Your Guide to Economically Surviving COVID-19
LinkedIn
Fingertip calculator calculator Calculation concept

By Kathryn Porritt

The financial impacts of COVID-19 are yet to be fully seen, but small business owners and entrepreneurs across the world are already seeing major impacts to their businesses. Many are scared, wondering what options they have to economically survive this time.

There are ways for businesses to survive – a business can even thrive during an economic downturn. It doesn’t matter if it’s a small business with less than five employees or a large corporation with 50,000 employees. Economic thriving is possible, even amid COVID-19.

Here’s how owners can create economic thriving:

Lead with Authority

Now is the time for owners to lead with authority. This time of transition and transformation can be a positive, powerful one if leaders show up for themselves and their businesses. Both their employees and their audience will feed off of the energy they show up with and produce. So, owners need to be the powerful leader and spokesperson who shows up for their team.

Brainstorm Ideas

It’s a key time for business owners to brainstorm ideas, both with their niche audience and with other business owners. The creative ideas that this process produces will allow an owner to figure out how to creatively pivot and shift their offerings to meet the needs of their audience. These ideas will help them navigate the rough waters with more ease and come up with their most creative offerings.

Think Big

Unfortunately, when times of chaos and crisis hit, many business owners start to fall into the trap of a scarcity mindset. This is the exact opposite of what needs to happen. Instead, this is a prime time to really think big, and outside of the box. Owners need to take the time to get crystal clear on their business goals and re-outline the steps needed to achieve them.

Know the Message

A businesses’ message and attitude need to remain positive. The message of a business can cause a ripple effect, from top down, so it’s paramount that owners find gratitude in their business, its offerings, and for their audience market. What is the key message that the business wants to promote? And how is that creating a positive impact in the market the business serves?

Own the Position of Authority

Now is a business owners’ time to shine by owning their authority in the marketplace they serve. Don’t be shy! This is the time for them to show their audience and the public why they deserve to be a market leader.

Stay Connected

More than ever, it’s times like these that connection is paramount. Business owners need to be connected to their market, their audience, and also their friends and loved ones – so that they can rest and recharge. Technology makes it possible to connect in a variety of ways, so take advantage of it!

Business owners can now take up their position of authority, own their expertise and lead powerfully. The world is craving positive, insightful and creative leaders with engaging solutions. Business owners need to take a slight pause, step back, and realize the opportunities before them. Instead of caving to fear and market unrest, they need to be pushing forward toward their goals. Just because the way to reach a goal may have changed for the owner, doesn’t mean the goal itself has changed. And, above all else, owners need to remember to rest and take care of themselves, so that they can continue to lead from the front.

Moving the Needle on DEI Hiring
LinkedIn
Three girls working on an engineering project in a science lab

The demand for workers in areas like healthcare, supply chain and others has never been more critical than it is today. Two businesses are now joining forces to offer solutions to help organizations find top candidates while ensuring their talent pool is diverse.

Black Women in Science and Engineering (BWISE), founded by Erika Jefferson to support underrepresented women in STEM through networking, mentorship, and career development, is partnering with Cambio, a multi-faceted recruiting and diversity platform founded by Neil Patwardhan and Bob Richards. Both organizations are focused on truly moving the needle on DEI (Diversity, Equity and Inclusion) hiring in meaningful way.

BWISE, with its professional job board and network of over 15,000 scientists, engineers and technologists, can focus on guidance to employers and diverse job seekers with a focus on black women in STEM. And Cambio, through its Diversity Engine and analytics, can spotlight diverse candidates and ensure biases are surfaced and focus on delivering top candidates.

BWISE is focused on bridging the leadership gap for Black women in STEM. It was founded with the purpose of supporting underrepresented women through networking, mentorship and career development. The group primarily consists of black women from middle management through senior leadership with degrees in the sciences, math and engineering (even if they no longer work in that field) who would like to connect with others.

Cambio’s mission is to create a more human experience in the world of recruiting and job searching with video, and make the process more transparent and fun by embracing the swipe culture of viral mobile applications. The company aims to speed up the hiring process and lead the way in diversity hiring by helping companies meet their workforce goals for 2020 and beyond.

