A picture, as the saying goes, is worth 1,000 words. And the right pictures have the potential to generate more attention and interest about crisis situations than words alone ever could.
People can immediately grasp a story or message that is being told by a picture, illustration, video or other visuals. And, given their increasingly shorter attention spans, many people often don’t want to read about a crisis when a picture or short video on social media or a television newscast is all they think they need.
Christen Costa, CEO of Gadget Review, noted that, “Study after study has shown that humans respond far better to visuals than text alone. You can tell your story in text and have it ignored, misinterpreted, or used against you. Images are harder for people to ignore or willfully misinterpret. It’s important that the images you use are heavily vetted, however. You need to test them internally to be sure you’re saying exactly what you want to say.”
Challenges
The challenge for business leaders who are managing a crisis for their companies and organizations is to find the best visuals to help show or tell their side of the story in an appropriate and attention-getting way.
Of course, if you don’t provide visuals for a crisis, don’t be surprised when news organizations or people on social media find and post their own. And news outlets, of course, can find the visuals that best illustrates the crisis — but which you might prefer not be seen for whatever reason.
Coronavirus Crisis
Last Tuesday, ABC News reported that, “House Speaker Nancy Pelosi and other lawmakers paid tribute to the more than 676,000 Americans who have died from Covid-19, [by] visiting a memorial on the National Mall that displays hundreds of thousands of small, white flags, one for each life lost.
“As we look at this work of art and see it fluttering in the breeze,” Pelosi said, “it really is an interpretation of the lives of these people waving to us to remember.” The lawmakers walked silently among the rows of flags, trails that stretch more than 3.8 miles, according to ABC News.
Climate Crisis
Earlier this week, motorists passing by the Tidal Basin in Washington, DC might have seen what appeared to be a submerged house near the Jefferson Memorial. According to Washingtonian.com, “Constructed out of wood and floating on pontoons, the hollow house was a warning from climate activists with Extinction Rebellion DC of what the city might face should unchecked climate change continue to contribute to rising sea levels.”
As is often the case with attention-getting visuals, more people likely saw news coverage or the YouTube video of the submerged “house” than saw the visual in-person.
Gun Violence
In 2018, to call attention to the number of children that were killed since the Sandy Hook school shooting, 7,000 pairs of empty shoes were displayed outside the U.S. Capitol.
CNN reported that, “The global advocacy group Avaaz [had] been collecting donated pairs of shoes for two weeks and early Tuesday morning lined them up one by one, 18 inches apart, in roughly 80 rows on the Capitol lawn, as Congress continues to sort through a debate over gun violence and school safety.
“Shoes are individual. They’re so personal. There are ballet slippers here and roller skates. These are kids,” said Nell Greenberg, the campaign director for Avaaz.”
‘The Power Of A Visual Image’
Baruch Labunski, CEO of marketing agency Rank Secure, said, “I’m a marketing expert, but you don’t have to be one to be one to understand the power of a visual image.
“When businesses are communicating with the public during a crisis, optics—both figurative and literal — are everything. Companies in crisis need to project a stable, consistent image that’s coherent with their brand. And in cases of transgressions or when a company is correcting a mistake, a visual image that reflects an amended ideology may be appropriate and effective,” he noted.
Advice For Business Leaders
“Here’s my cautionary advice,” Lubunski said. “Be authentic. Putting pictures of trees on a plastic water bottle doesn’t make your company environmentally friendly. Putting minorities on stage at an event while your entire C-suite is white doesn’t make you genuinely diverse.
“Make sure the visual images you choose reflect the actual values of your company. If you need to make amends, do it for real, rather than just for show,” he advised.
I am a crisis management/communication expert, consultant, and author of the award-winning CrisisAhead: 101 Ways to Prepare for and Bounce Back from Disasters, Scandals,
Groh, Maximilian (3 April 2016). Being Strategic: Strategy-specific Project Management in Times of Crisis. CreateSpace Independent Publishing Platform. p. 192. ISBN978-1530885657.
Crump, Jeffrey (2019). Cyber Crisis Management Planning: How to reduce cyber risk and increase organizational resilience. p. 11. ISBN978-0-578-52310-1.
Infante, D.; Rancer, A.; Womack, D. (1997). Building communication theory (3rd ed.). Prospect Heights, IL: Waveland Press.
Coombs, W. T. (2007). Ongoing Crisis Communication: Planning, Managing, and Responding (2nd ed.). Thousand Oaks, CA: Sage.
Wooten, Lynn Perry; James, Erika Hayes (2008). “Linking Crisis Management and Leadership Competencies: The Role of Human Resource Development”. Advances in Developing Human Resources. 10 (3): 352–379. doi:10.1177/1523422308316450. S2CID14226685.
James, Erika Hayes; Lynn Perry Wooten (2010). “Why Discrimination Lawsuits Are a Noteworthy Crisis”. Leading Under Pressure. Routledge Academic.
Pauly, John J.; Hutchison, Liese L. (2005). “Moral Fables of Public Relations Practice: The Tylenol and Exxon Valdez Cases”. Journal of Mass Media Ethics. 20 (4): 231–249. doi:10.1207/s15327728jmme2004_2. S2CID145381442.
Knight, Rory F.; Pretty, Deborah (1996). The Impact of Catasrophes on Shareholder Value (Report).
The alumni of the prestigious Harvard Business School noted that the COVID-19 pandemic forced governments worldwide to make a choice between life, death and economy. He spoke at the NIM’s Management Day lecture in Lagos.
Quoting the World Economic Forum, 2020, Adeshina said an aggregate loss of the health and economic crises is estimated at $9 trillion between 2020 and 2021. He warned that the world needs to de-escalate crisis to avert a humanitarian disaster.
He said: “Crisis is an unstable event or series of events that can emanate from an individual, group, corporate and the government, which can cause disruption in normal business operations, economic, social, reputation and political damage in the society. It threatens to have calamitous human and developmental consequences.”
Nigeria, he said, was facing its worst economic crisis, with over 82.9 million persons classified as poor by the National Bureau of Statistics (NBS) in its Nigerian Living Standards Survey (NLSS) Report, May 2020.
This, the Institute of Bankers’ Fellow noted, amounts to 40.1 per cent of the population. “Nigeria, since its last economic recession in 2016-2017, has witnessed a collapse in the price of crude oil, volatile movement in the exchange rate, rising inflation and food prices, dwindling Foreign Direct Investment, increasing unemployment, reduced public confidence in the government, Northern region unrest coupled with the Global pandemic; amongst others,” he said.
Adeshina, a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), stated that businesses must be prepared for a crisis, because “it is a matter of when and not if. “A crisis should not be perceived as a threat to avoid, rather the focus should be when it comes, how prepared is the organisation to handle it? If a crisis is well managed, it reduces the damage and impact on an organisation and enables the organisation to recover quickly.”
He was of the view that a credible crisis management framework was critical to help maintain confidence in the people, system and government and it minimises risks. “Proper and quick crisis management is critical for public relations and reputation. Since crises come in several forms, it is recommended that organisations should have in place a crisis management plan,” he said.
He lamented the increasing ‘unmodellable’ behaviours, especially at top-most leadership levels. Adeshina, an investment banker for over three decades, blamed the dwindling economy on the inability of governments to curb the high rate of people living below the poverty line.
Citing the recent #EndSARS protest, he said it was a pointer to the end of bad governance and a wake-up call to those in leadership positions to begin to institutionalize good governance. “Attention should be given to the business continuity, cost management, productivity, and implementing safety measures, however, innovation-led growth should not be totally ignored,” he said.
Augustine, N. R. (1995, November/December). Managing the crisis you tried to prevent. Harvard Business Review, 73(6), 147-158. This article centers on the six stages of a crisis: avoiding the crisis, preparing to management the crisis, recognizing the crisis, containing the crisis, resolving the crisis, and profiting from the crisis. The article reinforces the need to have a crisis management plan and to test both the crisis management plan and team through exercises. It also reinforces the need to learn (profit) from the crisis.
Barton, L. (2001). Crisis in organizations II (2nd ed.). Cincinnati, OH: College Divisions South-Western. This is a very practice-oriented book that provides a number of useful insights into crisis management. There is a strong emphasis on the role of communication and public relations/affairs in the crisis management process and the need to speak with one voice. The book provides excellent information on crisis management plans (a template is in Appendix D pp. 225-262); the composition of crisis management teams (pp. 14-17); the need for exercises (pp. 207-221); and the need to communicate with employees (pp. 86-101).
Business”>http://www.nfib.com/object/3783593.html.”>Business Roundtable’s Post-9/11 crisis communication toolkit. (2002). Retrieved April 24, 2006, from http://www.nfib.com/object/3783593.html.
This is a very user-friendly PDF files that takes a person through the crisis management process. There is helpful information on web-based communication (pp. 73-82) including “dark sites” and the use of Intranet and e-mail to keep employees informed. There is an explanation of templates, what are called holding statements or fill-in-the-blank media statements including a sample statement (pp. 28-29). It also provides information of the crisis management plan (pp. 21-32), structure of the crisis management team (pp. 33-40) and types of exercises (pp. 89-93) including mock press conferences.
Cohen, J. R. (1999). Advising clients to apologize. S. California Law Review, 72, 1009-131.
This article examines expressions of concern and full apologies from a legal perspective. He notes that California, Massachusetts, and Florida have laws that prevent expressions of concern from being used as evidence against someone in a court case. The evidence from court cases suggests that expressions of concern are helpful because they help to reduce the amount of damages sought and the number of claims filed.
Coombs, W. T. (2004a). Impact of past crises on current crisis communications: Insights from situational crisis communication theory. Journal of Business Communication, 41, 265-289.
This article documents that past crises intensify the reputational threat to a current crisis. Since the news media reminds people of past crises, it is common for organizations in crisis to face past crises as well. Crisis managers need to adjust their reputation repair strategies if there are past crises-crisis managers will need to use more accommodative strategies than they normally would. Accidents are a good example. Past accidents indicate a pattern of problems so people will view the organization as much more responsible for the crisis than if the accident were isolated. Greater responsibility means the crisis is more of a threat to the reputation and the organization must focus the response more on addressing victim concerns.
Coombs, W. T. (2004b). Structuring crisis discourse knowledge: The West Pharmaceutics case. Public Relations Review, 30, 467-474.
This article is a case analysis of the West Pharmaceutical 2003 explosion at its Kinston, NC facility. The case documents the extensive use of the Internet to keep employees and other stakeholders informed. It also develops a list of crisis communication standards based on SCCT. The crisis communication standards offer suggestions for how crisis managers can match their crisis response to the nature of the crisis situation.
Coombs, W. T. (2006). Code red in the boardroom: Crisis management as organizational DNA. Westport, CN: Praeger.
This is a book written for a practitioner audience. The book focuses on how to respond to three common types of crises: attacks on an organization (pp. 13-26), accidents (pp. 27-44), and management misbehavior pp. (45-64). There are also detailed discussions of how crisis management plans must be a living document (pp. 77-90), different types of exercises for crisis management (pp. 84-87), and samples of specific elements of a crisis management plan in Appendix A (pp. 103-109).
Coombs, W. T. (2007a). Ongoing crisis communication: Planning, Managing, and responding (2nd ed.). Los Angeles: Sage. This book is designed to teach students and managers about the crisis management process. There is a detailed discussion of spokesperson training pp. (78-87) and a discussion of the traits and skills crisis team members need to posses to be effective during a crisis (pp. 66-77). The book emphasizes the value of follow-up information and updates (pp. 147-148) along with the learning from the crisis (pp. 152-162). There is also a discussion of the utility of mass notification systems during a crisis (pp. 97-98).
Coombs, W. T., & Holladay, S. J. (2002). Helping crisis managers protect reputational assets: Initial tests of the situational crisis communication theory. Management Communication Quarterly, 16, 165-186. This article begins to map how stakeholders respond to some very common crises. Using the level of responsibility for a crisis that people attribute to an organization, the research found that common crises can be categorized into one of three groups: victim cluster has minimal attributions of crisis responsibility (natural disasters, rumors, workplace violence, and tampering), accidental cluster has low attributions of crisis responsibility (technical-error product harm and accidents), and preventable cluster has strong attributions of crisis responsibility (human-error product harm and accidents, management misconduct, and organizational misdeeds). The article recommends different crisis response strategies depending upon the attributions of crisis responsibility.
Coombs, W. T. & Holladay, S. J. (2006). Halo or reputational capital: Reputation and crisis management. Journal of Communication Management, 10(2), 123-137.
This article examines if and when a favorable pre-crisis reputation can protect an organization with a halo effect. The halo effect says that strong positive feelings will allow people to overlook a negative event-it can shield an organization from reputational damage during a crisis. The study found that only in a very specific situation does a halo effect occur. In most crises, the reputation is damaged suggesting reputational capital is a better way to view a strong, positive pre-crisis reputation. An organization accumulates reputational capital by positively engaging publics. A crisis causes an organization to loss some reputational capital. The more pre-crisis reputational capital, the stronger the reputation will be after the crisis and the easier it should be to repair.
Corporate Leadership Council. (2003). Crisis management strategies. Retrieved September 12, 2006, from http://www.executiveboard.com/EXBD/Images/PDF/Crisis%20Management%20Strategies.pdf. [Now available here]
This online PDF file summarizes key crisis management insights from the Corporate Leadership Council. The topics include the value and elements of a crisis management plan (pp 1-3), structure of a crisis management team (pp. 4-6), communicating with employees (pp. 7-9), using web sites including “dark sites” (p. 7), using pre-packaged information/templates (p. 7), and the value of employee assistance programs (p. 10). The file is an excellent overview to key elements of crisis management with an emphasis on using new technology.
Downing, J. R. (2003). American Airlines’ use of mediated employee channels after the 9/11 attacks. Public Relations Review, 30, 37-48.
This article reviews how American Airlines used its Intranet, web sites, and reservation system to keep employees informed after 9/11. The article also comments on the use of employee assistance programs after a traumatic event. Recommendations include using all available channels to inform employees during and after a crisis as well as recommending organizations “gray out” color from their web sites to reflect the somber nature of the situation.
Kellerman, B. (2006, April). When should a leader apologize and when not? Harvard Business Review, 84(4), 73-81. This article defines an apology as accepting responsibility for a crisis and expressing regret. The value of apologies is highlighted along with suggestions for when an apology is appropriate and inappropriate. An apology should be used when it will serve an important purpose, the crisis has serious consequences, and the cost of an apology will be lower than the cost of being silent.
Lackluster online PR no aid in crisis response. (2002). PR News. Retrieved April 20, 2006, from http://web.lexis-nexis.com/universe
This short article notes how journalists and other interested parties are using web sites during crises to collect information. The article highlights the value of having a “dark site” ready before a crisis. A sample of various criteria for a crisis web are discussed by reviewing Tyco’s web site as a case study.
Mitroff, I. I., Harrington, K., & Gai, E. (1996, September). Thinking about the unthinkable. Across the Board, 33(8), 44-48.
This article reinforces the value of creating and training crisis management teams by having them conduct various types of exercises.
Sturges, D. L. (1994). Communicating through crisis: A strategy for organizational survival, Management Communication Quarterly, 7, 297-316.
This article emphasizes how communication needs shift during a crisis. The first need is for instructing information, the information that tells people how to protect themselves physically from a crisis. The next need is adjusting information, the information that helps people to cope psychologically with the crisis. The initial crisis response demands a focus on instructing and adjusting information. The third and final type of communication is reputation repair. Reputation repair is only used once the instructing and adjusting information have been provided.
Taylor, M., & Kent, M. L. (2007). Taxonomy of mediated crisis responses. Public Relations Review, 33, 140-146.
This article summarizes the best practices for using the Internet during a crisis and advocates more organizations should be using the Internet, especially web sites, during a crisis. The six best practices are: (1) include all your tradition media relations materials on your web site; (2) try to make use of the interactive nature of the Internet for your crisis web content; (3) provide detailed and clear information on web sites during for a product recall; (4) tell your side of the story on the crisis web site including quotations from managers; (5) when necessary, create different web pages for different stakeholders tailored to their interests in the crisis; and (6) work with government agencies including hyperlinks to relevant government agency web sites.
Ulmer, R. R., Sellnow, T. L., & Seeger, M. W. (2006). Effective crisis communication: Moving from crisis to opportunity. Thousand Oaks: Sage.This book is mix of lessons and case studies. Many of the cases focus on large scale crises or what some would call disasters. Large scale crises/disasters are unique because they require multiple agency coordination and are often managed by government agencies. Chapter 12 (pp. 177-187) on renewal as a reputation repair strategy after a crisis in unique and informative. Renewal focuses on optimism and an emphasis on moving to some new and better state after the crisis. Not all organizations can engage in renewal after a crisis. Renewal requires that an organization have performed ethically before the crisis and have had strong stakeholder relationships before the crisis.
Latresa McLawhorn Ryan knows well the havoc that COVID has reaped upon small businesses of color in the Atlanta area and believes the effects of COVID are likely to hang over these businesses for some time. She also knows that small businesses of color can bounce back if they get the right kind of assistance.
“We’ve lost a lot of businesses, some that were really anchors in their community,” said McLawhorn Ryan, executive director of the Atlanta Wealth Building Initiative, a nonprofit organization of community investors, advocates, and activists that supports Black-owned firms. She added that the casualties have included yoga studios, restaurants, and other businesses that rely on high traffic and face-to-face interaction. “It will take three to five years, depending on the sector, for businesses to recover from the impact of COVID.”
Because small businesses of color are an important driver of employment and asset building in their communities, the COVID-related business failures send a message throughout the community that perhaps it is more vulnerable to market forces, McLawhorn Ryan added.
The Federal Reserve Banks of Atlanta and Kansas City published a recovery guide in late 2020 to offer strategies that can help small businesses of color bounce back from the COVID crisis. The guide begins by discussing the state of small businesses of color before the COVID-19 pandemic, placing these firms’ challenges into historical context.
Entrepreneur-In-Residence Scott Shigeoka talks with economic experts and small business owners about overcoming hardships and their message of hope for recovery after COVID-19. Robert Brown, Sr. Director of Business Analytics at GoDaddy, breaks down Venture Forward, a multi-year study looking at the impact of micro and small businesses on the American economy. Resources for Small Businesses: Venture Forward study: https://www.godaddy.com/ventureforward Up-to-date info on COVID-19: https://www.cdc.gov
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A second section provides recommendations for communities looking to assist small businesses of color in the areas of credit and capital, education and training, policy, and community support. The final section shares tools for communities to develop an entrepreneurship network focused on small businesses of color.
Atlanta Fed president Raphael Bostic led a January 14 panel discussion with Southeast community leaders discussing ways to support small businesses. The webinar focused on the need to establish networks that can deliver resources and coaching.
Issue number 1 is funding
Janelle Williams, a senior adviser in the Atlanta Fed’s Community and Economic Development group who wrote the recovery guide with two Kansas City Fed advisers, said businesses owned by nonwhites face especially daunting challenges to regain their footing, with access to funding and credit topping the list.
“There are still structural barriers that limit small businesses of color from securing the capitalization needed to sustain and scale their businesses in a valuable way,” she said.
Much of the funds approved by U.S. lawmakers last year under the Paycheck Protection Program (PPP) to help businesses preserve employment did not reach the smallest companies and many firms owned by people of color. For example, a Federal Reserve Bank of New York analysis found that PPP loans were given to just 20 percent of eligible companies in states with the highest densities of Black-owned firms. In Fulton County, Georgia—which includes the city of Atlanta—a total of 20.8 percent of businesses received loans from the program. In Florida’s Miami-Dade County, just 15 percent of eligible firms obtained PPP funds.
In mid-January, a third round of PPP loans opened. Small business owners of color are hopeful that more funds will reach them this time. A portion of the $284 billion approved for small businesses in the December 2020 COVID relief legislation was set aside for firms with 10 or fewer employees and lenders that cater to underserved communities, including minority-owned banks and community development financial institutions.
Small businesses of color face barriers that make it harder to gain access to capital. They often lack relationships with traditional banks and access to social networks that could help them learn about and apply for available loans. Most entrepreneurs of color don’t have family wealth that could be used to start a business.
Other factors hinder the success of nonwhite small businesses. Williams noted research showing that in the six southeastern states that are part of the Atlanta Fed’s coverage area, small businesses of color are overrepresented in sectors such as food services and retail that have been particularly vulnerable during the pandemic because of required lockdowns, social distancing guidelines, and lower demand for goods and services.
“There is a need for a broader conversation around addressing barriers to entry for small businesses of color that seek to access higher-growth industries that are moderately insulated from market pressures,” Williams said.
Different approaches to financing
The tougher path to viability that small businesses of color face has been well documented. A 2017 report from Prosperity Now, a public policy nonprofit group, notes that deep and persistent patterns of racial discrimination against business owners of color have resulted in greater loan denials and higher interest rates for loans they do obtain. Those financing outcomes result in lower profit margins and limit the opportunities for businesses of color to build thriving enterprises.
The Reserve Banks’ recovery guide notes that the needs of small businesses of color call for financing methods that are nimbler and more accessible to help level the playing field. Those could include interest-free loans, loans with rates that start low and gradually rise, deferred payments and longer repayment time frames, and flexible underwriting terms. Many community organizations consulted in developing the recovery guide “shared that grants, forgivable loans, and patient equity capital will be needed” to help these businesses spring back, the report states.
Williams said the pandemic has challenged the funders that support small businesses of color to think about the kinds of financial assistance that would be meaningful and to understand that some types of aid may not help. “Small businesses of color already are debt averse, so asking them to incur additional debt is a challenge, especially when many rely on their personal income to stay afloat,” she said.
To address these issues, community stakeholders have begun to embrace alternate financing solutions, Williams said. She noted that philanthropic groups were offering program-related investments that provide capital at lower interest rates, while community development financial institutions were introducing funding products that include opportunities for credit enhancement.
The Atlanta Wealth Building Initiative launched a COVID relief fund last year that has provided money to at least 65 small businesses and 18 nonprofits, mainly located in the northwest, southwest, and southeast parts of metro Atlanta where residents’ health and personal income both suffered acutely. The program offers loans that include flexible terms, a six-month grace period, and 30 months of repayment. Through three rounds of grants and two rounds of loans to date, the nonprofit group has dispersed about $800,000 to Black-owned businesses, McLawhorn Ryan said.
The grants and loans have helped in many ways. One restaurant, for example, used a loan from the nonprofit to acquire a food truck that enabled it to sell in different communities and expand its customer base, she said.
“All of our loans were accompanied by specific technical assistance—it helps to have capital, but it also helps to have access to expertise to help think through how to get to the next stage or how to manage cash flow,” McLawhorn Ryan noted.
McLawhorn Ryan said it’s important for funding partners to keep offering funding and general support that will enable small businesses of color to recover and advance to the next phases of development, and she cautioned against a return to business as usual over the next few years.
“This is a new economy, and therefore it requires a new perspective,” McLawhorn Ryan said. “If we are intentional about creating inclusive products, inclusive opportunities for businesses to thrive and survive during this time, we have to be dedicated to the tools that are needed to create a truly equitable environment.”
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Economies throughout the Americas are tightly linked, and understanding those linkages is vitally important. Economy Matters looks at the work of the Atlanta Fed’s Americas Center, which furthers our understanding of these relationships.
Before the U.S. housing market grabbed the headlines, Atlanta Fed economist Scott Frame devoted himself to intensely studying it. Economy Matters looks at Frame’s work and what led him to his professional path.
Taking the pulse of businesses and attempting to divine the future from the findings is an exacting business. In this Economy Matters article, the Atlanta Fed’s director of surveys discusses the craft of constructing useful surveys.
Budgeting is rarely easy, and decisions, especially for young adults, can have lifetime implications. Economy Matters looks at the choices involved in saving for retirement while paying off student loans.
Los presupuestos rara vez son fáciles, y las decisiones, especialmente para los adultos jóvenes, pueden tener implicaciones de por vida. Economy Matters analiza las opciones de ahorro para la jubilación mientras paga los préstamos estudiantiles.
Understanding an increasingly complex economy requires increasingly powerful tools. Economy Matters looks at the research of Atlanta Fed economist Nikolay Gospodinov, who is committed to supplying them.
Industry regulators often return to work in the industries they had overseen. This episode of the Economy Matters podcast talks to an economist about approaches that have been successful (or not so successful) in remedying the revolving door.
What is the cost of rising unemployment to a family? The Economy Matters podcast talks to an Atlanta Fed economist about her new research that seeks to find out.
What is the financial consequence to people when they lose public health insurance? An episode of the Economy Matters podcast looks at new Atlanta Fed research that attempts to quantify the effects.
About half of Americans over 50 will stay in a nursing home at some point. Yet only about 10 percent of those over 65 have long-term care insurance. Atlanta Fed economists are researching this and other puzzles in U.S. health insurance.
After an extended period of relative stagnation, wages have been showing signs of growth. This episode of the Economy Matters podcast discusses recent wage trends and how the Atlanta Fed views wage behavior.
Everyone knows that money woes can prey on one’s mind. But what about on one’s health? Economy Matters looks at recent Atlanta Fed research that explores the impact of delinquent debt on mortality.
Once off limits to U.S. tourists for decades, Cuba is now luring growing numbers of American visitors. But a number of questions loom, and the answers to them will determine if this growth will continue. Economy Matters looks at the perspective of Cuba experts to learn more.
It’s no surprise that carrying unmanageable debt is stressful. But can it also bring adverse health effects? The Economy Matters podcast features an Atlanta Fed economist who looked into the question.
After a decade at the helm of the Atlanta Fed, Dennis Lockhart is preparing to step down as president and CEO. In this Economy Matters podcast episode, Lockhart looks back at his time leading the Bank.
The problem of financial institutions whose distress would be large enough to imperil the larger economy has vexed policymakers for decades. The Economy Matters podcast looks at some of the challenges involved in solving too big to fail.
Today’s labor market poses numerous questions for economists. Economy Matters looks at some of these questions and considers the good news they portend, as well as the not-so-good news.
When low-skill immigrants arrive in the United States, and middle-skill jobs are offshored, how are wages affected? An episode of the Economy Matters podcast looks at research into the question.
The Chinese economy—the world’s second largest—is of broad interest to economists and many others, and efforts to better understand it are numerous. This episode of the Economy Matters podcast talks to Atlanta Fed economists who have worked to provide clearer data about China’s economy.
This final article in a three-part series in Economy Matters looks at trade flows between China and the rest of the world, comparing them with the trade flows of the United States. How have these patterns changed over time and across what types of goods?
Este último artículo de una serie de tres partes publicado en Economy Matters aborda el flujo comercial entre China y otros países del resto del mundo, y lo compara con el flujo comercial de Estados Unidos. ¿De qué manera han cambiado estos patrones comerciales a través del tiempo y con respecto a los tipos de bienes?
Este último artigo de uma série de três da Economy Matters examina os fluxos comerciais entre a China e o resto do mundo comparando-os aos fluxos comerciais dos Estados Unidos. Como esses padrões de comércio mudaram ao longo do tempo e entre quais tipos de mercadorias?
A China é a segunda maior economia do mundo, mas ainda é desafiador entender totalmente sua economia. Uma equipe de economistas do FED de Atlanta está trabalhando para abreviar esse desafio. Economy Matters conversou recentemente com a equipe sobre este trabalho.
China’s growing economy has increasing influence on the economy of the United States. Economy Matters talks to some Atlanta Fed economists who are working to better understand China’s economic data.
China es la segunda mayor economía del mundo pero entender su economía es un desafío. Un equipo de economistas de la Fed de Atlanta está trabajando para dilucidar este desafío. Economy Matters conversó recientemente con ellos acerca de su trabajo.
The housing crisis made clear that not all mortgage bonds are equally good investments. But what can we learn today from how mortgages are offered for sale as investments? The Economy Matters podcast talks to an Atlanta Fed economist to find out.
The Atlanta Fed is home to a Research Data Center (RDC), which gives qualified researchers access to data available in few other places. In this Economy Matters podcast episode, Julie Hotchkiss, director of the Atlanta RDC, discusses how the facility enables research that otherwise would not be possible.
Just as the economy has evolved over many decades, so too have the ways economic activity is measured. What was once perhaps a key metric might now be only a marginally useful vestige in an economist’s toolbox. Economy Matters looks at some newer tools and how they help assess the economy.
All businesses seek the right hires, but for a small business, having the right employees is arguably even more crucial. The fifth and final installment of Economy Matters‘ Gazelle Project talked to some founders of gazelles—or fast-growing small businesses—about the role of hiring in establishing and building a business.
The number of Americans 65 and older will increase by 66 percent over the next two decades. This article offers highlights of a recent ECONversations webcast in which two Atlanta Fed research economists discussed the economic and fiscal implications.
The surge in the population of older Americans is fueling the growth of “senior living facilities” to house this population. Economy Matters looks at this nascent industry.
¿Cuánto importa y exporta China en los mercados globales y que tipos de bienes intercambia? La segunda entrega de una serie de tres partes de Economy Matters describe el comercio entre China y el resto del mundo en las últimas décadas.
How much does China import and export globally and what types of goods are exchanged? Economy Matters charts China-world trade over the past few decades in the second of a three-part series.
Quanto a China importa e exporta globalmente, e que tipos de mercadorias são comercializadas? A segunda parte da série de três artigos da Economy Matters faz um mapa da participação chinesa no mercado mundial nas últimas décadas.
The European Central Bank loosened monetary policy to boost the euro area economy. But that brings economic risk, said a German central banker at a recent luncheon at the Federal Reserve Bank of Atlanta. Economy Matters offers highlights of his presentation.
Medical demands of the increasingly aging population will boost the health care and social assistance sector, contributing substantially to the U.S. labor market. This Economy Matters article investigates where the jobs will be and looks at the balance between aging patients and an aging workforce.
If you remember the job you held as a teenager, you might be part of a dwindling group. Fewer teens are entering the labor force today, and Economy Matters looks at some of the factors behind the decline.
Soon after the release of Michael Lewis’s book The Big Short, some Fed economists wrote an analysis of the book for the Atlanta Fed’s Real Estate Research blog. Read about them here.
Founders of small businesses always have a vision for what they want to achieve, but they don’t always have all the answers. Economy Matters talked to some founders of gazelles—or fast-growing small businesses—about the role of mentors in establishing and building a business.
By some calculations, labor resource utilization rates across the United States still have not returned to prerecession levels. But according to this story in Economy Matters, the Atlanta Fed’s ZPOP measure paints a brighter picture.
Regionally, the real estate sector has been important to the economy and has acted as a bellwether for other sectors, such as employment. In the new episode, two Atlanta Fed experts discuss real estate—and whether we’re in a new bubble.
With the U.S. labor force aging and baby boomers moving into retirement, pensions have garnered much attention in recent years. Economy Matters spoke with an Atlanta Fed pension expert about the challenges and opportunities ahead.
Soon after the release of Michael Lewis’s book The Big Short, some Fed economists wrote an analysis of the book for the Atlanta Fed’s Real Estate Research blog. Read about them here.
Just as every picture tells a story, numbers can also be quite telling. Economy Matters has selected a few interesting integers about the trade relationship between the United States and China.
Quão atrelado ao desempenho econômico da China está o desempenho da economia dos EUA e o desempenho das economias em todo o mundo? Esta primeira parte de uma série de três artigos da Economy Matters lança uma luz sobre essa questão.
How tied up in China’s economic performance is the performance of the U.S. economy and the performance of economies around the world? This first installment of a three-part series in Economy Matters sheds some light on this issue.
Cuál es el grado de asociación de la actividad económica en China y el desempeño de la economía Estados Unidos y del resto del mundo? Esta primera entrega de una serie de tres partes en Economy Matters arroja algo de luz sobre esta cuestión.
In a recent speech, Atlanta Fed President Dennis Lockhart observed a number of improving economic barometers. Can a monetary policymaking move be far behind? Economy Matters summarizes his remarks.
Setting monetary policy requires an understanding of current conditions, but it also takes into account how policy changes reverberate down the road. Economy Matterslooks at recent remarks by Atlanta Fed President Dennis Lockhart about considerations that go into the policymaking process.
Since its 2014 debut, the Atlanta Fed’s GDPNow tool has compiled an impressive track record in estimating changes in the gross domestic product. In this episode, Atlanta Fed economist Pat Higgins, the creator of GDPNow, discusses the tool, how it works, and some of the challenges involved in measuring the economy.
Founders of small businesses face innumerable challenges, chief among them financing. Economy Matters talked to some founders of gazelles–or fast-growing small businesses–about how they financed their endeavors and how financing affected their business strategies.
Mexico, one of the largest trading partners of the United States, has been experiencing significant economic changes. A representative of Mexico’s central bank recently visited the Atlanta Fed to discuss some of them, and Economy Matters recaps his remarks.
There are as many reasons for founding a business as there are businesses. Economy Matters talked to some founders of gazelles, or fast-growing small businesses, to learn their reasons for setting out on their own.
The Dutch bank florin—the dominant currency in Europe during much of the 17th and 18th centuries—lost its reserve currency status during the period 1781–92. In this Economy Matters podcast, Atlanta Fed economist Will Roberds talks about the rise and fall of the currency and what lessons it holds for today’s central bankers.
Some economists have been fretting about the declining labor force participation rate. But how big a source of concern should it really be? Economy Matters looks at a recent examination of some trends to draw conclusions.
If a young person gets a raise at work, could the extra money lead to increased reckless behavior such as drinking and driving? A new Economy Matters podcast discusses Atlanta Fed research into the question.
Setting monetary policy requires an understanding of current conditions, but it also takes into account how policy changes reverberate down the road. Economy Matters looks at recent remarks by Atlanta Fed President Dennis Lockhart about considerations that go into the policymaking process.
