We have seen success defined by growth. Through and after this pandemic, the framework will shift and become more resilient.
Deepali Srivastava of Global Gateway Advisors writes about the ways we are already seeing this shift, and the benefits we will find. See excerpts copied below.
- As economic growth stalls, we are beginning to see business forge a new social contract with society based on principles of sharing and distribution.
- New worker protections are addressing inequality. As the coronavirus crisis unfolds, many tech companies have announced full-time pay for hourly wage workers, such as security, food service, and cleaning staff, who are facing reduced hours. New protections are also coming to the gig economy through funds that various businesses are establishing to compensate sick and quarantined workers.
- Coronavirus is localizing business operations. many businesses are doing what they can to prevent their home cities from becoming ghost towns. Italian fashion and luxury brands, for example, are funding hospitals and community organizations in Milan, the capital of the Lombardy region that has been severely hit by the coronavirus. Salesforce is giving financial aid to help small businesses around its headquarters in San Francisco. As global companies pivot supply chains that have been disrupted by COVID-19, they will likely look for solutions close to their headquarters that meet their own business needs but also help shore up local economies.
- Open collaboration and open sourcing are getting a boost. Businesses have quickly transitioned to sharing knowledge and resources. Publications are removing paywalls to make coronavirus information widely accessible, video conferencing services have become discounted or free, and massive open online courses, or MOOCs, are turning into a template for education.