Demystifying the Downturn: Explore the Global Recession Hub

The Conference Board team is closely tracking the rising risk of recession in key economies across Europe, Asia, and the Americas. In the US, we’re now expecting to enter a downturn before the end of the year—yet this may be a recession unlike any in recent memory.

To stay ahead of the US and international situation, wherever it may turn, visit The Conference Board Global Recession hub—your indispensable, 360° guide for making sense of mixed signals and navigating the uncertainty ahead.
 
The hub brings together resources of a depth and breadth that only The Conference Board can provide. Explore our latest insights in key topic areas, including the economy, human capital, ESG, marketing and communications, and public policy.

Access the Global Recession hub »

What Makes Successful Public-Private Sector Collaboration? A Conversation with Marc Casper, CEO of Thermo Fisher Scientific

Faced with unprecedented crises, private and public sector leaders today have a daunting challenge: taking decisive, rapid action despite an incomplete picture of the current situation and a future rife with uncertainty. In a recent interview, Marc Casper, Chairman, President, and CEO of Thermo Fisher Scientific, reflected on lessons from the COVID-19 response, in an effort to prepare the nation for future crises. Governments that articulated what they were trying to accomplish, instead of dictating the solutions, unlocked a heightened level of creativity among their private sector counterparts. The conversation was moderated by Dr. Lori Esposito Murray, President of the Committee for Economic Development, the public policy center of The Conference Board (CED).

Why It Matters For both governments and businesses, addressing a challenge of the pandemic’s magnitude was new territory. Governments that approached the task with an open mindset, and gave businesses the freedom and flexibility to innovate, inspired those businesses to think bigger and problem-solve more effectively. Ultimately, this approach drove the most significant impact for society and is applicable to today and tomorrow’s ever-changing crises. 

Casper is a 2022 CED Distinguished Leadership Awards recipient.

Listen to or watch the conversation »

Recessionary Times Call for a Heightened Focus on Human Capital Analytics

We haven’t yet seen the classic human capital indicators predicting a recession—a rise in part-time employment, declining job openings and attrition rates, and rising unemployment. However, economic indicators predict a recession is coming. 

Against this backdrop of mixed signals, organizations need to ensure the optimum impact of every budget dollar. How can HR professionals understand if their program choices are generating value? By employing human capital analytics in HR decision-making. Such analytics can improve human capital ROI by close to three times that of organizations that don’t base their HR policy and program decision-making on data-driven evidence; improve human capital efficiency by up to 15 percent; and enhance profitability by up to 25 percent.

Why It Matters During a recession, it’s critical that all functions contribute to economic value-creation—and nowhere can this be better leveraged than HR. Using data analytics can drive better decision-making, generating more value and impact for the same investment. Understanding the economics of human capital impact may be the most important way to address the coming recession and put your organization on a sustainable course.

Read the report »

Chart of the Week

US Consumers Now Want Corporate Attention on Equitable Pay and Health Care 

Up to two-thirds of US consumers are satisfied with key corporate initiatives focused on giving back to society—and believe corporate actions match promises, according to the most recent Multicultural Consumer Survey by The Conference Board. Consumers are most satisfied with corporate initiatives relating to diversity in advertising, partnerships with diverse-owned companies, and providing equal access to education. 

Now, US consumers want companies to focus on equitable pay for all employees regardless of their cultural background and on creating equitable health care access—ahead of other social and environmental issues. For Asian consumers and those aged 55+, a focus on equitable pay is particularly important.

Why It Matters Calls for equitable pay may only get louder as society, especially younger generations, place growing emphasis on DEI. Focusing on these areas can also boost product purchases. As revealed in prior research, employee-related practices, including labor conditions, are among the top sustainability features driving purchasing decisions. Thus, if communicated well, a focus on employee equality and well-being, reflected in equitable pay, among other factors, can both improve a company’s reputation and drive sales.

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Routine Check-Ups Can Help Prevent the Stain of Greenwashing

Boards and senior management should be conscious of the full range of types of greenwashing. They should not just view greenwashing as a matter of communications, but treat it as a matter of business ethics. The shades of greenwashing include, from darker to lighter: 1) claiming something is good for the planet when it is not; 2) claiming or leaving the impression that it is better for the planet than it really is; 3) focusing on the green aspects to the exclusion of others; and 4) making assertions without evidence that others can evaluate.

Why It Matters Greenwashing is a form of risk affecting all types of firms: public, private, and non-profit. It comes with serious financial consequences, including regulatory sanctions, litigation, and loss of revenue stemming from a loss of trust. While one cannot fully immunize a firm from all greenwashing claims, it can help to consider whether stakeholders would have a reasonable basis for claiming greenwashing and then conduct a cost/benefit analysis of how much disclosure to provide. Given that sensitivity to greenwashing is rising, it’s wise to conduct that assessment on a regular basis.

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QUOTABLE

“You learn as much by not being successful sometimes in a role, as you did by being successful.” 

— Holly Gagnon, Co-CEO and chairperson of Artemis Strategic Investment Corporation, and Trustee of both The Conference Board and its public policy center, the Committee for Economic Development. Tune into Holly’s conversation on career variety, in the latest episode of CEO Perspectives.