COVID-19 has been a wake-up call for business, shining an unsparing spotlight on the vulnerabilities of many organizations and pulling forward changes in working practices that were expected to take years into a matter of weeks.
The disruption unleashed by the worst health crisis in more than a century has ricocheted through every sector of the economy, from financial services giants on Wall Street to small shops and restaurants on main street. The after-shocks will have a profound impact on many aspects of commerce far into the future.
Importantly, coronavirus has also accelerated significant shifts in the complex relations between business and society, underscoring the need for a transformation towards a more inclusive form of capitalism.
Business as unusual
Coming on top of the existing challenges of climate crisis and growing inequality, the threat posed by a runaway disease has forced business leaders to question fundamental aspects of how they operate. One conclusion is already plain: a return to “business as usual” is not an option.
Instead, businesses will be expected to re-engineer the way they operate to build trust, create value for society at large and mitigate long-term risks. Customers, financial markets and governments will punish companies that fall short in terms of their social and environmental impact. Those that provide transparent benefits will be rewarded.
Read More at https://www.weforum.org/agenda/2021/01/redefining-the-business-of-business