Businesses of all sizes are shifting near- and long-term plans as they determine how to best weather and recover from the impacts of COVID-19. As a result of rapidly shifting priorities, corporate environmental, social, and governance (ESG) activities are also receiving additional scrutiny. Reading headlines about ESG in the COVID-19 era tends to prompt whiplash. Is corporate responsibility more important than ever before, or are companies unilaterally abandoning sustainable practices in these difficult times? The reality is more nuanced. While many companies will focus on mitigating the economic impacts of the pandemic, an effective recovery approach will also take a long-term view and address the following areas essential to ESG strategy.
Healthcare systems continue to face a multitude of challenges related to their registered nurse (RN) population, including a growing demand, increasing turnover rates, and high replacement costs. In fact, the average hospital loses nearly $5 million per year on RN turnover. However, that figure does not include additional costs related to impacts on patient satisfaction (e.g., brand image, decreased patient volumes) that may also result from an instability in the patient-facing RN population. Typical initiatives to combat the challenge are often high level, such as increasing retention or shortening time-to-fill, and tackled in a narrow or siloed fashion with limited insight into core issues.
HR professionals hold the “keys to the kingdom” when it comes to employee data and must always keep in mind the saying, “with great power comes great responsibility.” People analytics, as defined in our article, “Demystifying People Analytics,” is the practice of turning disparate employee data into insights that drive business decisions. Successful and sustainable people analytics organizations are built on instilling trust and proving value for the organization as a whole, as well as for individual employees.
In this follow-up to our workshop presented at the Shared Services and Outsourcing Network’s digital Shared Services in Higher Education conference, experts Courtney Jackson and Betsy Curry go deeper with insights, tips, and recommendations on how to lean into the shared services journey.
The benefits of grid-modernizing investments and practices are shining, as utilities are being tested by the latest crisis. Understanding these benefits and how they support broader policy goals can help utilities develop investment plans and communicate them effectively to customers and regulators.
COVID-19 has been an unprecedented challenge in the modern business world that has upended the normal course of business globally. Actions taken to combat the virus on a global level, including social distancing, sheltering in place, and idling of major facets of the economy, have disrupted the typical flow of everyday life and work for people around the world.
For several years, an energy imbalance market (EIM) has been in place in the western United States. Driven by changes in California’s generation mix and renewable portfolio standard, as well as greenhouse gas reduction targets, the Western EIM has become an attractive service for market participants. The California Independent System Operator (CAISO) designed this new market where non-ISO members could participate and share renewable energy, as well as integrate more renewable energy into the region.
For electric utilities, the spring is typically a time of preparation for summer peak and storm season. Generating plants conduct maintenance and refueling outages, and the power delivery system is prepared for the inevitable stresses that hot weather, thunderstorms, and hurricanes can bring. COVID-19 is changing all that this year. While preparation for the summer months needs to continue, utilities must now do so in a manner that keeps employees and the public safe from exposure to COVID-19. This on its own will complicate springtime efforts. However, there are additional factors that electric utilities may want to consider as storm season nears.
While renewable energy has experienced significant growth, in part due to focused policies that promote wind and solar, nuclear has faced a wave of actual and announced early retirements. To understand this potential loss of a significant amount of carbon-free generation, ScottMadden assessed “at risk” nuclear assets to better understand the magnitude of the potential impact on carbon emissions from the U.S. electricity sector.
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