New investments in technology to help transition employees back to in-person work have the potential to create healthier and more productive workplaces, even after the Covid-19 pandemic has passed, according to a new report.
As millions of people are vaccinated against Covid-19 around the world, employers are looking ahead to a return to offices. But two out of three workers in the US still feel uncomfortable returning to the workplace, according to a Qualtrics study. Employers face heightened responsibilities for worker safety and well-being if a return to offices is to succeed.
US research firm CB Insights highlighted what technologies and approaches it expects in offices in the months to come based on analyses of earnings transcripts, web search behaviour, new patents and venture capital funding trends, among other indicators.
Overall, the firm found that “while its features might change, the office remains a place of connection and innovation that is hard for companies to replicate with a fully remote workforce”.
In the lobby
The “first point of contact — and first line of defence”, office building lobbies will be overhauled to protect workers from Covid-19, according to CB Insights. It predicts entry criteria could be tightened to include set employee schedules to avoid overcrowding, health indicators like temperature checks and contact tracing.
Covid-19 could become a seasonal or cyclical virus, so ongoing data collection of an employee’s health “could enable more targeted initiatives to improve the overall health of the workforce and, as a result, improve overall productivity”.
A QR code to gain access to one’s workplace may become more commonplace. In China, for example, a QR code-based “immunity passport” integrated into super apps like WeChat and Alipay has already been introduced in at least 200 cities. Individuals using Alipay’s Health Code fill out a form in the app and the software uses big data to generate a QR code depending on a user’s contagion risk. Those who are designated green are able to travel freely, while yellow or red indicate suggested one- or two-week quarantines, respectively.
Going up
Elevators are a tough hurdle for a pandemic that has been largely addressed through social distancing in most parts of the world. CB Insights found that “low-tech solutions” still prevail, like visual cues such as stickers on the lift’s floor to limit capacity as well as staggered entry times to curtail crowding.
While tech-based solutions are less common, the firm pointed to foot-operated elevators in Thai malls to minimise contact with buttons and an ultraviolet sanitation solution from Ashla Systems that uses hospital-grade UVC rays to kill pathogens in empty elevators.
A “handful” of other companies are developing gesture technology so that office workers might avoid touching buttons at all, according to CB Insights. For example, Ultraleap’s virtual touch product Stratos uses ultrasound technology to create mid-air haptics and sensors equipped with infrared lights to track hand movements, providing users with a virtual tactile response to their gestures. It can be adapted to button panels in elevators but can cost upwards of $7,500.
At your desk
Many organisations are mulling a hybrid model, with teams coming into the office for a few days a week or a few key days a month, according to the MIT Sloan School of Management Review. In the first phases of returning, businesses may look at rearranging workspaces and reducing occupancy by as much as 50-70 per cent as some employees continue working from home, CB Insights found.
The firm identified several start-ups like Density, Staqu, Outsight, Zensors and VergeSense that are developing “spatial intelligence and people-counting tech”.
VergeSense uses sensors to monitor occupancy, sends alerts when too many people are in a space and creates daily reports to aid in social distancing. After raising $9M in Series A funding in May 2020, the company said it expected a 500 per cent increase in sales bookings quarter-on-quarter (QoQ).
Such solutions “can help businesses plan their return-to-office strategies and monitor them in real time when certain areas in the office reach maximum capacity”.
Employees may feel physically safer with checks in place, but privacy will likely come to the fore with increased tech monitoring employees’ every move, CB Insights cautioned. Some start-ups are addressing this. Zensors uses facial blurring and Density does not use any personally identifiable information to maintain privacy.
In a meeting
“In-person collaboration will undergo a transformation,” CB Insights found, as a result of an increasing number of remote workers, and an in-office presence that will still need to accommodate social distancing. For now, expect Zoom conference calls to be the norm, but the study found there are some exciting tech tools in development that will make collaborating from afar a bit more productive.
For example, Yac offers a voice-based chat tool that integrates with Slack so that teams can communicate. Miro, a San Francisco-based digital whiteboarding platform, builds customisable software to help teams collaborate across a variety of use cases from meetings and workshops to brainstorming sessions. “Miro captures notes and saves whiteboards, which could be more effective than in-person marker sessions where work gets erased,” according to CB Insights.
The company has reportedly seen a surge in use during the pandemic and already serves 80 per cent of the Fortune 100, including Netflix, Salesforce, PwC and Spotify.
In the break room
CB Insights predicts corporate cafeterias will stay closed while break rooms will need more frequent cleaning that may make them less popular throughout the day.
This is opening up opportunities for start-ups focused on workplace lunch programmes that deliver individual meals and that “can scale up or down based on the employees in the office that day, accommodate a wide range of dietary preferences and restrictions and help reduce food waste”.
Smart vending machines are also set to become more popular as they don’t rely on humans for food service and can handle their own restocking based on sensors and data collected.
Talking to HR
A more decentralised workforce will put an even greater focus on human resources, which will be relied upon to coordinate remote training programmes and professional development.
Augmented and virtual reality tools are mature enough to be useful in this regard. CB Insights highlighted start-up Mursion which teaches sales skills through interactions with avatars in VR to simulate and analyse practice conversations. Vantage Point uses VR to train employees in topics surrounding diversity, equality, inclusion and sexual harassment.
Another area of focus will be HR tools that measure team engagement and manager effectiveness.
Lattice is a performance management platform that allows teams to visualise and track employee engagement through dashboards, heat maps and scoring to provide continuous feedback.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor