After 9/11, even the largest firms felt the financial impact of the World Trade Center attack. Economic upheaval cost American firms approximately 11 billion dollars. Airlines, banks, and brokerages became famous. Patriots often went to Wall Street to buy names on the tickers. Spending through a lifestyle attack was good. No company today has that type of sympathy.
Many airlines were affected by Covid-19’s global closures in April 2020. Early leadership and strategy discussions focused on resilience and investment futureproofing. Sympathy didn’t appear.
This epidemic revealed the complicated linkages between inequality, economic growth, loss, climate change, and social cohesion. After 9/11, consumers linked spending to recovery; now they link disparities to recovery. The motto is: we’re all in this.
Companies seeking public endorsement today must decide if endless growth is conceivable on this finite world. Is their work sustainable for workers, the environment, and consumers? Will they be remembered for contributing to collapse when consumers demanded better? Companies that wait to handle their ESG (environmental, social, and governance) stance are living on borrowed time.
Being a force for good
PWC found the largest public thirst for positive business leadership in 2021: 83% of consumers say companies should shape ESG best practices. When you ask employees and leaders, the numbers rise.
Any firm pursuing sustainability may meet activist suspicion. Business leaders are still seen as profit-driven cynics who purchase influence and benefit. They’d mostly be right.
Others argue that government policies should regulate and penalize bad actors and improve commercial practices to bring about meaningful change.
Businesses’ large share of the economy prevents progress without them. Old models must be replaced with new energy, logistics, and labor advances, requiring substantial money.
An ethical mindset is an innovation mindset
This is transformative corporate leadership. ESG pioneers create business value. Absolute disruptors. Whether you want to give team members equal opportunity or help the community, you need company policies that protect stakeholders from your products and services. Slow advances yield long-term results for purpose-driven companies. These tiny victories will create a lasting change that proves business can lead in tackling important issues.
Start with yourself
Leaders will initiate worldwide dialogue for a company. Regularly meet with CEOs from diverse industries to see how they are guiding their companies toward purpose. Use purpose-driven podcasts like IdeaCast and Coaching Real Leaders to learn. Business leaders debate leadership styles, workplace inclusivity, and policy. The Nice Guys on corporate podcast celebrates corporate executives’ aims with humor.
Business chances to create new value are vast, rewarding, and uncharted. There is much space for improvement. Global disruptions will continue after the outbreak. Consumers will keep asking if firms are brave or causing collapse.
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Tran Dung/Ates Global
Source: Entrepreneur
