This virtual event series presented by Capital One will give Board of Trade members and friends the opportunity to hear from local government officials on issues impacting the business community today.

On Friday, October 30, Board of Trade members and friends heard from the Hon. Angela Alsobrooks, Prince George’s County Executive; the Hon. Phil Mendelson, Chairman, Council of the District of Columbia; and the Hon. Jeff McKay, Chairman, Fairfax County Board of Supervisors on their current and future actions they are taking to help navigate through these uncertain times.

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• Prince George’s county was already leading the state of Maryland in job creation and transit-oriented development. County Executive Alsobrooks says that the pandemic has actually been an opportunity to accelerate investments in their community.
• Chairman Mendelson said that the DC government is focused on closing the achievement gap among public school students, which has been exacerbated by the pandemic. They are paying more attention to that now and making it a greater priority.
  • Regarding the pandemic, he is nervous to see how public health trends go as we head into the colder months. He said that DC is still in phase 2 of reopening. He also raised concerns about the potential efficacy and adoption of a future vaccine, warning that having a vaccine available may not be enough to completely solve the COVID-19 problem.
• Chairman McKay says that his administration in Fairfax County has evolved to see the pandemic as a long-term change in our way of life, not just a short-term problem. We need to rethink how we get back to normal.
  • He says, “Our best days are when we are tested.” He agreed with County Executive Alsobrooks that the pandemic has caused our communities to double down on efforts to solve systemic issues, such as the lack of affordable housing.
• County Executive Alsobrooks described her administration’s dedication to being forthcoming, clear, honest, and engaged with their community and facilitating continuous two-way communication. She says that has helped to build public support and participation in fighting the virus.
  • She also says that by continuing to make decisions in the best interests of the public and based on the guidance of public health experts, local governments can build and maintain trust from the public.
• Chairman Mendelson notes that the whole region is seeing great compliance with mask mandates and that generally, wearing a mask has not become a political issue here. He credits the consistency and honesty of local government leaders, and echoed County Executive Alsobrooks in saying that this builds public trust.
  • He argued that having adequate supplies for testing and PPE so that the public can take care of their own needs is also important, and that allowing and concealing shortages of these materials breeds distrust.
• Chairman McKay agreed with County Executive Alsobrooks and Chairman Mendelson that local governments must be a trusted source of information for residents. He described the decision of his county and others in Northern Virginia to slow down reopening in their jurisdiction at a time when the rest of Virginia was moving to the next phase, and he claims that this decision likely made a big difference in reducing transmission. He also credits this decision with building additional trust with the public.
  • Chairman McKay explained that Fairfax County does enforce its mask mandate and take it seriously. They employ multi-language campaigns to make sure that all members of the community are aware of the expectations.
• On the economy, County Executive Alsobrooks admitted that she expects that the region will see some pain over the next few years, but she stressed the importance of continuing to make smart investments in transit, workforce, childcare, and other areas so that the region can stay competitive with other regions in attracting business.
• Chairman Mendelson said that the DC economy is holding up surprisingly well, but still taking a big hit. There is a great amount of uncertainty. He does not wish to cause alarm but does believe we should be clear about the risks ahead.
  • He is particularly concerned about the looming eviction crisis. Right now, there is a moratorium on evictions, but when that expires, we could be facing a huge eviction surge. He says the DC government has not found a solution yet.
• Chairman McKay says that Fairfax County is doing a great job attracting new businesses, the real estate market is “red hot,” and interest rates are low—all good factors for the county economy. However, he echoed Chairman Mendelson in expressing concern about commercial real estate and the future of that market.
  • The biggest challenge Fairfax County faces as a community is balancing the county budget if the federal government does not pass another stimulus that includes money for states and local governments.
  • He said that Fairfax County is testing the population aggressively so that they have a clear view of the degree to which COVID-19 is spreading. He said that the county is doing really well but it is important to keep a close eye on the health metrics and be ready to increase restrictions if needed, but if residents continue to comply with existing guidance, hopefully that won’t be necessary.
• On education, County Executive Alsobrooks described that it was important at the beginning of the pandemic to ensure that all children can learn virtually, which meant distributing laptops and providing internet connections for some families.
  • She described their infrastructure financing program, which is emerging as a model for the country. That program includes building six new schools over the next few years, which will allow the county to create jobs, provide better facilities for students, and stimulate economic activity that is expected to benefit small and minority-owned businesses.
• Chairman Mendelson said that DC is planning on bringing some children back to school, prioritizing the youngest children and those with disabilities, but there is controversy surrounding this decision. He said that education is a long-term investment, so not overcoming the gaps that are occurring because of distance learning will have long-term consequences.
  • Like Prince George’s County, the District has invested in providing laptops and wifi hotspots to the community to enable distanced learning, which Chairman Mendelson says is a silver lining of this situation.
• Chairman McKay has small children at home, so he understands the frustration of parents. He also said that Fairfax County has invested in providing the digital tools for distance learning, like Prince George’s County and the District.
  • He described a summer camp that was used as an experiment for safe on-site childcare and learning, which was successful and has been expanded during the school year for children whose parents cannot supervise them during the day.
• The panelists were asked for their views on how a Biden victory in the upcoming presidential election would impact their jurisdictions. County Executive Alsobrooks says she believes Prince George’s county would acquire the new FBI headquarters, a major asset for her community. Chairman Mendelson raised the issue of local governments needing additional federal stimulus, especially the District which was shortchanged in the CARES Act, and said this is much more likely to happen in a Biden administration (the Trump Administration has opposed providing additional funding for state and local governments). Chairman McKay agreed on these points and added that a Biden administration will carry the message of scientists on how to address the pandemic, which will help local governments who need to deliver those messages. He also said that under a Biden administration, he expects there to be more public trust in a vaccine, which is critical to getting the adoption we need. He summarized that a Biden administration would boost federal employee morale, be good for federal contractors, provide more desperately needed funding for state and local governments, and boost public trust in our public health efforts.
• The panelists were asked to name one major priority for the remainder of the year. County Executive Alsobrooks said she is focused on supporting local businesses. Getting to a strong economic position will go very far in supporting families in our region. Chairman Mendelson said that a priority issue in the District is building public trust in their police force. He says that he believes DC is far ahead of other jurisdictions around the country on policing, but more can be done. Chairman McKay said a priority issue is instilling confidence in the public that when we begin to emerge from the pandemic, the county will continue to be a great place to do business. The county is committed to growing the economy and ensuring all residents can do well.

