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Google (GOOGL) stock rose 4.88% on Tuesday as the company is expanding work from home recommendation to all North American employees and established ‘COVID-19 fund’
To ensure employee safety and reduce the risk of an infection, a few companies around the world are asking their staff to work from home. As the coronavirus epidemic got worse in China and the government began its lockdown, businesses that could run remotely began doing so. Now that the virus is spreading across the world, other companies are starting to follow suit. Google LLC (NASDAQ: GOOGL)is now the latest company to introduce remote work because of COVID-19. Google Stock (GOOGL) has also put on a bit more weight.
Google Reduces COVID-19 Risk via Remote Work
In a memo sent about a week ago, Google asked its staff in Washington State to consider working from home. The company said it was making this recommendation to reduce the risk of worsening the pandemic, keeping its employees safe. Google reportedly made this decision after discussing it with health officials in the state.
Google has now expanded the remote work recommendation to all of its employees in North America. All of its staff with roles that can be handled remotely are advised to do so from home.
The company is also making this recommendation in other parts of the world. The decision to do so is however dependent on several factors including the employee’s actual tasks and a few other local factors.
Google Introduces COVID-19 Fund
In addition to the work from home expansion, Google has announced a fund directly for COVID-19. The company says that the fund will cater to all “temporary staff and vendors” all over the world. This will allow them to take paid sick leave if they develop COVID-19 symptoms or are unable to be present at work because of a quarantine.
In an official blog post written by Google Workplace Services Director Adrienne Crowther, the company said:
“Working with our partners, this fund will mean that members of our extended workforce will be compensated for their normal working hours if they can’t come into work for these reasons.”
It added that it is monitoring the COVID-19 situation carefully and is open to making adjustments, depending on the general situation.
Google (GOOGL) Stock Rises
Google’s efforts at confronting the virus sent stock higher yesterday. GOOGL added over $59 in total, to close at $1,275.17, a 4.88% jump. However, premarket figures show a 2% plunge. The stock is currently at $1,253.13.
Its figures for recent times also aren’t encouraging. In the last 5 days, GOOGL lost 7.7% and has shed almost 5% in 2020.
5G Partnership with AT&T
Google has also entered a partnership with multinational telecoms company AT&T Inc (NYSE: ATT). The two firms announced that they are both working on delivering 5G services to corporate clients and will collaborate on software development. AT&T’s 5G will be accessible via Google Cloud.
In addition to this, the two companies also plan to create solutions that will allow third-parties to build their own 5G solutions through a combination of AT&T and Google Cloud as well.