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Safeguarding Europe's Livelihoods: Mitigating the Employment Impact of COVID-19
From the Document: "Our analysis, based on occupation-level data, estimates that the COVID-19 [coronavirus disease 2019] crisis could leave up to 59 million jobs at risk in Europe--a staggering 26 percent of total employment in the 27 member countries of the European Union (EU-27), plus the United Kingdom (EU-28). Naturally, the level of risk will vary greatly among occupations and industries, depending on whether they are system relevant or not, how closely they are performed in physical proximity to others, how much of the work can be done remotely through technology, and potential changes in demand as the crisis evolves. [...] We hope that our analysis will help build the case for swift and forceful action, improve the understanding of which jobs and groups are particularly vulnerable, and provide new insights on what can be done to mitigate the potential negative fallout. European business leaders and governments, as well as the European Commission, have already begun to take decisive action to respond to the employment challenge--but much remains to be done. We therefore also identify a set of potential steps that business leaders and governments can take now to minimize the number of jobs at risk and to sketch a path forward once lockdown regulations start lifting."
McKinsey and Company
Chinn, David; Klier, Julia; Stern, Sebastian . . .
2020-04
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How to Restart National Economies During the Coronavirus Crisis
From the Document: "Around the world, life as we know it has changed drastically. Global leaders and millions of citizens are facing the challenge of a lifetime. The COVID-19 [coronavirus disease] pandemic is threatening not only healthcare systems, but also the livelihoods of citizens and the stability of economies. As our colleagues wrote in 'Safeguarding our lives and our livelihoods,' the shock to our lives 'and' livelihoods from the virus-suppression efforts could be the biggest of the past 100 years. If we do not stop the virus, many people will die. If attempts to stop the pandemic cause severe damage to social and economic networks, people will experience large-scale suffering in the medium and long term. The world must act on both of these fronts-- suppressing the virus and mitigating the negative impact on citizens' livelihoods--at the same time. The progress we make on those fronts will determine the shape of the economic recovery."
McKinsey and Company
Cadena, Andres; Child, Felipe; Craven, Matt . . .
2020-04
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To Emerge Stronger from the COVID-19 Crisis, Companies Should Start Reskilling Their Workforces Now
From the Document: "Workers across industries must figure out how they can adapt to rapidly changing conditions, and companies have to learn how to match those workers to new roles and activities. This dynamic is about more than remote working-- or the role of automation and AI [artificial intelligence]. It's about how leaders can reskill and upskill the workforce to deliver new business models in the postpandemic era. To meet this challenge, companies should craft a talent strategy that develops employees' critical digital and cognitive capabilities, their social and emotional skills, and their adaptability and resilience. Now is the time for companies to double down on their learning budgets and commit to reskilling. Developing this muscle will also strengthen companies for future disruptions. In this article, we offer six steps leaders can take to ensure that their employees are equipped with the skills critical to their recovery business models."
McKinsey and Company
Agrawal, Sapana; De Smet, Aaron; Lacroix, Sébastien . . .
2020-05
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Not the Last Pandemic: Investing Now to Reimagine Public-Health Systems
From the Document: "The COVID-19 [coronavirus disease 2019] pandemic has exposed overlooked weaknesses in the world's infectious-disease-surveillance and -response capabilities-- weaknesses that have persisted in spite of the obvious harm they caused during prior outbreaks. Many countries, including some thought to have strong response capabilities, failed to detect or respond decisively to the early signs of SARS-CoV-2 [severe acute respiratory syndrome coronavirus 2] outbreaks. That meant they started to fight the virus's spread after transmission was well established. Once they did mobilize, some nations struggled to ramp up public communications, testing, contact tracing, critical-care capacity, and other systems for containing infectious diseases. Ill-defined or overlapping roles at various levels of government or between the public and private sectors resulted in further setbacks. Overall, delayed countermoves worsened the death toll and economic damage. [...] [I]nfectious diseases will continue to emerge, and a vigorous program of capacity building will prepare the world to respond better than we have so far to the COVID-19 pandemic. In this article, we describe the five areas that such a program might cover: building 'always on' response systems, strengthening mechanisms for detecting infectious diseases, integrating efforts to prevent outbreaks, developing healthcare systems that can handle surges while maintaining the provision of essential services, and accelerating R&D [research & development] for diagnostics, therapeutics, and vaccines."
McKinsey and Company
Craven, Matt; Sabow, Adam; Van der Veken, Lieven . . .
2020-07
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COVID-19 and Advancing Asian American Recovery
From the Document: "The experiences of Asian Americans in the United States have been marked by a basic contradiction. At 20 million strong--nearly 6 percent of the US population--they are a powerful economic force: nearly two million Asian American-owned small businesses generate $700 billion in annual GDP [gross domestic product] and employ around 3.5 million people. Asian Americans have been part of the country's tapestry dating back to the 1800s. But despite wide-ranging contributions to US society, they have historically been overlooked. Indeed, the common perception of Asian Americans as the 'model minority,' excelling and assimilating, has led many people to not view them as marginalized at all. This dynamic often excludes them from diversity initiatives, leading to underrepresentation in business and politics and leaving many without support in navigating persistent language barriers."
McKinsey and Company
Dang, Elaine; Huang, Samuel; Kwok, Adrian . . .
2020-08
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