Post by account_disabled on Mar 6, 2024 8:33:47 GMT
Companies are a vital part of the social fabric, thanks to them there are means of subsistence, their products enhance economic activity and their goods and services depend on everyone.
However, the COVID-19 pandemic has caused large companies to enter into crisis, putting thousands of jobs at risk and causing many commercial activities to be paused or canceled.
Unfortunately, today, we are experiencing the devastating short-term effect this has had on the global economy. And long-term economic health will also be fragile, so we cannot ignore this difficult business situation, but neither should companies ignore the societies that depend on them.
Companies that improve their value chain after the pandemic will have competitive advantages
When looking at the world's largest corporations, it's difficult to define where a company's influence begins and ends. Such companies have large global supply chains and extremely complex value chains to match.
A supply chain is made up of all those processes Chile Mobile Number List involved directly or indirectly in the action of satisfying supply needs. While a value chain is a strategic tool used to analyze a company's activities and thus identify its sources of competitive advantage.
While this allows many to benefit in times of growth, the system can also mask responsibility and accountability, particularly in more difficult times.
What makes the COVID-19 crisis unique is that never before have parts of the global economy simply ground to a halt overnight. Health systems have been tested to their limits, consumer choice has been eliminated, and governments and governance have been directly questioned.
The pandemic has brought to the fore demands for long-term social, economic and environmental sustainability.
The International Labor Organization (ILO) estimates that 195 million jobs worldwide will be lost due to COVID-19 , and that, as of April 2020, more than 80% of the global workforce had been affected. somehow due to the economic closure.
The ILO also expects to see a reduction of around 11% in working hours in the second quarter of the year. These estimates are shocking enough on their own, but when you consider that two-thirds of the global workforce depends on the informal economy, without the protection of workers' rights or the guarantee of an income, the situation becomes even more severe.
With few people unaffected by the pandemic, hitting the pause button has done more than just jeopardize business. It has brought to the fore demands for long-term social, economic and environmental sustainability. One of these demands is the need for better and more transparent collaboration between the private sector and policymakers.
Where these partnerships are possible, society has responded positively. For example, in the UK, where the government is footing the wages bill to the tune of almost £22 billion, a recent survey shows that 85% of workers feel happy with the way they were treated by your main employer during the pandemic.
While this level of state support is not necessarily open to all countries and people, we must prepare for a domino effect as the boundary lines between policymakers, money creators and businesses shift.
Key companies, such as those identified in the World Benchmarking Alliance (WBA) SDG2000, which lists the 2,000 global companies most influential in achieving a sustainable future, have more influence than ever in today's society. This influence is often felt most acutely among the most vulnerable: from women working in a Bangladeshi garment factory to a mine worker in the Democratic Republic of the Congo, or those trying to make a living in the big economy. from United Kingdom.
Today's crisis has revealed that their plight is the result of corporate failures that even comprise the entire value chain or perceive it beyond a functional supply and demand supply chain, which turns on and off like a faucet.
COVID-19 means there is now a greater focus on people and human rights, and we are seeing that companies that continue to take care of their people, whether in their operations or supply chains, will lead the global recovery from the commitment of the employees and brand perspective.
But while most companies understand that something needs to change, many have not yet fully understood how this change needs to happen. This is evident in the number that have not implemented any meaningful social sustainability measures to date.
The AMB's 2019 Corporate Human Rights Benchmarking (CHRB) revealed that the majority of companies are not demonstrating respect for human rights, with nine out of 10 companies achieving a score of 50% or less. Household names like Starbuck's, Foot Locker and Costco Wholesale were among those that earned less than 10%. If this was the state of play before COVID-19, the pandemic must be the catalyst that drives these companies into action.
Some companies have taken steps in the right direction. In clothing, brands such as H&M and Inditex, owner of the Zara fashion brand , have agreed to meet financial requests. This law will provide some relief to the 60 million Bangladeshi garment workers who supply such brands, but it is not enough. What we have seen in other benchmarks, including looking at the world's most influential automotive and fishing companies, is that governance and measurement are critical.
For complex seafood giants, even understanding companies' end-to-end operations across multiple geographies, sites, and named and unnamed subsidiaries is key. What we see from the automotive sector, which can be applied to many companies, is the need to look to the future to future-proof the business and manage risks.
The companies leading this benchmark have not only integrated sustainability into core business now, but are looking towards trends for a cleaner and greener future , for example by decreasing demand, car sharing and increasing mobility.
Companies have been going through a period of transformation for many years. The COVID-19 crisis is a turning point for companies that were lagging behind or on the fence. Now they are fighting to reinforce and demonstrate their commitments.
What is becoming clear is that the biggest challenge moving forward lies in measuring these commitments and how corporations can and should communicate them to global society. This must happen for real resilience to emerge.