For additional information on BWISE, click here.

For additional information on Cambio, click here.

A Passion for Equity in Education
LinkedIn
Karl Reid smiling for the camera

By Eric Addison

He didn’t fully realize it at the time, but as a high school student, Karl Reid had a few advantages that helped him achieve success against a backdrop of challenges. His work today, as a leading advocate for increasing college access, opportunity and success, seeks to spread those types of advantages more equitably across the educational landscape for students of all races, ethnicities, genders and economic circumstances.

Born in the Bronx and raised in Roosevelt, a predominantly African-American, working-class community on Long Island, Reid had parents who placed a high value on education and applied high standards to their children’s academic work. When he was admitted to a well-resourced, magnet high school near Roosevelt, a school with a majority white student body, it put him on a track to follow his older brother to the Massachusetts Institute of Technology. At MIT, he fully expected to continue being an outstanding student, so his first-semester struggles came as a shock.

“Suddenly, I was a college student who barely understood what was going on in lecture. I hadn’t learned yet to read ahead of class,” Reid says. “I could barely keep up with new information being presented to me, never mind ask a question. My score of 38 on my first physical chemistry exam was the final wake-up call.”

Reid came through the crisis by finding his internal drive (his “grit”), by applying it to a demanding regimen of independent study and by building beneficial relationships on campus. In his freshman year, he joined the National Society of Black Engineers (NSBE), a college-student-led organization with a mission to, “increase the number of culturally responsible black engineers who excel academically, succeed professionally and positively impact the community.” Reid credits NSBE with building his leadership skills during his tenure as vice president of MIT’s NSBE chapter in his junior year, and subsequently as the Society’s national chair. He left MIT in 1985 as a Tau Beta Pi scholar with two academic degrees: A Bachelor of Science and Master of Science in materials science and engineering.

Later, in 1991, years into a successful career in the burgeoning computer industry, Reid had a crucial experience that clarified his purpose and changed his life’s work. Reading Jonathan Kozol’s Savage Inequalities, a seminal volume about educational disparities in the United States, he saw how his own experience as a K–12 student fit into a broad pattern of discrimination. He finished the book determined to do something about the problem.

Reid left the computer field to return to MIT, where he worked in positions of progressive responsibility to increase diversity at his alma mater—eventually becoming associate dean of undergraduate education and director of the Office of Minority Education—and took the opportunity to earn a Doctor of Education at Harvard University. His next employer was the United Negro College Fund (UNCF), where he oversaw new program development, research and capacity building for the organization’s 37 historically black colleges and universities and held the title of senior vice president for research, innovation and member college engagement.

In June 2014, Dr. Reid made another auspicious return, this time to NSBE as executive director. Based at the Society’s World Headquarters building in Alexandria, Virginia, he supports NSBE’s National Executive Board, and NSBE’s 25,000 in reaching the main goal of the Society’s 10-year strategic plan: To partner with educational institutions to end the underrepresentation of blacks in engineering in the U.S. by producing 10,000 black engineers annually in the country, by 2025. He has also helped nurture NSBE’s impressive growth abroad: A large percentage of the Society’s members now reside in Africa.

Dr. Reid’s diversity and inclusion work outside of NSBE—most notably his foundational and leadership role with the 50K Coalition and his membership on the National Academies of Science, Engineering, and Medicine’s Committee on Addressing the Underrepresentation of Women of Color in Tech—also supports the Society’s mission. And he has authored a book, Working Smarter, Not Just Harder: Three Sensible Strategies for Succeeding in College…and Life, which was published in 2017.

Dr. Reid admits the societal problems he has chosen to solve are large and intractable, but after 22 years of rising daily to the challenge, he believes the statistics are moving in the right direction.

“Seeing young people grow in intellect and character and go on to achievements in STEM that benefit their families, their communities, their nation and themselves is a priceless experience,” Dr. Reid says. “Our work is difficult, but the rewards are great.”

