ABOUT
ABOUT WAYS TO HELP YOUR WALLET AND KEEP YOU UP-TO-DATE ON
BUSINESS HEADLINES.
BUSINESS HEADLINES. >> GOOD MORNING, COLORADO.
HOPE ALL IS WELL ON THIS
MEMORIAL DAY.
MEMORIAL DAY. I WANT TO JOIN IN ON HONORING
THOSE WHO PAID THE ULTIMATE
SACRIFICE. HERE ON THE BUSINESS
BRIEF, WE AIM TO EDUCATE AND
INFORM YOU ON WHAT IS GOING ON
WITH BUSINESS AND WHY SO YOU
CAN MAKE SOUND DECISIONS WHEN
IT COMES TO YOUR WALLET, YOUR
LIVELIHOOD, AND OUR COMMUNITY.
THIS MORNING, THE U.S. MARKETS
ARE CLOSED IN OBSERVANCE OF
MEMORIAL DAY. THERE IS STILL
LOTS TO GLEAN FROM FROM LAST
WEEK WHERE WE SAW WIDE SWINGS
IN THE MARKETS BUT OVERALL, A
STRONG WEEK OF GAINS DRIVEN BY
VACCINES, OPTIMISM, AND RE-
OPENINGS ACROSS THE COUNTRY.
EXPECT THE MARKETS TO RESPOND
TO RISING U.S./CHINA TENSIONS.
WITH OVER HALF OF AMERICAN
HOUSEHOLDS HAVING DIRECT
OWNERSHIP OF STOCK OR
INDIRECTLY THROUGH THEIR
RETIREMENT ACCOUNTS, IT IS
IMPORTANT WE STAY ON TOP OF
WHAT IS HAPPENING WITH OUR
MARKETS.
MARKETS.
MARKETS. NEXT UP, LET'S TALK ABOUT THE
U.S. OFFICE OF THE COMPTROLLER
OF THE CURRENCY ISSUED THEIR
FINAL RULE TO MODERNIZE THE
BANKING COMMUNITY REINVESTMENT
ACT.
ACT.
ACT. THIS
ACT. THIS IS A CULMINATION OF A
MULTIYEAR PROCESS TO IMPROVE
THE CRA BY CLARIFYING WHAT
QUALIFIES FOR CRA CREDIT, HOW
BANKS DEFINED THEIR ASSESSMENT
AREAS, AND EVALUATING BANKS'
CRA PERFORMANCE.
CRA PERFORMANCE. THE FRAMEWORK IS SUPPOSED TO
INCREASE SUPPORT FOR SMALL
BUSINESSES AND NOW INCLUDES
CREDIT FOR BIG INVESTMENT IN A
QUALIFIED OPPORTUNITY ZONES.
NEXT UP, LET'S TALK ABOUT THE
COLORADO UNEMPLOYMENT RATE. IT
IS SOARED TO A NEW RECORD HIGH.
THE COLORADO DEPARTMENT OF
LABOR RELEASED ITS UNEMPLOYMENT
SITUATION FOR APRIL AND IT IS
LIKELY.
LIKELY.
LIKELY. THE UNEMPLOYMENT RATE INCREASED
TO 11.3%, THE HIGHEST ON RECORD
SINCE COMPARABLE DATA HAS BEEN
COLLECTED SINCE 1976.
THE PRIOR RECORD WAS 8.9% IN
2010 DURING THE GREAT RECESSION.
THE BIGGEST HITS TO OUR ECONOMY
WERE FOURTH IN LEISURE AND
HOSPITALITY WITH EDUCATION AND
HEALTH SERVICES BEING A
DISTANT, YET STILL SIGNIFICANT
SECOND.
SECOND.
SECOND. I
SECOND. I HAD A GREAT DISCUSSION WITH
THE SOCIETY OF HUMAN RESOURCE
MANAGEMENT'S CEO AND PRESIDENT
JOHNNY C TAYLOR JUNIOR ABOUT
THEIR NEW COVID-19 BUSINESS
INDEX AND THE FUTURE OF WORK.
>> PRESIDENT AND CEO OF SOCIETY
OF HUMAN RESOURCES MANAGEMENT,
THANK YOU FOR JOINING US.
IT IS GOOD TO SEE YOU.
LET'S GET TO BUSINESS.
NOW, OXFORD ECONOMICS HAVE PUT
TOGETHER THIS COVID-19 BUSINESS
INDEX. WHAT IS THE INDEX
TELLING US ABOUT THE STATE OF
WORK AND BUSINESS IN AMERICA?
>> NOT SURPRISINGLY, IT IS
TELLING US THAT POST PANDEMIC
IS A BUST.
THERE IS SO MUCH WE DON'T KNOW.
WE HEAR PEOPLE SAY WE DON'T
KNOW A LOT ABOUT THE DISEASE.
