In a Time of Isolation, Business Leaders Are Moving Forward Together

In recent weeks, I’ve been spending a tremendous amount of time with CEOs, as leaders everywhere work to protect their people and their businesses. I’ve hosted dialogues to bring together leaders from across sectors. I’ve had more one-on-one conversations than I can count. But all of these discussions have the same thing in common: leaders are eager to share insights, trade expertise, and discuss what we can do to move through this crisis together.

Here are some of my key observations from these discussions, which underline some vital issues as we work together to plan for a future that will be permanently altered by the coronavirus crisis.

1.) Securing sufficient liquidity remains priority number one. 

As business leaders already know, liquidity has been hard to come by in recent weeks. Executives at EY and elsewhere have already started engaging in rigorous scenario planning, helping clients map out worst-case scenarios and stress-testing liquidity against them. It’s important to get these preparations underway early.

At the same time, we’re seeing new sources of liquidity emerge. Government support—through efforts like the CARES Act—has been helpful, though it comes with strings attached for businesses. And financial institutions, with some support and pressure from the government, have begun to ease restrictions themselves.

There’s no doubt that there will continue to be more developments in this area, and, as we continue monitoring the government’s response to the pandemic, this will be an ongoing focus area we will navigate together.

2.) Clear, transparent communication is the order of the day. 

The coronavirus crisis is bringing new developments each day. We’re all living in very uncertain circumstances: our employees are worried about the security of their jobs and the health of their companies. As leaders, it’s our job to keep our people apprised of what’s going on with timely and transparent updates.

Because this crisis is unfolding so rapidly, continuous communication with our boards is just as crucial. Weekly or bi-weekly board calls are increasingly the norm—for instance, by issuing a weekly written communication in addition to hosting a weekly board call. To make the right decisions, minute to minute and day by day, we need frequent communication across our leadership – and total, honest transparency in our conversations.

3.) Businesses are finding new and vital ways to put wellbeing first.

This crisis is going to be a test of mental and physical endurance. Prioritizing our personal well-being, as leaders, will be key to our ability to look after the many people who depend on us, including our families, our employees, and our clients or customers.

At EY, we’ve taken decisive actions to maintain the well-being of our employees. That includes doubling our backup care benefits, providing digital education for children, and giving everyone 24/7 access to licensed mental health professionals.

And business leaders everywhere are looking at ways to extend this kind of care beyond their organizations. CEOs in the health care sectors are asking business leaders to return personal protective equipment (PPE) to workers on the front lines to help mitigate severe shortages. Many organizations are also providing “combat pay” for employees who can’t work from home or who are dealing with the pandemic up close. This crisis is affecting all of us, and tackling it effectively will mean coming together to support each other and provide resources where they’re needed.

In these ways and so many more, C-suite executives are ready to lead courageously through this extraordinary period in the history of our world. Together, we can stay ahead of a rapidly shifting landscape – and build business continuity and resiliency in the face of unprecedented change.