This webinar sponsored by

National Landing, which encompasses the Northern Virginia neighborhoods of Crystal City, Pentagon City, and Potomac Yard, is undergoing an exciting transformation. Big investments in buildings, transportation, and public amenities are predicted to benefit local residents while stimulating economic activity. In this webinar, leaders behind National Landing’s development plans explain what we can expect and how lessons learned on the National Landing project can be applied across the D.C. metro region.

Moderator: Nora Gardner, Senior Partner, McKinsey & Company

Panelists:

• Jack Potter, President & CEO, Metropolitan Washington Airports Authority
• Lance Collins, Executive Director & Vice President, Innovation Campus, Virginia Tech
• Evan Regan-Levine, Executive Vice President, JBG Smith

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Read the summary

JBG Smith

• JBG Smith saw a lot of opportunity in the Crystal City area because there is a confluence of transit, access to DC, and density. But it lacked good retail amenities and had too high of a ratio of commercial to residential real estate—it needed more retail and housing.
• JBG Smith sat down with Amazon and discussed what it would look like to revitalize the Crystal City area. Amazon also saw the potential.

Virginia Tech

• Virginia Tech’s plan is to build a campus that in 10 years will produce 750 masters degree students per year.
• Another goal is to increase diversity in tech, acknowledging that tech jobs can be high-paying, but the tech field is not always very diverse. They believe that this starts with academia and making sure that graduates are diverse so companies can then hire diverse candidates.

MWAA

• DCA sees a lot of opportunity for growth and is eager to see more connectivity between the airport and surrounding communities. The traveler’s experience from their community to the airport should be seamless.
• Jack Potter warned that there is going to be a lot of construction and there will likely be some traffic, and it will require some patience.

JBG Smith

• On the long-term COVID-19 impacts, Evan assumes that teleworking will probably not go away, but people will value being able to enjoy public spaces and enjoy their communities. JBG has doubled down on “smart city” investment to bring more internet connectivity to public spaces.

Virginia Tech

• Lance expects that COVID-19 will spur the development of virtual learning platforms that enable more peer to peer interaction, which is not easily accommodated right now.

MWAA

• The airports are cutting costs as much as possible without compromising safety, but they are also trying to continue their capital investments so that they can continue to improve the travelers’ experience. Funding from the CARES Act has helped.
• They expect that National Landing is going to be a part of their long-term financial solution, bringing a lot more travelers through the airports. So, they are staying optimistic, expecting the traffic to come back.

JBG

• JBG’s vision for a digitally connected “smart city” starts with a strong fiber optic network. They are making those investments so that down the road new technology companies see the area as a strong foundation to build on because of the faster, more secure internet connectivity.

Virginia Tech

• Lance noted that making STEM more inclusive actually starts all the way back in K-12. Early stage decisions can cost students with talent the opportunities they need. It is therefore important that local public school systems have strong STEM programs.

This webinar was sponsored by:

Amid the coronavirus pandemic, everyone is rightly focused on protecting lives and livelihoods. Can we simultaneously prevent the next crisis? The answer is yes—if we use this moment to reimagine business for a climate-neutral world. This webinar includes an overview of McKinsey & Company’s world-leading research on climate change and a panel of corporate leaders who have taken giant strides towards a sustainable future.