Band-Aid Announces it Will Finally Make Bandages For Darker Skin Tones
LinkedIn
band-aid

In response to recent worldwide support for Black Lives Matters protests, Band-Aid announced last week that it will be expanding its product line to include bandages with a range of skin tones.

“We hear you. We see you. We’re listening to you,” the company wrote on Instagram. “We stand in solidarity with our Black colleagues, collaborators and community in the fight against racism, violence and injustice. We are committed to taking actions to create tangible change for the Black community.⁣”

The bandages will come in light, olive, and darker shades of brown and black tones, to reflect the diversity of consumers who need bandages.

Other companies had already stepped in to fill the void, including Tru-Colour, a company started by a white man.

Toby Meisenheimer had adopted a black son and wanted to “affirm and celebrate his son’s identity” for who he was. Started in 2014, Tru-Colour provides skin-tone shade bandages and kinesiology tape for people of every skin color—and their products were picked up by Target stores nationwide in 2018.

In addition to the change, Band-Aid says they will be making a donation to Black Lives Matter.

Continue on to the Good News Network to read the complete article.

Meet the Woman Behind Space X, President and Engineer Gwynne Shotwell
LinkedIn
Gwynne Shotwell smiling for the camera

This past weekend, the United States made history when Elon Musk’s SpaceX launched the Dragon Crew capsule into space, the first U.S. mission from U.S. soil since 2011. SpaceX is primarily associated with Musk, as he was the founder of the company, but many people don’t know about the company’s president and chief operating officer, Gwynne Shotwell.

Now responsible for SpaceX’s operations and growth, Shotwell has been working with SpaceX since the company was founded in 2002 and was immediately put on the board of directors. She earned her bachelor’s and master’s degree in Mechanical Engineering and Applied Mathematics from Northwestern University and previously worked with The Aerospace Corporation and Microcosm Inc. in El Segundo, California. Wanting to apply her skills in engineering in a hands-on environment, Shotwell worked with The Aerospace Corporation in military space research, technical work, spacecraft design and thermal analysis. She spent much of her time specifically studying small spacecraft design and how to navigate such a spacecraft in and out of the cosmos. She later went on to work Microcosm Inc, a rocket building company, where she oversaw business development.

Having both the skills and knowing the ins and outs of spacecraft and business, Shotwell’s expertise at SpaceX still stands. Under her supervision, SpaceX has launched five billion dollars’ worth of crafts with the Falcon vehicle family and has now become the first privately owned business to send astronauts into space. Additionally, Shotwell recently became a member on the board of directors for Polaris, an automotive vehicle manufacturing company, and serves in many STEM-related programs. Her work in these areas have earned her several awards, including a spot in the 2012 Women in Technology Hall of Fame and as one of Forbes’ Magazine’s Top 50 Women in Tech.

Through all of her successes, it seems as if Shotwell has more large-scale accomplishments to come. As part of a multi-billion dollar deal with NASA, SpaceX will continue to work on a transportation system to take the first humans to Mars.

Get to Know Reaching Out MBA (ROMBA)
LinkedIn
Reaching Out MBA (ROMBA) logo

By Aidan Currie

Hello and Happy Pride 2020! This will certainly be one of the most unusual Pride months on the books, and it’s important that we continue to find the silver linings in life and work during these tumultuous times.

I have the great pleasure of being the Executive Director at Reaching Out MBA, a nonprofit that for more than twenty years has worked to increase the influence of the LGBT+ community in business by educating, inspiring and connecting MBA students and alumni. We run programming throughout the year – including a Fellowship program that provides a minimum of $20,000 to students selected by their schools – to ensure LGBT+ MBAs connect and learn from others in business, have access to recruitment opportunities, and spaces for our community to gather and inspire each other.

Like everyone, the MBA community has been greatly impacted by COVID-19, in the short term with altered or rescinded summer internships –  and in the longer term with uncertainty in the jobs market that students will encounter upon graduation.

But here’s the good news. In these difficult times, many of our organization partners have shown outstanding leadership by quickly re-configuring what a summer internship can look like in the MBA community. This means providing interns with an opportunity to re-imagine their traditional internships and take the summer to give back by supporting a nonprofit of their choice as we manage through these difficult times.

