With unemployment claims skyrocketing to almost 10 million at the end of March and expected to jump by millions more, COVID-19-driven economic jolts have quickly shifted the labor environment to the most volatile we’ve seen – well, ever.
We are in an unprecedented time around the world, with an extremely wide gap in coping skills. Finding calm and peaceful moments is more important than ever right now. Chronic stress and anxiety takes an incredible toll on many bodily systems, most crucially, the immune system. If we can regulate our own emotions, we can pay better attention to those around us and increase empathy and morale.
The constant cyber threat has completely changed the way boards around the world approach risk. A robust cybersecurity posture is no longer a “nice-to-have” but a business priority, especially at a time of almost pervasive threats. As the need to protect customer data grows, business leaders have been attempting to work out how best to respond to this new reality, and, most importantly, whose responsibility it should be.
Legislation regarding the environment, modern slavery and other sustainable procurement laws are coming into force at a breakneck pace. By embracing change now and adopting ethical and sustainable procurement, organizations can get ahead of the curve. Also, this socially responsible commerce movement is being thrust into the forefront of how business will operate moving forward, given the guidelines for the recent stimulus bill passed in the U.S.
In 2020, you can bet your bottom dollar that consumers won’t be spending theirs on your products if you aren’t striving to operate sustainably.
For years, naysayers have argued that the consumers who say they want sustainable products aren’t actually willing to part with the extra cash to acquire them, opting for fast-fashion and plastic packaging over higher price points. Recent research proves this is simply not the case.
Identify Your Sustainability Priorities
To build a sustainable procurement process that complements your company’s core mission, the next step to take after conducting a thorough spend analysis is to identify the blend of environmental, social and economic sustainability goals your organization both prioritizes and is able to make real impact by addressing.
Across all industries, talent is our single most important resource. Our corporate strategies rise and fall in line with the experience, commitment, and uniqueness of our talent pool. One can often point to economic circumstances, seasonality of your business or other external factors affecting your market position, however even in times of an economic downturn, your talent makes you stand out above your competitors and helps you overcome the downturns faster than others.
When the first few cases of Coronavirus (COVID-19) were detected just four short months ago, few could have expected what has now become our new reality. We are in the midst of a global pandemic outbreak that tragically continues to claim the lives of thousands and disrupt the livelihoods of countless others. On top of that, it’s also causing serious business, supply chain and economic disruptions worldwide. From shortages in supply and talent, to quarantine and border closures, the impact is increasing by the day, continuing to wreak havoc on businesses and supply chains.