Presenter and Moderator:

Kimberly Henderson, Partner, McKinsey & Company

Panelists:

• Chris Roe, Principal, Renewable Energy & Sustainable Operations, Amazon
• Cynthia Curtis, Senior Vice President, Sustainability, JLL
• Melissa Lavinson, Senior Vice President, Government and External Affairs, Pepco
• Myrrh Caplan, Senior Sustainability Director, Skanska USA

Watch the recording

Read the summary

Kimberly Henderson, Partner, McKinsey & Company, began the webinar with an overview of McKinsey & Company’s world-leading research on climate change. She noted that in 2020, we are standing at a fork in the road on climate, and the choices we make now determine where we go.

Continued growth of greenhouse gas emissions at today’s pace (“business as usual”) would cause about 5 degrees C of warming by 2050. This amount of warming would case more extreme weather events and have disastrous consequences. For example, heat waves that had a .2% chance of occurring between 1961-1980 now have a 15% chance of occurring. That trend will worsen and could lead to life-threatening temperatures in places like Pakistan.

If we assume that nations and companies around the world follow through on their climate change commitments, we will see some reduction in greenhouse gas emissions and estimated warming of 3.5 degrees C by 2050. This is still enough warming to cause tremendous damage. The global goal among nations and the scientific community is to limit warming to 1.5 degrees C—so much remains to be done.

Summary of the panel discussion

How are each of your companies approaching coming up with a climate plan and setting targets?

• Chris Roe explained that Amazon’s climate pledge was an effort to galvanize the rest of the private sector. They have a series of commitments related to reducing their climate impact, including powering global operations with 100% renewable energy by 2025. To fulfill that commitment, they have placed an enormous order for electric vehicles—over 100,000, the biggest order in history. They are also investing in new technologies through the Climate Pledge Fund.
• Cynthia Curtis noted that JLL has set a science-based emissions target. This requires deep cuts in emissions that come from their suppliers, their own operations, and their clients. Suppliers and clients are particularly important because their emissions are JLL’s biggest share, when you consider all emissions associated with JLL’s business. JLL is also investing in new technologies to help the sector improve.
• Melissa Lavinson said that Pepco will deliver 100% renewable energy to the District by 2032. They are focused on not only reducing their company’s carbon footprint, but also working with their customers and communities. They have managed a few initiatives that have supported entrepreneurs in the climate mitigation space, encouraged customers to conserve electricity, and supported multiple nonprofits through sustainable community grants.
• Myrrh Caplan said that Skanska has committed to being completely carbon neutral by 2045, which is above what was really required for their industry. They have already made a lot of progress through partnerships with their suppliers and project partners and by making big changes like electrifying mining equipment and reducing business travel.

How do you work with suppliers upstream, customers downstream, and others in the community?

• Cynthia described working closely with suppliers and customers and said that it has been central to their climate work. She acknowledged that buildings are a big contributor of greenhouse gasses and the industry has a responsibility to attack the challenge head-on. JLL developed a sustainable procurement framework that has been adopted by procurement teams globally. Suppliers have been supportive and clients are glad to have a partner in addressing their own climate goals.
• Myrrh called out the reality that concrete, obviously an important material in construction, is extremely carbon intensive. They can use different types of concrete that reduce the carbon footprint by half but that is not a big enough reduction. To drive down the carbon footprint of cement further, they partnered with other climate experts to develop a digital tool that calculates the carbon footprint of different concrete mixes and has used that to send the message to suppliers that carbon footprint is an important factor in Skanska’s procurement decisions.
• Chris described using Amazon’s enormous purchasing power to increase renewable energy supply. They have funded the development of 12 renewable energy sites to date. In our region, they have forged an agreement with Arlington County and Dominion to develop enough renewable energy to not only power HQ2, but also all their Whole Foods stores and parts of Arlington County.
• Melissa reiterated that Pepco is working with customers to improve energy efficiency. This also helps low-income customers save money. They are also making improvements to the grid to allow homeowners to use their own solar panels and they are working with the District to put in electric charging infrastructure, which requires working with WMATA. Pepco has a set clear goals and has a firm timeline, and the public sector has a very important role in supporting that.

Kimberly points out that around the world, government-set emissions reductions goals have been becoming more and more ambitious and are actually being met by communities and companies.

Other take-aways:

• On renewable natural gas (RNG) and hydrogen: These are green alternatives to natural gas, but there are big technical and economic challenges to deploying these fuels at scale. Amazon is exploring using these fuels for long-range trucking, but only if the fuels can be produced by powerplants that are powered by renewable energy—otherwise, there is not a big enough carbon reduction benefit. Melissa also noted that in other applications, these fuels are a possible replacement for natural gas but they need to be cost-competitive with renewables. When assessing whether to electrify or invest in hydrogen or RNG, the decision comes down to the economics.
• Quote of the day: If it’s not affordable, it’s not sustainable.
• Cynthia shared a great example of partnerships. JLL worked with Metro to install solar panels on some of its infrastructure so that it can generate revenue, which makes great economic sense because it diversifies its revenue streams. This has been especially helpful in a situation like a pandemic when ridership is down.
• The panelists agreed that public policy has a very important role. It helps to lay out a path that companies can follow. When companies make very long-term investments, clear public policy can give them confidence. Some challenges are just too big for companies to tackle.