For example, Corey Fowler, a Reaching Out Fellow completing his first year of Tepper School of Business (Carnegie Mellon University), has been able to pivot from his planned internship at Boston Consulting Group in Pittsburgh. BCG has offered Corey the opportunity to join the Reaching Out MBA team as we work to develop engaging virtual events that continue to serve the needs of our students and alumni in the wake of COVID-19.

I spoke to Corey recently about how this program came about. “Given this global crisis, BCG developed a Social Impact Ambassadorship that enables incoming summer consultants to spend their summer working with a nonprofit of their choosing instead of the traditional client experience. This allows interns to give back to organizations they care about, either through front-line service in their community or skill-based volunteerism.”

When asked why he chose Reaching Out MBA, Fowler says: “As a ROMBA Fellow, I’ve been involved with the organization since the early days of my MBA experience and have seen first-hand the impact that Reaching Out has on the LGBT+ community.  I thought long and hard about where I would have the most impact. In the end, working with Reaching Out was the best way for me to leverage my skills and personal experience to support the LGBT+ community.”

How do you hope you can make a difference in the fight against COVID 19 this summer? Says Fowler, “organizations all over the world are having to significantly rethink their operations in light of COVID-19.  I’d like to look back on this summer experience and feel proud that I used my education and skills to help an organization that has done so much for the historically marginalized LGBT+ community.  From a professional growth perspective, I am hoping to sharpen my contingency and crisis planning skills that I think will benefit me throughout my consulting career.”

We thank all of our partners who have decided to continue their support of Reaching Out MBA in these difficult times, in part by donating their human capital to help raise up nonprofits and other community organizations as we continue to serve our constituents.

UT Arlington to Give $10.6m in Student Grants
LinkedIn
A blue piggy bank wearing a graduation cap with stacks of coins next to it.

The University of Texas at Arlington, otherwise known as UT Arlington, will be giving its students $10.6 million in grants through the Coronavirus Aid, Relief and Economic Security (CARES) Act.

The CARES Act provided UT Arlington with more than $21 million in April. About half of this amount will be given as financial aid to UT Arlington’s students, while the other half will be used for other university-related needs.
Of the $10.6 million in grants, full-time students are eligible to receive $1000, while part-time students will be eligible to receive $500.
However, not all students will be eligible to receive these funds, such as international, undocumented, and unenrolled students, as well as students in certain online exclusive programs, who do not qualify for financial aid, or do not have a need for the money.

For students who are not qualified for the grant and need financial assistance, UT Arlington’s emergency assistance fund can be applied for here.

Merck Virtual Engagement and Educational Experience and Virtual Business Opportunity Fair
LinkedIn
Merck business fair

Merck’s Virtual Engagement Center will offer two tracks for Diverse Suppliers:

The Merck Global Economic Inclusion & Supplier Diversity Educational Experience (kick-off May 21, 2020) is a webinar series geared toward the developing the knowledge of diverse suppliers in the marketplace.

These monthly sessions will give diverse suppliers a leg-up and get them ready to pitch their capabilities and services, while learning how to set themselves apart and ultimately win the business.

Register Here

The Virtual Business Opportunity Fair, June 17, 2020, one of two LIVE events in 2020, that will provide the opportunity for diverse suppliers to engage with Merck’s supply chain professionals, Prime Suppliers and Advocacy Organizations during a virtual tradeshow.
Register Here

Supplier development and diversity are critical to our mission of Inventing for Life. We are excited to deploy these two exciting programs as part of the Virtual Engagement Center and hope you will join us.

Studies Show 1 in 4 Americans are Seeking Type of Advisor During the Pandemic
LinkedIn
woman's hand pictured holding pen and calculator

While health concerns continue to be top of mind surrounding the COVID-19 pandemic, other aspects of day-to-day life contribute to the anxieties due to these uncertain times. One significant additional concern is the future of financial sustainability.

