Feeling The Heat: Climate Change’s Impact on Worker Financial Security
RECORDED ON WEDNESDAY OCTOBER 11, 2023
Watch the recording below
Webinar on Oct. 11, 2023
Feeling the Heat: Climate Change’s Impact on Worker Financial Security
Hosted by Commonwealth and SOCAP Global
On October 11 at 3 p.m. ET, Commonwealth convened a panel of experts from APCO Global, Harvard Business School, and Walmart to discuss how unusual or extreme weather is affecting worker financial security in the United States—and what actions employers, financial institutions, the government, and other organizations can take to mitigate its effect on financial well-being.
In 2023, the world was experiencing its hottest summer on record, with unprecedented heat waves rolling through the United States and the globe. Meanwhile, U.S. workers, particularly for labor-intensive jobs, service positions, and/or those who are working outdoors, are increasingly feeling the effects of climate change—as are their employers. In fact, a 2020 report indicated that the U.S. loses an average of $100 billion a year due to heat-induced declines in labor productivity.
The increase in extreme or unusual weather events has implications on worker productivity, employers’ bottom lines, and employees’ financial security. This webinar takes a first look at Commonwealth’s original, new research and the realities of how climate change is currently and will continue to affect workers’ finances, their health, well-being, and living situations.
Panelists:
- Liliana Diaz of APCO Global discussed climate’s impact on worker productivity; how corporations are responding to extreme climate impacts that affect their workers, and the rationale for doing so; and possible policy/regulatory development.
- Timothy Flacke of Commonwealth moderated and shared Commonwealth’s new research on workers’ perception of climate change on their financial well-being and other areas.
- Julie Gehrki of Walmart and Walmart Foundation discussed how one of the world’s largest employers is taking steps to support its associates in the wake of increased disasters due to climate change.
- Emily Williams of Harvard Business School shared her team’s research and insights into climate change’s impact on workers’ finances. Emily’s work leverages big data to uncover insights about household balance sheets and financial security, particularly people earning low incomes in vulnerable communities.
Listen to the recording where you’ll hear the panelists’ perspectives and actionable takeaways on the following topics:
- There is consensus (over 80% in our survey) that extreme and unusual weather events are becoming more common due to climate change.
- Short-term (missed work, lost hours) and long-term events (lost housing, inability to get insurance) are significantly impacting worker financial security, and will continue to intensify without intervention.
- Businesses are already seeing the effects on their bottom lines, and the impact to productivity, retention, and other factors will be material if these issues are left unaddressed.