If each panelist had a magic wand to fix one thing that would help decarbonize their sector:

1. From Myrrh: We need to increase the circularity of the material supply chain. We have ignored that for so long that it is now working against us.
2. From Chris: Electrification. It’s so fundamental to the climate challenge.
3. Cynthia: Improving building standards and codes. Class A buildings get investment and you can get to better decisions around sustainability, but Class B and C buildings will need standards and regulation to force green designs.
4. Melissa: Increase capacity but reduce size of battery storage.

This webinar was made possible by:

Even if all you had to worry about were the quality of your company’s products or services and continued growth of its customer base, running a business would be challenging enough. However, companies are also subject to economic and environmental forces beyond their control. A change in the economic cycle could disrupt your cash flow, tighten your access to credit, rattle your customers and suppliers and even threaten the survival of your organization.

No one can precisely predict changes in the economy. Sometimes, they seem to come out of nowhere, as with the coronavirus outbreak, which, in addition to its personal toll, has made companies of all sizes rethink their short- and long-term plans.

A recent report from the Downtown Business Improvement District revealed downtown D.C.’s economic activity at the end of July 2020 was an estimated 12 percent of activity in July 2019. In addition, the city’s daytime population decreased by 90 percent between February and July, while the retail vacancy rate reached a record high of 17.1 percent in July. Although the Washington region has fared relatively well in comparison to many other metropolitan areas, the coronavirus continues to present substantial challenges for our local economy and businesses.

Weathering ever-evolving conditions involves keeping up with trends and forecasts for your specific industry, following broader assessments of the economic outlook, ensuring the safety of your employees and, most important, taking a close look at your own operations. A careful review of your internal processes and your key relationships may prompt you to make changes that could make your business more efficient, flexible and resilient under any circumstance. As you respond to current conditions, here are some challenges and key steps to keep in mind:

Take a look at your cash flow

During both good and bad times, cash flow can be a central challenge for businesses and is often cited as a top reason small business fail. Companies with great products and loyal customers can still falter without sufficient liquidity to meet payroll, pay suppliers and keep the lights on.

To safeguard against temporary shortfalls:

• Ask your banker about overdraft protection
• Speak frequently with customers and suppliers to stay aware of any potential changes in their businesses that could ultimately affect yours
• Review how reliably your customers pay what they owe and create a watch list of those who consistently fall behind. A little probing may help you address issues proactively.

Assess your credit situation

Credit can be a lifesaver during challenging financial times. During the recessions of 1990-91 and 2001, the growth rate for commercial banking loans to businesses dropped to zero, according to the Federal Reserve Bank of St. Louis.

In a difficult economy, lenders may be especially cautious about companies they don’t know well. In fact, most lenders like to understand how a business performs over an entire business cycle. During good times, have you made capital expenditures to grow the business? During bad times, have you responded well to downturns? Knowing that your business has weathered challenges and responded effectively may give a lender the confidence to extend credit.

Give your company “survival training”

When a cyberattack takes down your website, a key employee leaves your firm or a natural disaster strikes, your company’s everyday operations can be threatened. The risk of adverse events may be greater than you think, and they can be particularly devastating during times of economic stress.

By 2018, business cybersecurity breaches had increased by 67 percent in five years, and during the first seven months of 2019, the U.S. experienced six climate and weather catastrophes with losses of more than $1 billion each. One in four small businesses fail to reopen after a natural disaster. Preparing your company to withstand challenging circumstances can make the difference between re-building and going out of business.

Keep tabs on expenses

During the Great Recession of 2008-2009, nearly 75 percent of company leaders identified cost cutting as a top priority. However, trimming expenses across the board during an economic crisis can backfire. Instead, take stock now of all your processes, from front-line to back-office functions, to determine what kind of savings might be possible when needed.

Make a plan for what to cut. Work through “what if” scenarios ahead of a downturn to determine the least painful and most effective reductions. Consider renegotiating agreements with suppliers or adjusting payment terms to align with revenue cycles.

In addition, automate where possible. An estimated 45 percent of jobs now performed by people in the U.S., at an annual cost of $2 trillion, could be automated with existing technologies. Administrative tasks like payroll, and other record-keeping, can often be digitized at minimal cost. However, be careful when it comes to reducing headcount. Automation can be an opportunity to re-train or re-focus employees on more value-added areas of your business.

Competing in business today requires endless resilience amid disruptions that can reinvent entire industries without warning. The steps outlined above are best practices that can help make your company stronger in the face of challenging, and often uncontrollable, external forces. The more you do to plan essential aspects of your company’s financial future, the more control you’ll have over your and your business’ future success.

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© 2020 Bank of America Corporation

Climate change represents enormous risks and opportunities for business. Risks lie in the physical consequences of droughts, floods, fires, storms, and heat waves, and in intangible factors like uncertain regulation and changing public opinion. Opportunities lie in the soaring demand for innovative solutions to decarbonize our economy.

