.”
Hopefully, these decisions will make people more comfortable to return to the office. Many organizations, such as Goldman Sachs, have pushed to get people back to their desks. Unlike the tech companies in Silicon Valley, Wall Street is more office-centric. With the FDA approval, JPMorgan, Morgan Stanley, Goldman Sachs and other banks that want people to return to their offices will now have more leverage. This could be disadvantageous to people who want or need to work remotely.
