Source: Lisa Rabasca Roepe, SHRM, All Things Work, February 6, 2021
….Corporate America’s current efforts to increase diversity are failing, according to a 2019 study by Coqual (formerly the Center for Talent Innovation) in New York City.
Protests over George Floyd’s killing at the hands of police last year called attention to systemic racism. Some corporate executives have publicly condemned racism and promised to do better.
But for change to happen, they’ll have to look to their own internal processes, experts say. Black individuals make up 13 percent of the U.S. population but account for only 8 percent of employees in professional roles. Black professionals hold only 3.2 percent of all executive or senior leadership roles and less than 1 percent of all Fortune 500 CEO positions.
Black professionals may be represented in corporate offices, but they’re not being welcomed and included, the study found. As a result, companies are at risk of losing them, along with their significant talents and valuable perspective that companies need to help innovate and serve an increasingly diverse customer base….
Source: Nana Amma A. Acheampong, Compensation & Benefits Review, Volume 53 Issue 2, April 2021
From the abstract:
Generation Z is the youngest and newest entrants into the workforce. However, confusion about their characteristics, work values, and reward preferences hinders effort to attract, recruit, and retain this generational cohort into public sector organizations. Accordingly, this study investigates effective reward strategies for recruiting and retaining Generation Z into public sector organizations. I used an evidence-based research approach and an aggregative systematic review as the study methodology. The evidence curated from 32 studies reveals how the background and life experiences of Generation Z influence the importance they assign their work values, reward preferences, and how they prioritize rewards in terms of their employment decisions. Additionally, gender also influenced the importance Gen Z assigned to specific rewards. Overall, Gen Z’s strong attractiveness to specific extrinsic and intrinsic rewards makes public sector organizations a likely employer of choice and offers managers a viable strategy for attracting, recruiting, and retaining the youngest generational workforce.
Source: Salomon Alcocer Guajardo, Compensation & Benefits Review, Volume 53 Issue 2, April 2021
From the abstract:
This study assesses whether the theoretical compensation framework used to explain differences in public sector pay among full-time federal and state employees may also explain differences in pay at a local government level. In doing so, this study uses ordinary least squares (OLS) regression to test the application of the theoretical framework to a specific local government. Robust and quantile regression models are used subsequently to validate the findings obtained by the OLS model. The findings reveal that the covariates used to explain differences in compensation among full-time federal and state employees have similar effects at a local governmental level. While the OLS statistical model explains 26% (R2 = .26) of the variance, the robust regression model explains 39% (R2 = .39) of the variance. The percentage of variation explained by the quantile statistical models ranges from 14% (pseudo-R2 = .14) to 50% (pseudo-R2 = .50).
Source: Robin L Prunty, S&P Global, January 29, 2021
Active management has supported credit quality. Across sectors, the pandemic and associated economic and fiscal pressures have been actively managed, and that has supported credit quality, but the magnitude and duration of this crisis will contribute to credit pressure for many.
The health and economic recoveries will continue to be uneven. Different state and local protocols to manage the pandemic and the vaccine rollout continue to influence the economy generally and consumer demand–especially for transportation and higher education—in particular.
Federal policy will influence credit trajectory. A new administration will mean a new policy and funding priorities in key areas, which will influence sectors in different ways. In addition to general fiscal and monetary policy, issues such as stimulus funding, health care initiatives, regulatory changes, and prospects for a funded infrastructure initiative are key things we are watching for 2021.
Source: Suresh Naidu, Aaron Sojourner, Roosevelt Institute, December 2020
From the abstract:
As the COVID-19 recession continues and the pandemic worsens, millions of people have lost their jobs and are at risk of long-term unemployment. Policymakers and practitioners looking for strategies to address long-term unemployment are turning to workforce training and development programs to help workers rebuild their skills. Yet training programs that focus on skills learning without addressing underlying labor market power dynamics between employers and workers can perpetuate existing inequalities.
Source: Laura Kurth, Megan Casey, Brian Chin, Jacek M. Mazurek, Patricia Schleiff, Cara Halldin, David J. Blackley, American Journal of Industrial Medicine, Early View, First published: January 11, 2021
From the abstract:
Workers’ compensation claims among Medicare beneficiaries have not been described previously. To examine the healthcare burden of work‐related injury and illness among Medicare beneficiaries, we assessed the characteristics, healthcare utilization, and financial costs among Medicare beneficiaries with claims for which workers’ compensation was the primary payer.