Navigating these risks and opportunities is a complex challenge. To help, we pulled together some of the country’s leading minds on corporate sustainability for a live, virtual discussion on October 6 at 10:30 AM. McKinsey & Company will present their recent research on climate risks and what it means for business, and sustainability leaders at Amazon, Skanska, JLL, and Pepco will share how their companies are making plans and investments for a low-carbon future.  Find more information on that event and register here for free.

In advance of that conversation, here are seven big climate headlines from 2020. Taken together, they paint a picture of where we are in responding to this enormous challenge.

Treading Water: Climate change is all too real for D.C. developers and leaders — and they’re working mightily to adapt.

February 7, 2020

In this Washington Business Journal feature, senior staff writer Daniel J. Sernovitz provides a sweeping look at how flooding is projected to worsen in our region and how city governments and developers are adapting. He catches several key angles, from the Alexandria City Council attempting fiscal gymnastics to upgrade sewer infrastructure to D.C. waterfront developers using cutting-edge architecture and engineering to prepare their buildings for the next 100-year storm.

Unfortunately we have again experienced another incredibly intense rain event in the City which far exceeds the design capacity of our stormwater sewer system.

Please report specific issues to @AlexandriaVA311 for our staff to track and investigate:https://t.co/5G0fCf68e2 pic.twitter.com/lbbU51ebcV

— Justin Wilson (@justindotnet) September 10, 2020

CFTC report: Climate change poses serious risk to financial system

September 8, 2020

The Commodity Futures Trading Commission issued a report which represented “the starkest warning to date by a U.S. financial regulator over the stresses that markets will face from climate change,” according to Politico. The cross-sector task force behind the report included experts from financial institutions, fund managers, commodities and energy companies, and environmental organizations.

.@CFTC subcommittee issues its first-ever climate risk report, as calls to regulate climate change as a systemic financial risk grow louder: https://t.co/IcQrOQEYQz

— We Mean Business Coalition (@WMBtweets) September 20, 2020

Western wildfires: An ‘unprecedented,’ climate change-fueled event, experts say

September 11, 2020

The wildfires in the west captured the nation’s attention this year because they were truly unprecedented in their destruction—burning over 3 million acres of land (and counting) in California, about double the record set in 2018. The smoke created dangerously bad air quality for millions of west coast residents and after drifting east could be seen high in the skies over our own region, thousands of miles away. Fire seasons in the West are trending more destructive, and experts say poor forest management and the hotter, drier weather created by climate change are both to blame.  

Business Roundtable endorses market-based climate policy

September 15, 2020

The Business Roundtable, a trade association representing companies with $7 trillion in combined annual revenues, announced its position in support of U.S. public policy that aligns with the international effort to limit global warming to 2 degrees C. This includes support for market-based mechanisms such as pricing carbon emissions through a tax or cap-and-trade system. You can read the full position here.

BRT today released new principles & policies to address #climatechange, including the use of a market-based strategy to incentivize the development & deployment of breakthrough technologies needed to reduce greenhouse gas emissions. https://t.co/jdbykyiVm9 (1/2) pic.twitter.com/T8FdZ8KqHT

— Business Roundtable (@BizRoundtable) September 16, 2020

China’s Pledge to Be Carbon Neutral by 2060: What It Means

September 23, 2020

China’s leader, Xi Jingping, recently surprised climate experts around the world when he announced to the United Nations that China commits to reaching climate neutrality by 2060. China produces about 28 percent of the world’s greenhouse gas emissions—more than any other country—and is notoriously dependent on coal, but it is also the world’s largest manufacturer of electric vehicles and produces 30 percent of the world’s renewable energy. Whether China keeps its promise depends on economic and political factors that are hard to predict, but if it does, it will be a big step toward meeting international climate goals.  

California Governor Signs Order Banning Sales Of New Gasoline Cars By 2035

September 23, 2020

California Governor Gavin Newsom signed an executive order banning the sale of new gasoline-powered cars beginning in 2035, giving the auto industry 15 years to make this transition. Transportation is California’s largest source of greenhouse gas emissions, and though electric car purchases have increased, they represent only 8 percent of all auto sales.

Our cars shouldn't give kids asthma. Our cars shouldn't make wildfires worse. Our cars shouldn't melt glaciers or raise sea levels.

Today, Governor @GavinNewsom signed an executive order requiring sales of all new passenger vehicles to be zero-emission by 2035. #CAclimateaction pic.twitter.com/VYRRxZzZ6f

— California Governor (@CAgovernor) September 23, 2020

Even Renewables Are Bigger in Texas

(Forbes, September 25, 2020)

This year, Texas is planning on gaining a huge amount of wind and solar power. The vast majority of energy projects in the pipeline to connect to Texas’s electricity grid are wind, solar, or energy storage, dwarfing the number of gas, coal, and nuclear projects. On the local level, analysts found that many landowners and municipalities now favor solar and wind because the revenues they generate are more stable than oil, which is prone to boom and bust cycles.

