What resources are available to help small to mid-size businesses navigate labor shifts during COVID-19 and as we look towards recovery?
The coronavirus crisis has turned the U.S. jobs market on its head, especially impacting small and mid-size businesses. While on one hand, companies across the travel and hospitality sectors have been severely impacted, other types of businesses and organizations, such as food and delivery companies and some retailers are expanding, reportedly trying to hire some 500,000 or more people in the next few weeks.
McKinsey & Company’s research shows that in the Greater Philadelphia region, roles in food services and in customer service and sales are among the most vulnerable occupation types.
One effort to help facilitate this massive shift in labor is the online marketplace called Talent Exchange from FMI (Food Industry Association) and Eightfold.ai — it aims to help people who have lost their jobs find work. Talent Exchange uses AI to match candidates with available roles at companies of all sizes, based on each individual’s skills and previous experience.
It allows companies who are going through tough times to help place their furloughed and unemployed workers into roles at other businesses that need their help. This talent platform helps to fill critical talent shortages and creates good will with workers, in the hopes that they can rejoin their company when business conditions improve.
Employers send their workforce a link that allows them to create profiles for hiring companies to see with a few simple questions. The platform helps employers understand how their workforce has been impacted in a single dashboard. And it helps hiring companies find matches quickly and onboard new employees.
The platform covers gig, part-time, and full-time work and has 700,000+ openings across the U.S. and Canada. You can visit the Talent Exchange website for more information.
In addition to supporting the Talent Exchange platform, McKinsey’s COVID-19 Response Center offers practical resources to help leaders respond to the crisis, including information for small businesses on topics such as securing financial, community, and industry support; guidance for managing expenses; and resources for supporting their employees.
Specific resources for the Greater Philadelphia area can be found here.
McKinsey & Company is a member of the Chamber’s Middle Market Action Team (MMAT), a consortium of leaders driving rapid growth in companies with annual revenues between $10M & $1B through targeted programs and strategies.
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