The coronavirus pandemic and impending recession have created an urgent, unprecedented opportunity for CEOs and corporate leaders to put the promise of purpose-driven leadership and stakeholder capitalism into practice. Companies face extraordinary operational and financial challenges, and with every industry and business tested in unique ways, the course of action may be different for each. Many companies have already stepped up to support their workers, customers, and local communities. We’ve created the following tracker — starting with America’s 100 largest public employers — to help assess what’s happening on the ground, elevate best practices, and share what good looks like in this rapidly shifting landscape.
Based on the latest data, 50% of the top employers have made special customer accommodations and set up work from home policies. 36% have established paid sick leave policies and instituted some kind of manufacturing or service shifts to help the nation respond to the crisis. So far, only 4% of have announced any layoffs, and 7% temporary furloughs.
As a companion to this tracker, JUST has also identified 5 Principles to Help Guide Corporate America During the Coronavirus Crisis, constructed from five years of public opinion research on what constitutes just business behavior, to support corporate decision-making during these challenging times:
Take a look at some of the initial actions taken by companies to support these core principles here. To showcase how leaders are navigating the crises and spotlight inspiring and industry-leading best practices, we’re also producing an ongoing content series which you can explore here. In addition, you can see the policies we’re collecting from companies outside of the largest in the U.S. here.
We invite you to delve into the Corporate Tracker below. Each policy/practice (in a blue box) links to the original data source to explore further. Our methodology with definitions and classifications can be found below. If you have suggestions for improvements or additions, please let us know. As JUST continues to track company actions in the wake of the coronavirus crisis, we will continue to update the data in the tracker.
This tracker uses information found on company websites, corporate press releases, and reputable news sources to evaluate what America’s 100 largest public employers are doing in response to the coronavirus pandemic. The tracker currently looks at 16 different dimensions of company response — from the provision or expansion of paid sick leave policies to layoffs and furloughs.
When a company meets criteria for a particular response (listed below), it receives a “tag” in the tracker above, indicating that it has announced that policy or practice. Each tag links to the original data source. The 16 tags include:
Adjusted Hours of Operation: Company is adjusting the hours of operation of some or all of its services or retail or branch locations.
Back-Up Dependent Care: Company is offering backup dependent care services to employees or providing additional paid time off for employees dealing with school closures or interruptions in existing care arrangements.
Bonuses or Financial Assistance: Company is offering a bonus, grant, or other financial assistance to employees to help curb income volatility.
Closed Stores or Suspended Services: Company is voluntarily closing some or all of its retail or branch locations or suspending some or all of its operations or services.
Community Relief Fund: Company is committing funds to help communities or organizations dealing with relief efforts.
Community Services: Company is providing direct community services to help with relief efforts.
Continued Pay for Hourly Employees: Company is continuing to pay its hourly employees affected by adjustments to hours of operations, store closures, or service suspensions.
Cost Reductions: Company is reducing the cost of or deferring payments on certain products or services to help ease economic burdens for customers.
Customer Accommodations: Company is offering special accommodations to customers, such as: reserving the first hour of shopping for high-risk customers; expanding delivery or pick-up services; or offering new goods or services to customers in affected areas.
Executive Pay Cuts: One or some of the company’s C-suite executives are taking a pay cut to support the cost of the company’s operations and/or to help continue paying employees affected by adjusted hours, closures, or service suspensions.
Furloughs: Company announced furloughs — an employer-mandated suspension of work without pay — in order to offset lost revenues.
Layoffs: Company announced layoffs in order to offset lost revenues.
Manufacturing or Service Shifts: Company is shifting operations to prioritize the manufacture of healthcare products or provision of healthcare services and/or incentivizing its supply chain to support healthcare or community services.
Paid Sick Leave: Company is expanding its paid sick leave policies or developing a new paid sick leave policy for workers who have been infected by COVID-19 or are under quarantine for COVID-19.
Unpaid Sick Leave: Company is offering unpaid sick leave for employees who are at higher risk of being infected with COVID-19, are uncomfortable with coming into work during the pandemic, or have become infected. Companies that are waiving absenteeism policy for employees who miss work during the pandemic are also categorized under this tag.
Work From Home: Company is voluntarily shifting its nonessential employees to a remote work or work-from-home arrangement in response to the pandemic. Companies that are enacting A/B scheduling practices or split shifts are categorized here, too.
Each corporation’s number of U.S. employees is based on the company’s total employment count in 2018 if business in the U.S. accounted for more than 95% of revenues or long-term assets. These headcounts are further adjusted for all additions of employees through acquired businesses or subtractions of employees through divested businesses. In cases where the U.S. headcount is not disclosed in company filings or publicly-available material, we estimate the total U.S. employment size by multiplying the global employment size by the ratio of U.S. sales and long-term assets to global sales and long-term assets.
Data collection began on March 19, 2020 and was last updated on March 26, 2020.
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