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Quick Takes

Support for Black-Owned Businesses Surges in 2020

Source: Yelp

Yelp recorded a 7,043% increase in searches for Black-owned businesses this year. There were more than 2,500,000 searches for the term “Black-owned” from May 25 to July 10, 2020, compared to approximately 35,000 searches during the same time period in 2019, according to an analysis by Yelp

A variety of industries are experiencing this surge in consumer interest in Black-owned businesses, but restaurants and bookstores have seen the highest uptick in searches on Yelp at an increase of 2,508% and 1,437%, respectively. This interest is largely due to the Black Lives Matter protests, which continue to erupt across the United States.

The movement has sparked a global conversation and prompted many to participate in #BlackOutDay, which encouraged consumers to shop exclusively at Black-owned stores. Most consumers say they want to see organizations speak out against racial injustice and use their resources to support the Black community.

The Impact of Climate Change on US Voters

Source: Pew Research Center

About 2 in 5 Americans surveyed consider climate change a “very important” issue when deciding which presidential candidate to vote for in the upcoming U.S. election. However, the economy (which 79% of voters call “very important”), health care (68%) and the coronavirus pandemic (62%) all ranked as more pressing concerns for voters in this election, according to Pew Research Center.

Climate change ranked last in importance for supporters of President Donald Trump when compared with 12 other issues — only 11% of Trump supporters say climate change is “very important” when deciding who to vote for, as opposed to 68% of presidential candidate Joe Biden’s supporters. 

Despite the evident partisan divides on the issue, climate change has been a growing concern amongst the U.S. public, especially with the recent ongoing California wildfire and a record-breaking hurricane season. Today, six-in-ten adults view climate change as a major threat to the well-being of the country — an increase from 44% of respondents in a 2009 poll.

COVID-19 Vaccine Timeline Will Likely Extend to 2021 and Beyond

Source: Oliver Wyman; https://pandemicnavigator.oliverwyman.com/

Given the scale and impact of the COVID-19 pandemic, the typical vaccine development timeline of 8-15 years is unpalatable. It may be possible that a vaccine gets FDA approval by year-end, but operational challenges will extend the timeline for scaling the vaccine into 2021 and beyond. These challenges include high adoption and series completion, high volume production and equitable distribution, as well as Americans being less inclined to immediately take the vaccine.

Oliver Wyman modeling work suggests that vaccine uptake will need to be very high to suppress the pandemic — exceeding typical two-dose vaccination completion rates. Assuming two doses per patient, vaccinating 60% of just the adult population is about 6.5 billion doses. Production is further complicated by the range of vaccine platforms under development.

Lastly, vaccine production is centered in the U.S., China, and Western Europe, however people living in low- and middle-income countries account for 79% of the world population. Distribution logistics are also more complex than those of a typical vaccine. This week, the World Bank approved a $12 billion distribution strategy to help developing countries receive a future vaccine.

Views on Mental Health In The Workforce are Misaligned, From the Top Down

Source: IBM Institute

Less than half of workers surveyed worldwide believe their organization is doing enough to support their physical and mental health during the COVID-19 pandemic — despite four in five employers’ belief that they are providing such support. At the same time, only about half of employees surveyed think their executives are genuinely concerned about their wellbeing, according to a report by the IBM Institute for Business Value.

This research illustrates a stark contrast between how employers feel they handle the sudden shift to remote work and how employees feel it was actually handled. IBM interviewed 3,450 executives in 20 countries and sent online questionnaires to 50,000 people in eight countries. Many of the people surveyed also expressed how overworked and disconnected they are when working remotely.  

As many organizations consider their post-COVID business strategy, these findings show that executives must align with their employees’ priorities and needs. “Employers significantly overestimate the effectiveness of their support and training efforts,” concludes the report. To build successful businesses, IBM says that executives should “enable a diverse workforce to perform optimally.”

Which Cities Are Equipped to Lead in the New Normal?

Source: Oliver Wyman Forum

Singapore once again tops Oliver Wyman’s 2020 Urban Mobility Readiness Index. This sovereign island city-state in Southeast Asia invested in one of the world’s first automated rail systems as a leader in forward-looking traffic management. 

European cities also dominate the index’s top 10, as most have easily accessible, highly sanitized and safe transportation. These qualities make these cities more resilient to handle future disruptions, like the pandemic. Oliver Wyman based its city ranking this year on infrastructure, innovation and focus on preparedness. 

The COVID-19 pandemic has forced many people to consider relocating as many jobs turned into permanently remote roles. Oliver Wyman found that for cities to flourish in the post-COVID world, they will need a holistic and forward-looking mobility plan. “Many cities around the world were at a tipping point, even before COVID and while we won’t know the true impact on cities yet, the cities that ranked high are in a better position to meet future challenges,” said Guillaume Thibault, one of the creators of the index.

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