Gross domestic product, or GDP, is an important measure of the economy’s health. However, official figures are released with a delay, posing challenges in gauging current conditions. Economy Matters explores the Atlanta Fed’s GDPNow model, which provides several real-time forecasts each month.
Economists often base decisions on efficiency, but does this sort of decision making consider its gender impact? Economy Matters sat in on a recent talk by an academic who discussed the question.
Could government-issued and privately issued electronic money coexist? Based on the 1914 to 1934 experience in the United States, the answer is yes, according to an Atlanta Fed working paper. Economy Matters summarizes the paper.
More than three-quarters of all part-time workers in the United States choose to work fewer hours. The remaining quarter are involuntary. Economy Matters tells you who the part-timers are and their reasons for working part-time.
Young, high-growth companies—sometimes known as gazelles—have traditionally been an important source of job creation, but the number of U.S. start-ups is in long-term decline. Economy Matters looks at the impact a diminishing herd of gazelles could have on the employment market.
Track your own personalized level of inflation with myCPI, a new calculator from the Atlanta Fed that tailors the U.S. inflation measure to individual circumstances. Economy Matters introduces this tool for the “armchair economist.”
When the U.S. housing market swooned in 2008, the housing agencies Fannie Mae and Freddie Mac became distressed and entered into a government conservatorship that was intended to be temporary. In this Economy Matters podcast, Atlanta Fed economist Scott Frame discusses the circumstances leading to the ongoing conservatorship.
Conceptually creative people do dramatic things, while experimentally creative people just keep working away, eventually accomplishing great things. Economist David Galenson posits two types of creativity, and argues for more research.
Healthy wage growth has been an important missing ingredient in an otherwise strengthening economy. But recently, the Wage Growth Tracker, a new tool from the Atlanta Fed, showed a sharp rise in wages. Economy Matters introduces this tool for the “armchair economist.”
Atlanta Fed research director Dave Altig recently sat down with Economy Matters to discuss productivity, technological innovation, and the reasons he feels optimistic about the future of the U.S. economy.
All eyes have been on the Federal Open Market Committee as the central bank’s main policymaking body considers when to raise the federal funds rate for the first time since 2008.
Not many people get the opportunity to sit in on a meeting of the Federal Open Market Committee. But in this debut Economy Matters podcast, Atlanta Fed President Dennis Lockhart, a voting member of the FOMC, takes us behind the scenes, describing how participants conduct deliberations, reach consensus, and cast votes on setting national monetary policy.
Wage growth matters to the Fed. Wages and broader labor costs are crucial to both components of the central bank’s dual mandate: price stability and maximum employment.
Through 2014, a range of indicators suggested that the underutilization of labor market resources gradually diminished. But how much labor market slack remains?
Every business has to start somewhere, and most start with one employee. New Atlanta Fed research—summarized in this Economy Matters article—looks into how these firms—known as nonemployers—obtain financing.
Jurgen Appelo is a software engineer, trainer, entrepreneur, author, speaker and traveler, who has been driving agility in companies. One of his works, “ Management 3.0 ” , condenses a team management methodology so that they can survive amid chaos and fragility.
This model, based on Edgar Morin’s so-called complexity theory, is based on the notion that a system – a company, a government, a project – is not feasible to analyze as a mere sum of its component parts; rather, it is the relationships and interactions that give it meaning and momentum. To graph this, imagine a network, with interlocking threads connecting each component. These threads are the facts, actions, decisions, and interactions that make up the world.
That is why management has been seen for several years as a system of networks and people, of dynamic relationships, and not only about areas or departments, profits and processes. It is a living system, not machines that systematically replicate the same result.
Principles for energizing and developing talent
In its 3.0 model, Appelo shares several principles that serve to support the work of leaders and teams in today’s changing world. Here are some of them:
1. Energize people
To achieve this, it is necessary to know what it is that motivates them and that is part of their life purpose: the more consistent it is with the purpose of the organization, there will be a greater individual commitment and team cooperation. For the psychologist and professor Edward Deci, there are two types of motivations:
Extrinsic: stimuli that are provided from outside the person (for example, a performance bonus, constant congratulations from the leader, etc.).
Intrinsic: those stimuli that are internal and relevant to the person, even when it is not their primary goal (for example, a project in charge). However, if you find a meaning, a why in what you do, you connect better and there is your own reward.
Author Daniel Pink offers a similar look at intrinsic motivation in his book “Drive”, where he affirms that most people are moved more by this type of impulse than by extrinsic. In other words, in the end and in essence, people care more about satisfaction than external rewards, although they should not be lacking, and he explains that there are three factors that new management leaders need to take into account to boost talent: mastery -the desire of each one to be better in what is important to him-, autonomy -the impulse to guide his own life-; let me mention self-leadership-; and purpose – intention to serve something greater than ourselves.
2. Empower teams
To achieve this, the author of Management 3.0 points out that it is entirely possible for each team to organize itself, if it has the confidence of the leaders.
At this point, it is essential that those who lead people focus on doing their job and not on micro-management and that teams participate in collective decisions on relevant issues. In addition, it is necessary for everyone to understand that they are part of a joint system, and not the mere sum of individualities, and that the knowledge of market needs is not in the hands of a single person, but that there is a broader perspective of their needs.
To empower, there are four lines of action that are strategic to generate relationships of trust:
Let the leader trust his team.
Let the team trust their leader.
Let team members trust each other.
Let the leader trust himself.
3. Development of skills
We already know that it is difficult for any company to achieve results if its members are not trained; and the leaders are responsible for enabling the conditions for this process to take place. Some ways are:
Leading by example: living what is preached.
Promote self-learning: appreciate personal maturing time.
Coaching and mentoring: as transversal support and support tools throughout the organization.
Training and certification: to raise standards against the competition.