Bonus: build your foundation of climate knowledge with McKinsey & Company research

We are glad to have McKinsey & Company as our knowledge partner on the October 6 webinar and other climate-related activities. Browse their robust and consolidated library of climate change analysis to deepen your understanding of climate science, market trends, and business strategies.

A good place to start: The 1.5-degree challenge, an interactive and dynamic explainer on what it means to avoid the worst impacts of climate change.

This TD Bank Morning Star Speaker Series event was held on September 29, 2020 and featured Dr. Laura Morgan Roberts, author of Race, Work, and Leadership: New Perspectives on the Black Experience. Watch the webinar recording or read the summary to learn how you can support a genuinely inclusive, diverse environment in your organization.

Watch the Recording

Read the Summary

• Experiences with race exist on a spectrum from actively racist to actively anti-racist, with several stages in between.
• In addition to a moral case, there is a strong business case for diverse organizations and leveraging differences. It is important for us to think about all forms of diversity and the value that they bring. The benefits of diversity include:
  • Expanding market awareness
  • Anticipating alternate solutions to problems
  • Attracting the best talent
  • Unlocking innovation
• Research on the black experience shows that there are many barriers to success, such as less access to education, healthcare, housing, financial capital, and professional networks, and this results in black Americans making up a very small percentage of managers (8%) and CEOs (<2%).
• Black professionals may also feel that they can not bring their authentic selves to work.
  • What feels visible: racial stereotypes and flaws.
  • What fees invisible: strengths, talents, accomplishments.
  • The consequences are that black professionals may feel less satisfied, less loyal to the organization, and make fewer quality connections.
• There is a barrier to advancement for many black professionals. They are often overrepresented at the lower levels of the organization and underrepresented at the higher levels.
  • They may see fewer opportunities to learn and grow, feel their role is not highly appreciated, and have less access to sponsors and mentors.
• When black professionals do reach leadership positions, they are more likely to face legitimacy challenges (e.g. mistaken for lower-status workers), and may be more harshly judged for failures, rewarded less generously for success, or more likely to take on high-stakes “glass cliff” roles to lead organizations through sustained crises.
• The wrong way to respond to racial injustice is to deny it is happening, get defensive, and disengage from the problem.
• The right way to respond to racial injustice is to:
  • Acknowledge the relevance of race and bias in careers, organizations, society, and in your life while accepting that this does not at all diminish your own worth – “Acknowledging the presence of bias and affirming the value of difference will not diminish the worth of my contributions or the validity of my hardships.”;
  • Affirm the value of diversity and Black workers’ potential for growth and advancement; and
  • Act to support Black workers in ways that will directly and indirectly benefit them, creating the climate for diversity, inclusion, equity, and justice that allows everyone to thrive. Don’t just check a box—keep asking, what more can I do?
• When choosing diversity and inclusion programming, ask:
  • How do these action items align with your leadership framework?
  • How do these action items strengthen your strategic capabilities?
  • How do these action items strengthen your moral integrity?
  • What are the costs of inattention and inaction? How do they undermine your strategic and values alignment?
• What can champions do?
  • Move from mentor to sponsor.
  • Advocate for employees of color in matters of racial justice.
• What can leaders do?
  • Create a culture of inquiry around race.
  • Pursue strategic and values alignment with stakeholders.
  • Lead and sustain organizational change
• Being a good ally means getting in the fight and not just cheering others on—and being willing to face some resistance.
• The biggest thing leaders get wrong in diversity and inclusion: not trying hard enough to hire diverse talent and then saying, “we just can’t find a good candidate who isn’t white.” This should challenge leadership to expand their talent pipelines and question their hiring processes. Leadership should embrace the idea that there is plenty of talent and that your organization should represent the community you work in.

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The 2020 Capital Region Business Forum was held on September 18 and is the only event of the year featuring Muriel Bowser, Mayor of the District of Columbia; Larry Hogan, Governor of Maryland; and Ralph Northam, Governor of Virginia. This year, the event was held virtually and covered four important topics: COVID-19, racial justice and economic opportunity, education and workforce, and transportation. The conversation was moderated by Tony Pierce, Partner at Akin Gump.

Opening Remarks

Summary

• Mayor Bowser: The Mayor’s administration is focused on how the District will come back from the pandemic, and she is optimistic that because they were in a strong financial position going into the pandemic, they “have the building blocks to come back swift and strong.” She looks forward to working with the Board of Trade and the business community in that effort.
• Governor Hogan: The Governor reported encouraging COVID-19 health metrics and credited early and appropriate action for the state’s success, but cautioned that vigilance is needed to keep the virus at bay. Earlier this month, Maryland entered Stage 3 of its reopening plan and its unemployment rate is now at 6.9%, much better than the national average. All county schools are now authorized to begin the process of bringing some children back into schools, particularly children with special needs.
• Governor Northam: The Governor praised Governors and Mayors around the country for working together through the pandemic to secure personal protective equipment (PPE) and testing supplies. Like the Mayor, Governor Northam cited Virginia’s strong financial position and business-friendly environment going into the pandemic and said he expects a strong recovery. However, he also called out persistent racial inequity, which the pandemic has exacerbated, and called for greater action to make Virginia’s economy more inclusive. He cited expanded access to broadband internet as one initiative his administration is undertaking which can help level the playing field.