To truly understand the concerns of the public, Nationwide surveyed over 2,000 Americans, including 600 investors, to see how the pandemic has changed their financial concerns. John Carter, the president and COO of Nationwide, stated of the survey, “People are struggling, they are making sacrifices, and we firmly believe that their health and safety should be everyone’s top priority right now. We are also committed to helping Americans protect their financial health for the long term. Our latest research identifies areas where they are challenged and looking for guidance.”

According to Nationwide’s study, 70% of respondents testified to feeling either cautious or uncertain for the future of their personal finances, including 69% of the surveyed investors. This data doesn’t come as a surprise to Nationwide’s additional data that stated nearly 1 in 4 of those surveyed testified to having reached out to a financial advisor for the first time because of the pandemic, including 26% of the investors asked. Only 31% of all surveyed had previously used a financial advisor, with only 58% of the investor subset being included in that tally.

Financial concerns among those who responded to the survey stated their two biggest concerns over the effects of the virus were the inability to pay bills and the fear of losing their life savings. Other concerns included the fear of losing their jobs, affording healthcare, and not being able to retire.

Kristi Rodriguez, the leader of the Nationwide Retirement Institute, stated, “Americans feel a lack of control and a need for more guidance. Even if they do all the right things to manage their finances and investments, the vast majority of Americans, including 80% of all respondents and 85% of investors, agree they can still be blindsided by outside events.”

But just because there are fears surrounding finances during this time, that doesn’t mean that all hope is lost. Nationwide is dedicated to helping those concerned with their financial situation through their various resources. To find out more about what Nationwide has to offer and see more of the survey’s results, check out Nationwide’s full press release here

5 changes to expect in the workplace after COVID-19
LinkedIn
Woman hands shown working from home on computer

As a result of the coronavirus, the workplace will never be the same. Even the word “workplace” suddenly seems obsolete, as the physical location in which we now work has merged with the places in which we eat, sleep, learn, exercise, and play.

The COVID-19 crisis has created the ultimate “burning platform”—an unexpected, overnight opportunity for people to see the impact of swift and meaningful change, and to witness the negative consequences of trying to ignore this aberration from everyday life. Within organizations, the virus has been driving significant change in how their employees operate with each other, as well as with clients, customers, and vendors.

Now that companies are shifting past their immediate response to the crisis, we’ve entered into a temporary “new normal.” However, what will the long-term impacts of our new normal be on the world of work? Winning organizations will be those that integrate and master digital work, community, and collaboration.

To succeed, companies need to begin planning now for five key shifts:

1. Full digital transformation, supported by a truly virtual workforce

Companies have quickly figured out how to serve their customers and clients remotely, and there’s no going back. From telemedicine in hospitals to remote learning for public schools and streaming fitness classes, every industry has accelerated its own digital transformation. As a result, the demand for highly skilled remote workers will continue to increase.

With a surge of candidates in the market, organizations should be preparing to recruit and integrate these key individuals into the organization quickly and seamlessly, so they can capitalize on the cost savings and broader access to rockstar talent.

2. Focus on outputs versus face time

Being the first one in the office and the last one to leave is no longer a measure of commitment and performance. In a post-COVID-19 world, employees will be measured on what gets done and the value of their work rather than on the individual tasks and the time it takes to get the work done.

Leaders must provide crisp, outcome-driven expectations so that their people can deliver on goals successfully. Motivating employees to perform will require modeling and measurement of their outputs and being clear on those metrics. Companies must level-set expectations for what drives organizational priorities and goals, rather than discrete tasks.

3. Respect for work-life blend

More than ever before, companies are recognizing that working “nine to five” is unsuited to the demands of a modern workforce. If leaders can place greater emphasis on flexibility for people to accomplish their best work—when and how it meets their personal needs (as well as the needs of the company)—they can reinforce the cultural shift of measuring staff based on performance, which can result in exponential benefits for the organization.

Organizations must remove stigma and support employees’ needs to make time for self-care–including exercise, meals, and family time. Policies and procedures need to reflect these shifts, and leaders must model a true work-life blend so that it becomes part of the company culture.

