While the stock market has recovered from early pandemic losses and many large companies have gained record profits, millions of American workers remain unemployed and more than 100,000 small businesses have permanently shuttered.
Fremont, CA: Corporate boards and executive teams are considered effective if they are capable of helping a business navigate a global crisis along with maintaining daily operations.
As people enter the second year of the coronavirus pandemic, the intersection of the present economic crisis, the social justice movement, the ongoing pandemic, and growing inequality is just the short list of what leaders need to identify. In this article, we are discussing key challenges corporate leaders will likely face in this second year of pandemic response.
The collapse of big and small businesses will boost corporate reckoning over increasing wealth inequality:
While the stock market has recovered from early pandemic losses and many large companies have gained record profits, millions of American workers remain unemployed and more than 100,000 small businesses have permanently shuttered. With a promise to the well-publicized Business Roundtable pledge serving as a backdrop to the pandemic’s immeasurable devastation, companies will be held responsible for their part in building an economy that does not serve all Americans and prepare for a more just future.
A permanent transformation to working from home sets the conditions for reducing employee loyalty and growing employee activism:
Many US office workers who discovered themselves working from home in the interest of public health have now incorporated work location flexibility as an expected benefit in a post-COVID-19 work environment. Companies planning to retain and attract top talent will have no choice but to include some level of workplace flexibility, even as this shift away from central work locations will require repairs to weakened company culture and workplace connections that boost employee engagement and retention.