Pandemic Response & Recovery

Summary

• Governor Northam: The Governor noted that Virginia and most other jurisdictions entered the pandemic with a shortage of critical supplies such as personal protective equipment (PPE) and testing kits. He says that this situation has improved thanks to collaboration across jurisdictions, but there’s still work to do. He also called on all of us to continue wearing masks, keeping our distance, and taking other actions to slow the spread. Regarding the economy, Governor Northam said that our highly trained workforce has been a tremendous asset and stressed that being nimble and investing in training and retraining our workers, especially the unemployed, as the job market evolves will be critical for recovery.
• Governor Hogan: The Governor said that testing is critical to getting the virus under control. He explained that in the beginning, each state was competing for very limited supplies of testing materials. This situation has improved and new antigen testing, which can provide a result in as little as 15 minutes without outsourcing to a lab, is on the horizon. The Federal government was not moving forward with antigen tests so Maryland, Virginia, and other states created a compact to acquire 5 million antigen tests. Additionally, the business community can help Maryland and the region in the months ahead by following guidelines for safe operations and reopening. It is going to take everyone working together at the state, local, and federal government levels and with the private sector to innovate new ways to bring people back to work safely.
• Mayor Bowser: The Mayor pointed out that D.C. still needs funding from the federal government. The CARES Act was a good start, but “The hole created in our economy by COVID is larger than any state or local government can fill.” She called for the business community’s support to advocate for further federal funding and ensure that first responders, teachers, and municipal workers are not disrupted. Mayor Bowser also said the business community can help build consumer and worker confidence, which is important because the economy will not recover if consumers and workers do not feel comfortable participating. Lastly, the Mayor said the one thing that has made a big difference in fighting the virus is communicating frequently and candidly with residents because they are smart and tough and will respond appropriately.

Racial Justice & Economic Opportunity

Summary

• Governor Hogan: His administration has been working hard to provide grants and information to small and minority-owned businesses. Maryland paid out $2.3 billion in CARES Act funding for things like PPE production and to help small businesses with payroll. They are advocating for more federal stimulus funding to continue this assistance. He said that it is frustrating that the House and Senate and Democrats and Republicans have struggled to reach a deal. He cited a bipartisan effort he is a part of and said he would continue pushing.
• Governor Northam: Governor Northam explained that minority communities have been hardest hit by the pandemic. His administration has a Diversity and Inclusion Officer who has helped make sure their interventions reach all communities. Citing that over 90% of our economy is made up of small businesses, Governor Northam touted the Rebuild Virginia program, which has offered $50 million in grants and assistance to small businesses. He wants small business to know that the Commonwealth has resources to use and “we are here to help.”
• Mayor Bowser: The Mayor said, “Business communities are recognizing that their customers demand their participation in this national conversation on racial justice.” She applauded companies that are reaching out to local governments on training, internship, and apprenticeship programs to drive up minority participation in the workforce. She said many are also focused on improving minority participation in company leadership. However, she also said that we have persistent problems to deal with, such as the racial wealth gap and access to affordable housing. The federal programs have been helpful but she noted that PPP loans went out to minority-owned businesses more slowly than to others and she speculates that’s because majority-owned businesses have more longstanding relationships with financial institutions disbursing the loans. She pointed out opportunities for local governments and businesses to work together to make a long-lasting impact on racial equity, arguing that local governments can provide data and incentives and businesses can drive innovative ideas.

Education & Workforce

• Governor Northam: The Governor again highlighted the region’s top-notch workforce as its major strength. He said that Virginia has a commission for STEM-field training and education and is also invested in improving early childhood education. He explained that there is a tremendous learning potential in children before they even reach kindergarten. He described looking across the whole education spectrum, from early childhood education through K-12 and including colleges and universities, to build the talent pipeline needed for all the jobs being developed in Virginia.
• Governor Hogan: Governor Hogan agreed with Governor Northam that our highly educated workforce is our greatest asset. He pointed out that the pandemic has been especially difficult on kids who can no longer go to school. Closing schools was a very tough decision but was necessary for safety, but now they are balancing those concerns with the need to prevent kids from falling behind. Now, school systems in Maryland are authorized to explore a hybrid model that brings some children back to school grounds, prioritizing special-needs kids who need face-to-face instruction the most. Seventeen of 24 jurisdictions have such plans. To reach other kids who will stay home, Maryland has used much of the CARES Act funding to provide Chromebooks and broadband internet to children who needed them.
• Mayor Bowser: The Mayor said that children in the District are learning remotely with hopes to bring some back in a hybrid model by November 9. She said that bringing kids back to school has been a priority for her administration. Related to company talent, she first shared her belief that there is no replacement for on-site work, so she expects that offices will eventually reopen. People come to this region because of the jobs on offer, but also because they want to live in a world-class city and take part in its culture. She encourages the business community to leverage that when recruiting and attracting talent.

