Evidence submitted by Dr John Oliver to the Business, Energy and Industrial Strategy (BEIS) Select Committee on The impact of coronavirus on businesses and workers has been used in a House of Commons interim pre-Budget report.
The evidence draws on Dr Oliver’s research into the impact of crisis events on the long-term financial health of organisations. Crisis events like COVID-19 have the potential to severely impact business performance and workforce productivity, not only in the short term, but for many years ahead. In managing the COVID-19 crisis, businesses not only need to manage the short-term situation, but also be mindful that the pandemic can create longer-term ‘transgenerational effects’ and adaptive responses that have a negative impact on business performance.
The BEIS report used Dr Oliver’s evidence to recommend that the Chancellor “come forward with those ideas in the March Budget and show us what the country’s strategy is for dealing with a formidable set of changes that are facing us, as well as recovering from the pandemic. It is not so much the individual micro-policies that are needed but more about having a coherent strategy for changing our economy, our workforce and the skills” (p.12).
A big shout out goes to Sarah Carter, Policy And Public Affairs Officer, who advised on the evidence submitted.
Dr Oliver’s research can be accessed at: Oliver, J.J. (2020). Corporate turnaround failure: is the proper diagnosis transgenerational response? Strategy & Leadership, Vol. 48, No. 3, pp. 3-9.