The M.I.D., as we call it, is curated by our editorial team from more than 50 news sources. Like a lot of good ideas, this started as something I wanted for myself. If I can’t read everything, I at least want to stay abreast of the most important developments.
This week in HR, it was all about companies responding to world events in ways we haven’t seen before. More than 300 American companies exited or closed operations in Russia, the spike in gas prices caused some to rethink back-to-the-office plans, Disney walked its talk and took on the “Don’t Say Gay” bill in Florida, and the Great Resignation raged on.
McDonald’s said Wednesday it expects to take a hit from abandoning its operations in Russia. “We believe that it will be roughly around $50 million per month” or about 5 cents to 6 cents a share, said Chief Financial Officer Kevin Ozan on call for UBS’ Global Consumer and Retail Conference. “We expect this to be temporary, and we certainly don’t take this decision lightly,” Ozan said. McDonald’s (ticker: MCD) will continue to pay its Russian employees, including both in-restaurant and out-of-restaurant staff, as it closes 850 restaurants there. Additional costs will include things like paying leases for sites in Russia and supply-chain related costs. The company is still working out the exact impact of its exit, he said. “For us, this is about doing what we believe is the right thing to do, both for our global business and for our local people,” Ozan said. Barron’s
Since Putin’s devastating invasion of Ukraine began, over 320 companies have announced their withdrawal from Russia in protest. Nevertheless, some western companies have continued to operate in Russia undeterred; we identify several dozen companies with particularly significant exposure to Russian markets. In the days since we initially published our list, many of the “remain” companies have responded to public backlash and decided to withdraw, and we are continuously revising our list to reflect these decisions as they are made. The full, current list of companies that have curtailed operations in Russia as well as those that remain, as of March 9, can be seen below. The list is updated daily by Jeffrey Sonnenfeld and his research team at the Yale Chief Executive Leadership Institute. We are pleased that our list has been cited by The New York Times, The Wall Street Journal, The Financial Times, The Washington Post, Axios, CBS, CNBC, CNN, MSNBC, Fortune, Huffington Post, Meduza, NPR, BBC, and Investment Executive, among others, as the most authoritative and comprehensive record of the corporate exodus from Russia. Download the list by clicking here. Yale School of Management
Walt Disney Co (DIS.N) Chief Executive Bob Chapek voiced disappointment on Wednesday with a Florida bill limiting LGBTQ discussion in schools, saying he called Gov. Ron DeSantis to express concern about the legislation becoming law. Disney has been under pressure to take a public stand against the legislation that critics say will harm the lesbian, gay, transgender, and queer community. The company employs more than 65,000 people at the sprawling Walt Disney World resort in Orlando. The Florida legislation, referred to by its opponents as the “don’t say gay” bill, has stirred national controversy amid an increasingly partisan debate over what schools should teach children about race and gender. DeSantis, who is seeking re-election this year, has indicated his support for what is formally called the Parental Rights in Education bill. One Disney shareholder from California read a statement from his daughter, who had been accepted into the Disney College Program in Florida, and was “heartbroken” that Disney failed to take a public position on Florida’s legislation. “You can’t stand on the sidelines when it comes to human rights,” she wrote. Reuters
The Great Resignation isn’t showing any signs of stopping in 2022. Nearly 4.3 million Americans quit their jobs in January, according to Job Openings and Labor Turnover Survey, or JOLTS, data published Wednesday morning. That’s down from December’s revised sum of 4.4 million quits and marks the lowest monthly total since October. Still, the reading marks an eighth consecutive month with more than 4 million workers walking out of their jobs. That comes after annual revisions meant June 2021’s data was revised up from 3.87 million to over 4 million quits. That’s an extraordinary streak, both for its length and the intensity of nationwide quitting. Monthly quits trended at about 3.5 million before the pandemic rocked the U.S. economy. Walkouts have now landed well above that level for the better part of the last year. Record-high quits were also seen as recently as November, with 4.5 million workers leaving their jobs that month alone. Business Insider
President Biden on Tuesday announced a ban on U.S. imports of Russian oil and gas — the latest move to try to punish Moscow for invading Ukraine. “The United States is targeting the main artery of Russia’s economy,” Biden said. “That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine.” Biden called the prohibition a critical step to punishing Russian President Vladimir Putin but said as a result, Americans should be prepared to face further price hikes at the pump. Already, the cost to fuel up has spiked since the early days of Russia’s invasion of Ukraine, leading to historic gas prices across the country. “Defending freedom is going to cost. It’s going to cost us as well in the United States,” Biden said. NPR
