COVID-19 is causing an extraordinary and unprecedented economic disruption. Effectively mitigating both short- and long-term impacts requires decisive action, not just in terms of epidemiology, but also economics and business. Decisions made—or options ignored—will have lasting impact. The Federal Reserve recently slashed interest rates to zero as part of a wide-ranging emergency intervention, and the largest-ever economic stimulus bill was just signed into law. But the layoffs have already started, and the consensus is that, even with a continued robust response from government, layoffs will accelerate.

Corporate leadership should follow the urgency shown by government and take action to offer a financial safety net to their most vulnerable employees. Now is the best time to take action, before the full impact of the current dislocation works its way through the system. There are benefits from financial-wellness and fiduciary perspectives, but it’s also just the right thing to do.

Read the Human Resource Executive article by Chuck Hill, former chief human resource officer at Pfizer.