4/16/2020 TREND: RESPONSE TO COVID-19 PANDEMIC networking but has not issued a formal policy My firm has mandated that employees refrain from entertaining clients in social public settings (restaurants/bars/events) No change Other My firm is considering asking employees to refrain from entertaining clients in social public settings (restaurants/bars/events) 9% 27% WEEK-TO-WEEK 1% 1%
8
54%
65%
6% 7% 4%
6% 3%
As participation increases, each question will be analyzed on a week-to-week basis to reflect the fluidity of the situation.
IMPACT ON TRAVEL POLICIES I PACT ON TELECOMMUTING
3/12 - 3/14 3/15 - 3/28 3/29 - 4/11 3/12 - 3/14 3/15 - 3/28 3/29 - 4/11
IMPACT ON BUDGET COVID-19 has changed my firm's policy on telecommuting to allow any employee to telecommute at any time. COVID-19 has changed my firm's policy on telecommuting to allow only certain employees to telecommute currently. My firm allows for any employees to telecommute at any time and has not changed its policies in response to COVID-19. My firm allows for telecommuting for certain employees and has not changed its policies in response to COVID-19. My firm does not allow for telecommuting and has not changed its policies in response to COVID-19. 15% 18% 24% 28% 15% Business travel is to be conducted on a case-by-case basis All business travel has been suspended No impact Business travel is limited to or prohibited from certain locations Voluntary business travel has been suspended Other 54% 7% 23% 1% 8% 7%
32% 47% 60% 18%
21% 53% 15% 9% 3% 12% 76% 9%
7% 7% 4% 4%
8%
8%
3/12 - 3/14 3/15 - 3/28 3/29 - 4/11 6% %
very fortunate that our founder, Tom Wallace, was more interested in being a small part of something big than he was of being a large part of something small. He started transitioning ownership in 1992 when he was just 40 years old. He just completed the last sell of his stock and 2019 was his last year as a shareholder. So, we have had an ownership transition plan in place that works for a number of years. TZL: How has COVID-19 impacted your firm’s policy on telecommuting/working remotely? TH: We have always let employees work from home for short periods of time on an as-needed basis. Obviously, we have never had so many working at home, nor have we had people at home for such a long period of time. We have not talked about any policy changes at this time but I suspect that we will continue to have the same policy that we had, but will be more flexible with all employees going forward. My firm supports the decision of employees to refrain from public networking but has not issued a formal policy My firm has mandated that employees refrain from entertaining clients in social public settings (restaurants/bars/events) No change Other My firm is considering asking employees to refrain from entertaining clients in social public settings (restaurants/bars/events) WORK TOGETHER, from page 7 My firm is considering changes to the 2020 budget No changes have been made to my firm's 2020 budget and none are currently planned My firm has altered the 2020 budget due to COVID-19 IMPACT ON REVENUE No changes have been made to my firm's 2020 discretionary spending and none are currently planned My firm is considering devoting discretionary spending to challenges created by COVID-19 My firm has suspended all discretionary spending My firm has devoted discretionary spending to challenges created by COVID-19 Other The impacts of COVID-19 will likely cause a decrease in my firm's revenue by this percentage compared to the previous year COVID-19 will not likely impact my firm's revenue in any way COVID-19 will likely cause my firm's revenue to increase IMPACT ON CLIENT ENTERTAINMENT & NETWORKING IMPACT ON DISCRETIONARY SPENDING Data is from the April 16, 2020 report with 207 respondents.
46% 50% 4% 54% 59% 28% 41% 8% 7%
65% 22% 13% 35% 75% 34% 21% 4% 19% 11% 1%
47% 21% 32% 15%
3/12 - 3/14 3/15 - 3/28 3/29 - 4/11
3/12 - 3/14 3/15 - 3/28 3/29 - 4/11
6%
85% 21% 21% 15%
3%
6%
1/1
3/12 - 3/14 3/15 - 3/28 3/29 - 4/11
61%
29%
26%
9%
54%
65%
Wallace Engineering staff enjoying time together.
27% 1% 1%
6% 7% 4%
6% 3%
particularly overtime pay and frequency of raises (every six months). The culture is second-to-none and allows everyone to have a good work-life balance. TZL: A firm’s longevity is valuable. What are you doing to encourage your staff to stick around? TH: We treat people professionally and try to provide a fabulous culture so that they don’t want to go anywhere else. It seems to be working. Our employee turnover is regularly less than 5 percent and we have 23 percent of our staff (38 employees) who have been here more than 20 years and nearly 10 percent (15 employees) who have been with us more than 30 years. TZL: On your firm’s website it says each of your offices is “designed to inspire creativity and promote collaboration.” Can you explain and provide a few examples of how this happens? TH: Our offices are designed with wide circulation areas and breakout spaces to encourage people to stop and talk to each other. Conference and meeting areas have full- height marker board and tack surfacing, allowing teams to meet easily and work collaboratively. Our workplace modules seat six employees in a group with tall central lay spaces that allow standing meetings and common storage of project materials. Everything is designed to allow our folks to meet easily and work together. 1/1 3/12 - 3/14 3/15 - 3/28 3/29 - 4/11 60% 18% 8% 8% 6% 76% 9% 12% 3% 3/12 - 3/14 3/15 - 3/28 3/29 - 4/11 54% 28% 8% 7% 3% 35% 34% 19% 11% 1% 15% 36% 21% 21% 6%
TZL: In one word or phrase, what do you describe as your number one job responsibility as CEO? TH: Keeping the employees happy. If I am able to do that, they will take care of everything else. TZL: What do you think makes Wallace a Best Firm To Work For? TH: I don’t think there is any one thing that makes us a Best Firm To Work For but a combination of many things. We have a lot of great people who are passionate about architecture and the application of engineering to the built environment. They enjoy what they do, and they have fun doing it. Employees feel appreciated and part of something. They’re happy with the compensation, “We were very fortunate that our founder, Tom Wallace, was more interested in being a small part of something big than he was of being a large part of something small. He started transitioning ownership in 1992 when he was just 40 years old.” IMPACT ON TELECOMMUTING IMPACT ON DISCRETIONARY SPENDING
COVID-19 has changed my firm's policy on telecommuting to allow any employee to telecommute at any time. COVID-19 has changed my firm's policy on telecommuting to allow only certain employees to telecommute currently. My firm allows for any employees to tel commute at any time and has not changed its policies in response to COVID-19. My firm allows for telecommuting for certain employees and has not changed its policies in response to COVID-19. My firm does not allow for telecommuting and has not changed its policies in response to COVID-19. 15% 18% 24% 28% 15%
No changes have been made to my firm's 2020 discretionary spending and none are currently planned My firm is considering devoting discretionary spending to challenges created by COVID-19 My firm has suspended all discretionary spending My firm has devoted discretionary spending to challenges created by COVID-19 Other
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THE ZWEIG LETTER APRIL 27, 2020, ISSUE 1342
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