4. Stronger communications

Now that companies have gone fully virtual, individuals are communicating more efficiently and more frequently across a networked environment. To do this well, everyone, at every level, must make opportunities for dialogue by employing numerous channels.

Leaders can make communication easier for their people. They can remove roadblocks, create a governance structure that pushes decision-making out and down, and provide employees with the tools and training they need to empower them for ongoing communication and local decision-making. With traditional hierarchies gone, true leaders must step up to facilitate information flow across the organization.

5. Increased trust, transparency, and empathy

We are witnessing a revolution in leadership. In a recent leadership study of Fortune 500 executives and entrepreneurs, respondents cited behaviors such as humility and listening skills as essential qualities of great change leaders. And leadership experts such as Kim Scott and Brené Brown have long proselytized about the importance of candor and vulnerability. Now, leaders and employees must understand and support each other like never before. People are sharing more about their personal situations with colleagues, and as a result, they are creating an expectation of humanity, active listening, support, and connection.

Continue on to Fast Company to read the complete article.

A Quick Chat with Kellan Barfield
LinkedIn
A photo of Kellan Barfield on a gray background

Kellan Barfield discusses her booming tech company, SOURCE EXPLORER, with Diversity in STEAM Magazine.

How did you develop the platform for SOURCE EXPLORER?

I started by interviewing Life Science Professionals about what their needs were when searching for a supplier. I observed a common theme. They were tired of hearing from vendors that they “can do it all,” when they want a specialist who has a proven track record of the exact services they’re looking for. I used this feedback to create a search engine that pulls up vetted, reviewed, and relevant supplier profile matches for their needs. This allows them to begin a new supplier relationship with trust from the start, knowing their project is not a “guinea pig” for a supplier who is just hoping for business. They are a valued client who will have experts working with them side-by-side, making the best recommendations and achieving the highest quality results.

What is your biggest challenge in running a woman-owned pharma company?

This isn’t specific to serving pharmaceutical companies, but it’s much harder for women to find funding for any new venture. Most investors are men, and there is an echo chamber of male voices reinforcing bias. There are still both men and women who have questions about whether or not women are “stable enough” to invest in, or if they’re “at risk” of taking time off for the same family commitments men have. A fellow female founder I know well was asked by a male bank representative if perhaps “her daddy could co-sign” a loan when she had plenty of collateral and $800k of orders from Walgreens in her hand. This kind of thing happens every single day. It’s real.

How is your company impacting the life sciences community?

Life Science projects are so important—this is how we get treatments to patients. So, there’s a sense of urgency to get them started. But when I managed $30M+ commercial budgets for pharmaceutical companies like Alcon and Gilead just a couple of years ago, I had multiple projects where it took up to four months just to find the suppliers I wanted to include in an RFP. And that’s before we actually go through the process of receiving and reviewing proposals and pitches. It’s months and months before progress can be made that way.

I saw a need—because it was my own—and I addressed it with SOURCE EXPLORER. It’s much easier and faster to do everything from searching to sourcing, even requesting work samples and following updates from favorite suppliers. The easier it gets, the faster vital projects get started, and the closer we get to helping people who need medical intervention.

What other goals would you like to accomplish?

Ultimately, it’s all about achieving greater patient outcomes. My way of accomplishing this is to support the people making it happen. Life Science Professionals work hard, often navigating and juggling so many factors, priorities, and processes that it would make your head spin. With SOURCE EXPLORER, I’ve taken one of those processes down to minutes, connecting them with the suppliers they need when they need them. But there’s so much more support this industry needs, even if it’s just a laugh. Ultimately, I would like to continue investing in making SOURCE EXPLORER the go-to place where Life Science lives.

What advice would you give young women looking to get into the pharma/life sciences industry?

Build relationships within the industry before you think you need them. Use platforms like LinkedIn to connect with people in your classes, at your internships, and who are already established in Life Sciences. Stay in touch with them as you develop in your education and career, and get to know how you can support them in their goals whenever possible. Relationships will get you farther than your degree alone.

DISM BLM

Thank you essential workers

thank you essential workers
 
*Please be sure to check event websites for latest updates on postponements or cancellations due to COVID-19 precautions.