Business sustainability amid COVID-19 pandemic
2020 saw COVID-19 become a global pandemic for which the world was completely unprepared. It has disrupted the normalcy of the world, impacting not only the social fabric of the society but most importantly poses an unseen threat to humanity. More so, the global health crisis led to a severe economic fallout last year that resulted in the IMF declaring a recession as bad as, or worse, than in 2009. Henceforth several businesses have been experiencing unprecedented challenges.
Against this backdrop, business leaders worldwide have been facing a tough time to adapt to the new world order. For them, survival and sustainability of their business became requisites. One of the major concerns that brought jitters is what they can do next, and should be looking at?
As global economies took a deep plunge, several companies struggled to protect employees from losing their jobs. It has been immensely tough for leaders to make informed decisions, manage the overall objective of the organization, and generate enough revenue, given the environment of uncertainty.
In fact, the pandemic is yet not over. It is very difficult to predict when it will end and how many more people will suffer. Safety of each individual has become the biggest need of the hour. Now, post-second wave, people are shattered and they are forced to live in fear till normalcy is achieved. Managing employees’ productivity and keeping them motivated at the same time is very important in this new work from home culture. Business leaders are increasingly concerned about their employees' physical and mental health. It has become imperative to focus on how to keep everyone mentally and physically fit till the pandemic ends.
Well, Cameron Sinclair, a writer and one of the pioneers in socially responsive architecture, once said, “When sustainability is viewed as being a matter of survival for your business, I believe you can create massive change.” So, even though the pandemic may seem insurmountable for many businesses, survival and sustainability aren’t impossible. Therefore, in pursuit of true sustainability for better survival in the new normal era, what are a few steps business leaders can take?
Steps towards business sustainability
“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” – Martin Luther King Jr.
As so rightly mentioned by Martin Luther King Jr., the business ecosystem was quick to realize that only those organizations who can keep pace with the dynamics of the changing world will sustain. In order to achieve the same, staying calm and showing resilience was extremely important. Moreover, each organization is different, so the key steps also include identifying unique strengths and honing in on the most critical long-term objectives.
Improve employee happiness
At the same time, it is essential to keep close communication with each team member on a regular basis. Besides, displaying empathy and optimism to keep the morale of the team high play a vital role. The vision of the organization must be expressed repeatedly to keep the team aligned. It is important to keep it very simple and purposeful.
Organizations are also staying strong by caring for their employees’ well-being. Managing their emotional challenges along with their safety and security is the top priority. If each of them are healthy, the growth numbers can be achieved later on. So at the moment, revenue targets and growth projections can take a back seat.
In a nutshell, it has been a dismal period for both individuals and organizations alike. Considering the impact of wave 1 and 2, it is no surprise how drastically people have been affected by this pandemic. While some faced personal loss, others understood how devastating it can be. It is therefore mandatory to get each citizen vaccinated as early as possible. It is heartening to note that most of the business leaders have taken initiative in vaccinating their employees and families.
In fact, if we can save ourselves from a dangerous third wave and minimum loss of lives, normalcy can return earlier than estimated. Businesses will once again start thriving and we may also see so happening by the end of this year. Therefore, making efforts in the right direction will help lay a strong foundation for the business ecosystem.