We extracted final action fee‐for‐service Medicare claims from 1999 to 2016 where workers’ compensation had primary responsibility for claim payment and beneficiary, claim type, diagnoses, and cost information from these claims.
During 1999–2016, workers’ compensation was the primary payer for 2,010,200 claims among 330,491 Medicare beneficiaries, and 58.7% of these beneficiaries had more than one claim. Carrier claims submitted by noninstitutional providers constituted the majority (94.5%) of claims. Diagnosis codes indicated 19.4% of claims were related to diseases of the musculoskeletal system and connective tissue and 12.9% were related to disease of the circulatory system. Workers’ compensation insurance paid $880.4 million for these claims while Medicare paid $269.7 million and beneficiaries paid $37.4 million.
Workers’ compensation paid 74% of the total amount to providers for these work‐related medical claims among Medicare beneficiaries. Claim diagnoses were similar to those of all workers’ compensation claims in the United States. Describing these work‐related claims helps identify the healthcare burden due to occupational injury and illness among Medicare beneficiaries resulting from employment and identifies a need for more comprehensive collection and surveillance of work‐related medical claims.
Source: Christopher Carlsten, Mridu Gulati, Stella Hines, Cecile Rose, Kenneth Scott, Susan M. Tarlo, Kjell Torén, Akshay Sood, Rafael E. de la Hoz, American Journal of Industrial Medicine, Early View, First published: January 24, 2021
From the abstract:
The impact of coronavirus disease 2019 (COVID‐19) caused by the severe acute respiratory syndrome coronavirus 2 permeates all aspects of society worldwide. Initial medical reports and media coverage have increased awareness of the risk imposed on healthcare workers in particular, during this pandemic. However, the health implications of COVID‐19 for the global workforce are multifaceted and complex, warranting careful reflection and consideration to mitigate the adverse effects on workers worldwide. Accordingly, our review offers a framework for considering this topic, highlighting key issues, with the aim to prompt and inform action, including research, to minimize the occupational hazards imposed by this ongoing challenge. We address respiratory disease as a primary concern, while recognizing the multisystem spectrum of COVID‐19‐related disease and how clinical aspects are interwoven with broader socioeconomic forces.
Source: Devan Hawkins, Letitia Davis, David Kriebel, American Journal of Industrial Medicine, Early View, February 1, 2021
From the abstract:
Exposure to COVID‐19 is more likely among certain occupations compared with others. This descriptive study seeks to explore occupational differences in mortality due to COVID‐19 among workers in Massachusetts.
Death certificates of those who died from COVID‐19 in Massachusetts between March 1 and July 31, 2020 were collected. Occupational information was coded and age‐adjusted mortality rates were calculated according to occupation.
There were 555 deaths among MA residents of age 16–64, with usable occupation information, resulting in an age‐adjusted mortality rate of 16.4 per 100,000 workers. Workers in 11 occupational groups including healthcare support and transportation and material moving had mortality rates higher than that for workers overall. Hispanic and Black workers had age‐adjusted mortality rates more than four times higher than that for White workers overall and also had higher rates than Whites within high‐risk occupation groups.
Efforts should be made to protect workers in high‐risk occupations identified in this report from COVID‐19 exposure.
Source: Harold Meyerson, The American Prospect, TAP blog, February 16, 2021
….The states with the most progressive income taxes, it turns out, have been able to ride out the pandemic with little if any fiscal disruption. California, perpetually derided by right-wingers for having the most progressive income tax, actually saw no reduction in revenues between 2019 and 2020, as the wealthy have been doing just fine financially during the plague and paying their regular share of taxes. Likewise New York, Massachusetts, and Pennsylvania, which saw revenues dip by just 3 percent. Florida and Texas, by contrast, are by far the largest states that have no income taxes, and they saw their revenues decline by 10 percent. As for reduction in public-sector jobs, good old “Live Free or Die” New Hampshire—another state with no income tax—saw its state workforce shrink by a mind-boggling 26 percent, a full nine percentage points more than the second-ranked state…..
Source: Illinois Economic Policy Institute (ILEPI) and the Project for Middle Class Renewal (PMCR) at the University of Illinois at Urbana-Champaign, February 9, 2021
From the press release:
In an eight-year period of national economic expansion that followed the Great Recession of 2008, the 27 U.S. states that had enacted so-called “right-to-work” laws saw slower economic growth, lower wages, higher consumer debt, worse health outcomes, and lower levels of civic participation than states that had not, according to a new study by the Illinois Economic Policy Institute (ILEPI) and the Project for Middle Class Renewal (PMCR) at the University of Illinois at Urbana-Champaign.