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US payrolls plunge by 20.5 million jobs; unemployment climbs to 14.7%
Seth Sandronsky Business Management, Services & Risk ManagementAttempts to contain COVID-19 led the U.S. economy to shed 20.5 million nonfarm jobs in April versus March's employment loss of 701,000. April's unemployment rate spiked to 14.7% from 4.4% in March. In April, job losses hit all sectors, notably hospitality and leisure payrolls. "Today's report is more than ten-fold worse than the previous all-time high of 1.95 million job losses in September 1945,” Andrew Stettner, senior fellow at The Century Foundation, said in a statement.
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5 key changes that will make your business more resilient
Victoria Fann Business Management, Services & Risk ManagementDuring the pandemic, the businesses that have been hit the hardest were nonessential businesses dependent on physical customer contact. This has forced many of these businesses to take a good hard look at their business model. Before, they may have been vulnerable to a natural disaster, but few ever expected that a pandemic would forcefully close their doors. What's being discovered is that it’s become necessary to let go of many of the old ways of doing things and even pivot when necessary, which may mean that a business may resemble nothing of its former self. So, what does that look like?
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Pandemic sheds light on weak links in inventory strategies
Gail Short Distribution & WarehousingIn the weeks after COVID-19 began sweeping across the United States, the pandemic succeeded in revealing chinks in the country’s retail and manufacturing supply chains. Many factories and retailers use an inventory system called the just-in-time (JIT) method to save on costs and, in the case of factories, to support lean manufacturing practices. But in light of the recent disruptions to supply chains due to the coronavirus pandemic, some experts say it is time to review current supply chains and inventory processes like JIT.
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Food supply chain comes under tremendous pressure due to COVID-19
Bambi Majumdar Food & BeverageTyson, one of the world’s leading meat processors, suspended operations at its largest pork processing plant in Waterloo, Iowa, on April 22. Earlier, Smithfield Foods, the largest pork producer in the world, announced the closures of plants in Wisconsin, South Dakota, and Missouri. Both companies decided to close facilities after COVID-19 outbreaks among their workers. Speaking to the closure and the crisis, John Tyson, chairman of Tyson Foods, warned Americans on April 27 that the food supply chain is breaking.
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Can pandemic-surviving shopping malls actually thrive?
Terri Williams RetailThe coronavirus pandemic has hit U.S. shopping malls particularly hard. Shopping malls — by definition and function — have numerous stores in close proximity to each other. Typically, that creates a convenient shopping experience, as consumers can easily travel from one store to the next. But in our current environment, proximity is a negative attribute. Can shopping malls survive the pandemic and actually prosper on the other side?
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Be careful issuing bonuses to nonexempt workers who keep working during…
D. Albert Brannen Business Management, Services & Risk ManagementEmployers who are working hard to stay open during the COVID-19 pandemic are looking for innovative ways to reward and recognize employees who are going "the extra mile" and continuing to work despite the invisible threat of the virus to their safety. Employers who choose to use special bonuses or other lump sum payments need to be aware that bonus payments should be included in the calculations for determining how much overtime is due to nonexempt employees.
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Amid pandemic, small businesses eye budget realignment
Kevin Reynolds Business Management, Services & Risk ManagementEven as Congress and the White House recently approved another $310 billion for the Paycheck Protection Program, many small business owners are feeling it is not enough. Unemployment has reached its highest level in nearly 100 years, and small businesses believe it will be on themselves to stay afloat more so than any federal aid package. "It's probably actually more frustrating today than it was on April 3," Robert Fisher, president and CEO of Tioga State Bank in Spencer, New York, said in an interview with Forbes.
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Design’s role in the coming recovery
Lloyd Princeton Interior Design, Furnishings & FixturesNobel laureate in physics Nils Bohr wisely observed, "Prediction is very difficult, especially if it's about the future." With so many things in flux at the moment, it is pointless to try to predict what will happen in the coming months or years as countries around the world seek to recuperate from the effects of the COVID-19 pandemic. I do think, however, it is useful as a means of preparation to consider what recovery may look like and how interior design can help to facilitate the transition to whatever the new normal will be.
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5 predictions for the new future of spas
Elizabeth Donat RetailAs we look forward to getting back to work at our spas and salons, it's important to think about what that will look like in light of closings due to the pandemic. We've been thrust into a contactless society, so how will that translate to the up-close-and-personal relationships that we have with our clients in our spas when we reopen? How will we keep staff and clients safe? How can we instill trust and thrive once again?
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President Trump signs Paycheck Protection Program 2.0
Seth Sandronsky Business Management, Services & Risk ManagementOn April 24, President Trump signed a second Paycheck Protection Program (PPP) of $484 billion to aid an economy that is shrinking sharply from the COVID-19 pandemic. In the past 35 days, as leisure, hospitality and retail businesses have closed across the U.S., over 24 million workers have filed claims for unemployment insurance. According to the president’s Twitter account, PPP 2.0 includes $310 billion to replenish the small business PPP, $75 billion for hospitals and $25 billion for COVID-19 tests.
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