Boards Meet Weekly on ‘Huge, Consuming’ HR Issues
The Agenda article, "Boards Meet Weekly on 'Huge, Consuming' HR Issues," quoted Russell Reynolds Associates Consultant Anthony Goodman on the critical importance of human capital amid the current pandemic. The article is excerpted below.
As boards wrestle through a host of problems stemming from the Covid-19 pandemic, new human resources issues are emerging nearly every day. Boards are meeting on a weekly basis to discuss how to protect employees from becoming infected by the virus as well as to address health benefits and pay.
"Human capital management has been rising up on the board agenda, but we still come across board directors from time to time saying it's not a board but a management responsibility," says Anthony Goodman, senior member of Russell Reynolds Associates' board and CEO advisory partners practice. "But, I think that is becoming less and less the case as they realize they need to spend time on this."
In addition, the liability arising from the pandemic will force employee issues onto the board's agenda, if they aren't there already.
"A lot of legal issues are coming up around how to protect the workforce, and there are concerns about potential lawsuits on the other side of this, which has risen to the board now," Goodman says.
Boards and committees are now holding weekly and monthly meetings to deal with Covid-19 problems, and Goodman says boards are operating more efficiently during this crisis, holding "shorter, sharper" virtual meetings to discuss human capital issues.
"Every business [has] to figure out how to keep their employees safe, how to plan for their future workforce needs and how to retain their top talent while at the same time considering how to manage the overall workforce numbers and costs," Goodman says. "Human capital has become a huge, consuming issue."
To read the full article, click here.