How Philanthropists Can Support Inclusive Economic Recovery
In the early stages of the pandemic, economic support initiatives such as changes to tax regimes and interest rates or the introduction of furlough programs helped protect economies and populations from financial shock. However, as we begin navigating an entirely new phase of pandemic life, new strategies—with entirely new goals—must now bear the burden of worldwide economic recovery with a great focus on inclusive and equal recovery.
On a global level, economic recovery from the COVID-19 pandemic is still struggling. Although countries like China and the United States seem close to pre-pandemic economic states, the rest of the world continues to lag. Even in the countries where a rebound seems to be happening, many demographics and communities are still falling behind. Small businesses keep up with the big guys, while women and people of color are still trying to find an equal path back to the workforce in the US.
Unfortunately, issues like racism, misogyny, homophobia and xenophobia are harmful not only because they significantly limit individual liberties but also because they hinder economic progress. Undeniably, when growth and opportunities are more equally and fairly distributed, economies recover faster and continue growing for more sustained periods.
So, how can philanthropists help curb these obstacles and support inclusive economic recovery locally and globally?
Inclusive economic recovery begins as a choice. Government officials, employers, community organizations and philanthropists must unite to establish and carry out the plans to allow inclusive recovery. At this point in the game, it’s become clear that we can’t rely on the government to sort out a fair response to the economic crisis, putting philanthropists in an unexpected position of potential influence. With close ties to deserving communities and causes and the granters that have the power to make an impact, philanthropists almost have a responsibility to act as coveners or peacemakers.
The cooperation needed to facilitate inclusive recovery starts by listening to voices in grassroots leadership, particularly in the planning process. Leaders across various sectors must listen to communities, taking note of what must be acknowledged and repaired to move forward and progress. This is where philanthropists come in.
There are countless ways philanthropists can set the stage to amplify community and grassroots voices. Funding nonprofit community groups can help give members the capacity to make their voices heard and encourage community participation.
In another element of planning for inclusive recovery, research and data are critical to drawing a plan that accounts for areas of inequity. By funding and sharing research that sheds light on the disparities of economic and societal standing, philanthropists can help ensure that the matters and communities that truly need the most support will be recognized.
On that note, philanthropists can help drive awareness among their community of granters by sharing the results and data derived from this research. Sharing information about investment opportunities with community partners can help encourage greater participation and help determine which projects may best serve their communities.
More than anything, philanthropists must take advantage of relationships in both the private sector and local communities. By bringing representatives from both of these groups together, philanthropists can help ensure the community's true needs are being considered in the development of funding and action plans, both in the short and long term.
While there’s no short answer or short track to facilitating inclusive recovery, a clear path has been laid out before us, and it starts small. By listening to the very voices they serve, philanthropists have great power and responsibility to amplify those voices and deliver them to the ears of those who can put solutions to work. It’s not easy being the middleman, but someone must step up to the plate in this case.