Leaders are seeing the importance of updating rewards programs, focusing on comprehensive employee wellness and strategically spending money on talent after the pandemic fades, according to Willis Towers Watson research. "Leaders are quick to point out that, while flexible work is likely to be the new norm, it will vary extensively by the organization's culture, the type of work and employee preferences," write John Bremen and Amol Mhatre.
Creating a road map for transformation starts with assessing how people and technology can work together to serve a business today and tomorrow. Learn how to formulate a long-term digital strategy, build resilience and keep up with changing customer trends.
Companies in industries that have remained strong during the coronavirus pandemic could be in a good position for making acquisitions, even in such a challenging business environment, says Brooks Gallagher of the Global Corporate Investment Banking Group at Bank of America. Liquidity is vital in pursuing an acquisition, and a thorough cost-benefit analysis of a potential acquisition should guide the decision-making process, Gallagher says.
Investors are monitoring so-called "fallen angels," companies that have suffered a credit downgrade during the coronavirus pandemic. "We are in a rare part of the cycle where credit quality will be improving over the next year or two," said Michael Collins of PGIM Fixed Income.
Companies are hiring furiously as they begin to plan for the end of the pandemic, but the labor supply is down as the population ages and many people choose to primarily do gig work, Josh Bersin notes. "The days of looking for people with 'deep levels of experience' are over -- now we have to look for people with skills, ambition, and the ability to learn," he writes.
The economy is at an inflection point, experiencing a broad, accelerating recovery but still facing risk, Federal Reserve Chair Jerome Powell said on "60 Minutes." "The principal risk to our economy right now really is that the disease would spread again more quickly," he said. Looking at the full risk picture, Powell said cyberattacks pose the primary systemic risk in finance. He also said the Fed would "like to see [inflation] on track to move moderately above 2% for some time. ... When we get that, that's when we'll raise interest rates."
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,200 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.