Transportation

• Governor Hogan: The Governor reminded the audience that in 2018 DC, MD, and VA reached an agreement to provide dedicated funding for Metro, but the federal government refused to participate, despite relying heavily on Metro to move its workforce. The agreement was a milestone but now each of their jurisdictions are threatened by a budget shortfall due to the pandemic. He is going to continue pressing the federal government for assistance. He also pointed out that the Capital Beltway Accord, a project with VA, will move forward because it is privately funded.
• Governor Northam: The Governor said that Virginia has about $6 billion set aside for transportation infrastructure, which has been able to move forward and has benefited from having fewer drivers on the road during the pandemic. He explained that VA raised the gas tax to help pay for transportation projects but he warned that a gas tax will not be enough and called on the private sector to help come up with new ideas.
• Mayor Bowser: Mayor Bowser agreed with Governor Hogan’s call for more federal support for transit and noted that this is a national, not just a regional, problem. She said that the Long Bridge agreement with VA was a milestone and also said that improvements to Union Station are also important. She said that the 11th street bridge is another important project to residents of DC and Maryland. But beyond big infrastructure projects, her administration is looking at how to keep traffic low in the District even after offices start reopening. They are exploring more bus-only and bike lanes.

Like many industries, higher education was forced into virtual spaces at the onset of the COVID-19 pandemic. But while other industries may see a permanent increase in remote work, this pandemic has only made me more confident in the strengths of traditional, in-person instruction. Our real opportunity for evolution lies in providing a more personalized approach to learning, which students need now more than ever.

In March, as COVID-19 cases exponentially increased, we decided to transition our nearly 700 academic courses to a remote delivery format. Thanks to the flexibility and agility of our faculty and staff, students were provided a high-quality academic experience online, and they were very understanding.

A physical academic environment provides benefits that cannot be easily replicated online.

But while this worked on a temporary basis, our students have been clear that they miss in-person, face-to-face instruction. A physical academic environment provides benefits that cannot be easily replicated online. Students are more likely to absorb what the professor is saying, they can more easily participate in collaborative exercises, they benefit from on-campus activities, and they gain meaningful exposure to other students with different backgrounds and cultures from all over the world. We know that these experiences help students develop and discover what their passion in life is, and that is what higher education is all about.

That is why we have worked so diligently to ensure we can return to on-campus learning and living for the fall semester in a safe and secure manner. Marymount University’s Return to Campus Plan focuses on five key areas – reopening safely and sustainably, repopulating campus, monitoring health conditions, containing the possible spread of COVID-19, and following contingency plans in the event of a potential shutdown order. Measures to accomplish those goals include a face covering requirement, consistent sanitizing of all facilities, reconfiguring physical spaces to maintain social distancing, utilizing contact tracing apps, and increasing access to critical health services, testing, and personal protective equipment such as face masks.

Are there aspects of the current higher education model that should be changed? Absolutely – and as leaders in higher education, we must avoid the one-size-fits-all approach in favor of one that is more personalized. For example, at Marymount, we are seeking to build easier on- and off-ramps for students of all ages. Our recently-launched program, “Upskilling for the What’s Next Economy,” encompasses a unique and comprehensive range of modular graduate certificates and degree qualifications that provide students with the technical, management, entrepreneurial, and leadership skills to get them back to work. We also recently launched stackable graduate certificates in areas that include Cybersecurity, Data Science, Digital Health, Digital Transformation, Leadership, Project Management, and Intrapreneurship. These certificates can combine into a master’s degree in Emerging Technology, which gives students the tools they need to seize the opportunities that the market currently provides.

Expanding opportunities available to [students] is a significant way to make higher education more inclusive.

The nature of these offerings is that students can earn certificates slowly, one at a time, or earn multiple certificates all at once – it is up to them and their schedule. This flexibility is especially important for current students who are navigating a tremendous amount of uncertainty due to the COVID-19 pandemic. It also opens doors for nontraditional students who want to start working towards a graduate degree but are unable to commit to a full-time course schedule. Expanding opportunities available to them is a significant way to make higher education more inclusive.

This is just the beginning, because we need to always be finding new ways to increase access and personalization in higher education. It is the future, and I believe we will all see that even more clearly in the aftermath of the COVID-19 pandemic.

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Irma Becerra, Ph.D., is the seventh President of Marymount University. She is an internationally recognized expert, speaker, and author in the fields of knowledge management, business intelligence, and entrepreneurship. She is a thought leader, innovative educator, tenured full professor, and community leader. Dr. Becerra’s broad educational background spans the fields of engineering, IT, and business. She may be contacted via email at [email protected].

Board of Trade members are invited to share their views on this blog with editorial support from the Board of Trade staff. Views may or may not represent the official position of the Board of Trade. To contribute to the Board of Trade blog, contact Lindsey Longendyke, Communications Director, at [email protected].