COVID-19: Impact & Response
Two Years later...
The Impact of the Coronavirus on African American Unemployment: Lessons from History Still Matters
An examination into the potential economic impact of COVID-19 on the state of racial disparities among the African American labor market by examining two effects, namely, employment and income differentials, using national, state, and city level data (using data for all 77 neighborhood areas of the City of Chicago).
Diversity Still Matters
(May 19, 2020)
Inclusion and diversity are at risk in the crisis - but are critical for business recovery, resilience, and reimagination. - McKinsey & Company
We would argue that companies pulling back on I&D now may be placing themselves at a disadvantage: they could not only face a backlash from customers and talent now but also, down the line, fail to better position themselves for growth and renewal.
Research has repeatedly shown that gender and ethnic diversity, inclusion, and performance go hand in hand. The benefits of inclusion and diversity are clear now—and that doesn’t change in a crisis.
Diversity winners that deploy a systematic approach to inclusion and diversity and don’t fear bold action to foster inclusion and belonging are most likely to reap the rewards. Now is the time to be even bolder.
Diverse teams are more innovative—stronger at anticipating shifts in consumer needs and consumption patterns that make new products and services possible, potentially generating a competitive edge.
Strategic agility—the ability to spot and seize game changers—is likely to be a mission-critical trait. It is also likely to be stronger in organizations that can draw on the full spectrum of diverse talent available to them.
When companies invest in diversity and inclusion, they are in a better position to create more adaptive, effective teams and more likely to recognize diversity as a competitive advantage.
COVID's Effect on Minority-Owned Small Businesses in the United States
(May 27, 2020)
Already vulnerable, minority-owned businesses brace for disproportionate impact. - McKinsey & Company
Minority-owned small businesses are more optimistic and more likely to offer support to their local community.
The crisis could disproportionately affect minority-owned small businesses for two critical reasons: they tend to face underlying issues that make it harder to run and scale successfully, and they are more likely to be concentrated in the industries most immediately affected by the pandemic.
Research has found that black small-business owners were significantly more likely to be asked to provide more information about their personal financials—when applying for small-business loans than white small-business owners were.
The share of minority-owned small businesses and minority employment is highest in the industries most directly affected by COVID-19.
Despite being more optimistic about the recovery of the economy as a whole, minority-owned small businesses appear to be more concerned about the impact the pandemic will have on their own businesses
Expanded access to funding, incentivizing lending, accelerate receivables from government or large corporate customers, procurement commitments from government organizations and the private sector, access to technology
Decision makers in the private, public, and social sectors should treat the COVID-19 pandemic as an impetus to address the many structural challenges facing these businesses.
Jumpstarting The Recovery
Navigating the return across industries - McKinsey & Company
Moving from wartime to peacetime in health care
Navigating the government response
Reviving consumer and packaging
Steering the future of airlines and advanced industries
Leading the recovery in financial services
Adapting private equity to the new reality
Reimagining the Post-Pandemic Organization
(May 15, 2020)
The organization of the future is taking shape in the moves that companies are making now. Here's what's changing - and why some companies say they won't go back. - McKinsey & Company
Take a stand on purpose
Reimagine value creation
Get intentional about your culture
Move beyond a ‘hierarchy of bosses'
Turbocharge decision making
Treat talent as your scarcest resource
How can leaders accelerate their companies’ journeys toward becoming not only faster but also better for customers, employees, and society at large?
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