Collaborative learning: internal development, where everyone learns from each other.
Learning from error: doing retrospectives and tests in controlled environments.
Measure the results: feedback in the shortest possible cycles; use of keeping metrics on information radiators; indicators agreed between those who participate.
Smaller teams: the author recommends no more than 10 to 12 people.
4. Improve everything and observe the team environment
It is key in the management 3.0 model to focus on real continuous improvement, for which it is necessary to facilitate change processes and model the natural resistance that may appear.
Some suggestions for leaders are to observe the team environment, what they need, and let it be known that you are available; find cracks or faults and go to their roots to promote solutions that the team implements; define clear and specific goals and have great communication skills, a key factor of every good manager.
Also, incentivize defining small victories or milestones that energize people; review achievements and not just failures; and it is also essential to recognize people.
The implementation of this leadership style implies a cultural change in companies that is not necessarily rapid, although it can be agile, if you have the conviction and vision to carry it out.
Ultimately, it depends on each company how far they want to go and on each leader, how much they want their teams to develop. Two questions that only they can answer.
Many teams use Mind Maps to explore certain topics. Similarly you can use Personal Maps to explore your team itself. Personal Maps facilitate team collaboration and bonding in a rather distant world. With this video, you will learn how to use Personal Maps to break down the barriers of cubicles and longer distances, and then you may even learn how silly you were when you thought you had nothing in common! Here you can learn more about this Management 3.0 Workout: https://management30.com/product/work… Here’s a trick, instead of presenting your own, spark conversations by presenting each other! What are you waiting for? Try this 7-minute exercise out and tell us below how it went!
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People are tired. Between a global pandemic, economic crisis, social unrest, & political upheaval, the past year has been physically and emotionally draining for just about everyone, and perhaps most for essential workers.
Across industries, workers struggling with pandemic fatigue are facing burnout more than ever. For leaders, keeping these employees engaged and motivated is a challenge in itself. While some leaders are turning to incentives like gift cards and cash to help support employees, others are taking a softer approach, investing in relationships and focusing on workplace communication.
Money Talks
When the pandemic began, the hospitality industry fell off a cliff, says Liz Neumark, founder and CEO of Great Performances, a catering company in New York City. She knew keeping everyone employed would be difficult until her business could find another source of revenue apart from events, which eventually came in the form of preparing meals for essential workers and people unable to quarantine at home. While some of her employees, such as those in sales or event production, saw salary reductions, chefs, kitchen staff, and other employees making food for essential workers kept their full salaries and got help with transportation as well.
The founders of P. Terry’s, an Austin, Texas-based fast-food restaurant chain, give employees gift cards and cash to help pay for groceries and offer them interest-free loans. They also incentivize employees to participate in community and civic causes, including paying hourly wages for volunteer work.
Justin Spannuth, chief operating officer of Unique Snacks, a sixth-generation, family-operated hard pretzel maker in Reading, Pennsylvania, increased hourly wages by $2 for all 85 of his employees. The company also hired additional temporary employees to provide a backup workforce. Spannuth says the move helped persuade employees with possible symptoms to stay at home by easing the guilt that employees can have about not coming in and potentially increasing the workload on their colleagues.
“The last thing we wanted our employees to do was get worn out from working too many hours and then have their immune system compromised because of it,” says Spannuth.
Helping Employees Connect
Andrea Ahern, vice president of Mid Florida Material Handling, a material handling company in Orlando, Florida, says it was difficult to keep morale up when the business was clearly struggling; employees were uncertain about the company’s future, and their own. To help ease the stress, the company held a wide array of picnic-style meals in the company’s parking lot. It was a light distraction that still followed Centers for Disease Control and Prevention guidelines. Now, she says, morale has started to rise.
“With the release of the vaccine and the so-called ‘light at the end of the tunnel,’ we’re starting to see the industry get a lift in activity, and associates feel good when they know their jobs aren’t at risk. However, it wasn’t always this way.”
These kinds of events can, of course, also take place virtually. Company leaders across industries are encouraging staff to treat Zoom as a virtual water cooler. But while casual online gatherings after work can help colleagues maintain friendly relationships, they can also contribute to “Zoom fatigue”–the drained feeling that comes after a long day of video calls, which often require more concentration than in-person meetings.
Matt McCambridge, co-founder and CEO of Eden Health, a primary/collaborative care practice based in New York, says while his teams hold regular virtual water coolers, they switch it up. For example, the company hosted an interactive “dueling pianos” virtual event over the holidays, as well as a magic show.
Better Communication From the Top
Communicating support work-life balance at a time when many people are remote and facing trauma is critical. Neumark notes that when her catering company was pivoting and in the process of providing hundreds, if not thousands, of meals, the team was relying mostly on sheer adrenaline. Months later, now that the novelty is gone and fatigue has fully set in, the boundaries she set are crucial.
One rule, for example, is weekends off, unless there’s an urgent, unavoidable request. “The weeks are still so intense, and people need their private time right now,” says Neumark.
It’s essential that leaders understand the issues their employees may be facing and not try to gloss over them, says Dr. Benjamin F. Miller, a psychologist and chief strategy officer of Well Being Trust, a foundation aimed at advancing mental and social health. “When your boss is pretending that everything is OK, it doesn’t create a conducive work environment for someone to talk about having a bad day,” says Miller. That’s one reason virtual water coolers often fail, he notes. While they’re great at getting people together, there’s little benefit if people can’t speak openly and honestly.
It’s also OK to tell employees that you, as a leader, are not having an easy time. Showing vulnerability doesn’t show weakness, Miller adds. You’re setting an example that shows that it’s OK to be honest and acknowledge that not everyone is not having the best time. If you aren’t aware that someone is in a crisis, he says, you may lose the opportunity to reach out to that person and help.
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