WE DON'T FULLY UNDERSTAND THE
IMPACT OF THE DISEASE ON LIVES
AND LIVELIHOOD.
AND LIVELIHOOD. THIS RESEARCH THAT WE CONDUCTED
IS ABOUT UNDERSTANDING HOW THIS
IS IMPACTING THE AMERICAN
WORKER AND EMPLOYERS SO THAT
THOSE TWO, WE CAN FIND SOME WAY
TO RECONCILE WITH THE NEW
NORMAL WILL BE WITH RESPECT TO
WORK RELATIONSHIPS.
WORK RELATIONSHIPS. >> IN THE DATA THAT I HAVE
SEEN, YOU ALL MENTIONED THAT
OVER $1.3 TRILLION IN LOST
INCOME TO AMERICAN WORKERS. 20%
OF THAT OUR EMPLOYEES WHO KEPT
THEIR JOBS BUT ARE SEEING THEIR
EARNINGS REDUCED.
EARNINGS REDUCED. DO YOU ALL EXPECT THOSE
REDUCTIONS TO BE PERMANENT OR
WILL THEY BE RESTORED AS THE
ECONOMY AND BUSINESSES START TO
RECOVER?
RECOVER?
RECOVER? >> WHAT IS WORRYING IS I THINK
THEY ARE PERMANENT.
I THINK IT MAY GET WORSE. WHAT
WE ARE REALIZING IS EMPLOYERS
ARE TAKING THIS PERIOD OF TIME
TO DETERMINE, DO WE WANT TO
BRING PEOPLE BACK TO WORK IF
THERE IS SAVINGS TO BE HAD?
DO WE NEED TO BRING PEOPLE BACK
TO WORK AT ALL?
THE SECOND QUESTION IS DO WE
NEED THE SAME NUMBER OF PEOPLE
EVEN IF THEY ARE WORKING AT
HOME?
HOME?
HOME? WHAT CONCERNS US IS EMPLOYERS
ARE FIGURING OUT HOW TO DO THIS
MORE EFFICIENTLY.
MORE EFFICIENTLY. HOW ARE WE MORE EFFICIENT?
THIS NUMBER MAY HOLD.
>> IN ADDITION TO HOSTING AND
ANALYZING ON THIS SHOW, I AM AN
ENTREPRENEUR AND BUSINESS OWNER.
THERE ARE A LOT OF BUSINESS
OWNERS HERE IN COLORADO AND
ROCKY MOUNTAIN REGION AND I
THINK THEY WOULD LIKE TO KNOW
HOW YOU ARE PLANNING TO USE
THIS COVID-19 BUSINESS INDEX TO
ASSIST DECISION-MAKERS AND
ORGANIZATIONS AS THEY MANAGE
GETTING BACK TO WORK AND
WHETHER YOU HAVE ANY
RECOMMENDATIONS THEY CAN DRAW
FROM?
FROM?
FROM? >>
FROM? >> STATISTICALLY, REFERRING
PEOPLE TO THE WEBSITE. A COUPLE
OF THINGS YOU WILL LEARN.
HOW DO I BRING PEOPLE BACK TO
WORK?
WORK?
WORK? THERE ARE A LOT OF LEARNINGS.
WE SAY THE A's IS NEW.
CHINA HAS DONE THIS BEFORE.
WE HAVE DOMESTIC COMPANIES.
BOEING BROUGHT PEOPLE BACK TO
27,000.
27,000.
27,000. THERE IS LEARNING ABOUT WHAT
WORKED AND WHAT DID NOT WORK.
SECONDLY, HOW DO YOU FIGURE OUT
WHO SHOULD WORK REMOTELY AND
WHO SHOULDN'T?
WHO SHOULDN'T? HOW YOU GET AS MUCH CREATIVITY
AS THOSE WHO ARE WORTH REMOTELY?
WE SHOULD MAKE THE ASSUMPTION
THAT EVERYONE IS MORE
PRODUCTIVE WORKING FROM HOME.
THE RESEARCH WAS JUST 31%
SAYING EMPLOYEES ARE MORE
PRODUCTIVE. THAT DATA IS THERE.
WE ARE TRYING TO TEACH YOU HOW
TO BUILD CULTURE, HOW TO
MAINTAIN CULTURE IN A REMOTE OR
INCREASINGLY MORE REMOTE
WORKFORCE.
WORKFORCE. HOW DO YOU MAINTAIN THAT
SPECIAL THING THAT MAKES YOUR
BUSINESS UNIQUE?
BUSINESS UNIQUE? >> THANK YOU FOR JOINING US.
WE HOPE TO HAVE YOU BACK TO
HEAR MORE ABOUT HOW THE COVID-
19 BUSINESS INDEX IS HELPING
BUSINESSES MANAGE THROUGH THIS
ECONOMIC