Deloitte recognizes Wisconsin 75
Consulting firm talks about economic rebound
The global economy is in the midst of a strong rebound with vaccines available against COVID-19 and the pandemic subsides. Yet, the virus still has the largest impact on the course of the global economy, nearly two years into the pandemic, Deloitte’s chief global economist said Tuesday.
“When there are outbreaks of the virus, even in the absence of lockdowns or other economic restrictions, at least some people and businesses change their behavior in ways that avoid social interaction and therefore have an impact on the overall level of spending and the type of spending that takes place,” Ira Kalish said.
An expert on global economic issues, Kalish spoke as part of a virtual event recognizing Deloitte’s Wisconsin 75.
The annual program staged by the consulting firm recognizes the state’s largest privately and closely held companies as ranked by revenue.
Kalish noted that vaccines are widely available in the United States, but the country is behind most other major industrial countries in terms of the share of the population that is vaccinated. The U.S. is behind the European Union and Canada.
The recovery from the pandemic is also bringing economic challenges like issues in the supply chain, labor market and inflation.
The ending of the pandemic also has coincided with a labor shortage not just in the United States but around the world.
“There was some government stimulus money and enhanced unemployment insurance which probably led some people to avoid returning to the labor force, but that has since ended and we still have a job shortage, so that wasn’t actually a major factor,” Kalish said.
There’s a skills mismatch, he said. “We saw the loss of many lowskilled jobs such as in retailing and the creation of many new jobs in technology and yet the people that lost jobs didn’t have the skills needed for the kinds of jobs being created,” he said.
Most often, a labor shortage causes wages to increase.
“That hasn’t completely been the case,” Kalish said. “We have seen an acceleration in wages but not as much as inflation so in real terms, wages have been declining.” The leisure and hospitality sectors are the only industries to have a sharp increase in wages.
Baird receives recognition
Companies like Milwaukee-based financial services Baird are working to become better employers.
Baird created a new task force for its executive committee last year to improve the experience of associates, especially for people who are Black and African American.
“Baird is committed to creating an inclusive environment where every Baird associate can advance professionally and personally, regardless of gender, race, color, age, religious affiliation, nationality, sexual orientation, physical ability or gender identity, which are just some of the differences that make each of us unique,” said Mary Ellen Stanek, Co-Chief Investment Officer at Baird, during the event.
Baird was recognized as a Distinguished Performer for its efforts in diversity, equity and inclusion.
Stanek said Baird has established associate resource groups and expanded its internship program to recruit emerging and diverse candidates. Cultural awareness training, and other education programs, are offered. Baird will host its first multicultural conference for the spring of next year to celebrate associates’ unique perspectives, Stanek said.
Tuesday’s event highlighted the winners of the Distinguished Performer awards that recognize how companies successfully address challenges around local and global competition and stay accountable to their communities and employees.
Other distinguished performers this year also include Ashley Furniture Industries of Arcadia for work on sustainability; Brakebush Brothers Inc. based in Westfield for succession; Appleton-based The Boldt Co. for innovation and Appleton’s U.S. Venture for community.