Most societies recognize the need and role of business. This has been demonstrated by support for governments announcing fiscal packages and calling on global organizations such as the International Monetary Fund and the World Bank to act where national GDP cannot provide such provision.
For companies to build trust through this pandemic, they must find a mechanism to spread their message. Acting and committing to long-term social, economic and environmental sustainability is the first step to adapt and survive.
There is only a decade left to meet the UN Sustainable Development Goals (SDGs) . The 17 goals outline what society expects and needs from private corporations, which must prioritize their role in society, putting “people and planet first” at the core of their financial performance.
However, the COVID-19 pandemic has caused large companies to enter into crisis, putting thousands of jobs at risk and causing many commercial activities to be paused or canceled.
Unfortunately, today, we are experiencing the devastating short-term effect this has had on the global economy. And long-term economic health will also be fragile, so we cannot ignore this difficult business situation, but neither should companies ignore the societies that depend on them.
Companies that improve their value chain after the pandemic will have competitive advantages
When looking at the world's largest corporations, it's difficult to define where a company's influence begins and ends. Such companies have large global supply chains and extremely complex value chains to match.
A supply chain is made up of all those processes Chile Mobile Number List involved directly or indirectly in the action of satisfying supply needs. While a value chain is a strategic tool used to analyze a company's activities and thus identify its sources of competitive advantage.
While this allows many to benefit in times of growth, the system can also mask responsibility and accountability, particularly in more difficult times.
What makes the COVID-19 crisis unique is that never before have parts of the global economy simply ground to a halt overnight. Health systems have been tested to their limits, consumer choice has been eliminated, and governments and governance have been directly questioned.
The pandemic has brought to the fore demands for long-term social, economic and environmental sustainability.
The International Labor Organization (ILO) estimates that 195 million jobs worldwide will be lost due to COVID-19 , and that, as of April 2020, more than 80% of the global workforce had been affected. somehow due to the economic closure.
The ILO also expects to see a reduction of around 11% in working hours in the second quarter of the year. These estimates are shocking enough on their own, but when you consider that two-thirds of the global workforce depends on the informal economy, without the protection of workers' rights or the guarantee of an income, the situation becomes even more severe.
With few people unaffected by the pandemic, hitting the pause button has done more than just jeopardize business. It has brought to the fore demands for long-term social, economic and environmental sustainability. One of these demands is the need for better and more transparent collaboration between the private sector and policymakers.
Where these partnerships are possible, society has responded positively. For example, in the UK, where the government is footing the wages bill to the tune of almost £22 billion, a recent survey shows that 85% of workers feel happy with the way they were treated by your main employer during the pandemic.
While this level of state support is not necessarily open to all countries and people, we must prepare for a domino effect as the boundary lines between policymakers, money creators and businesses shift.
Key companies, such as those identified in the World Benchmarking Alliance (WBA) SDG2000, which lists the 2,000 global companies most influential in achieving a sustainable future, have more influence than ever in today's society. This influence is often felt most acutely among the most vulnerable: from women working in a Bangladeshi garment factory to a mine worker in the Democratic Republic of the Congo, or those trying to make a living in the big economy. from United Kingdom.
Today's crisis has revealed that their plight is the result of corporate failures that even comprise the entire value chain or perceive it beyond a functional supply and demand supply chain, which turns on and off like a faucet.
COVID-19 means there is now a greater focus on people and human rights, and we are seeing that companies that continue to take care of their people, whether in their operations or supply chains, will lead the global recovery from the commitment of the employees and brand perspective.
But while most companies understand that something needs to change, many have not yet fully understood how this change needs to happen. This is evident in the number that have not implemented any meaningful social sustainability measures to date.
The AMB's 2019 Corporate Human Rights Benchmarking (CHRB) revealed that the majority of companies are not demonstrating respect for human rights, with nine out of 10 companies achieving a score of 50% or less. Household names like Starbuck's, Foot Locker and Costco Wholesale were among those that earned less than 10%. If this was the state of play before COVID-19, the pandemic must be the catalyst that drives these companies into action.
Some companies have taken steps in the right direction. In clothing, brands such as H&M and Inditex, owner of the Zara fashion brand , have agreed to meet financial requests. This law will provide some relief to the 60 million Bangladeshi garment workers who supply such brands, but it is not enough. What we have seen in other benchmarks, including looking at the world's most influential automotive and fishing companies, is that governance and measurement are critical.
For complex seafood giants, even understanding companies' end-to-end operations across multiple geographies, sites, and named and unnamed subsidiaries is key. What we see from the automotive sector, which can be applied to many companies, is the need to look to the future to future-proof the business and manage risks.
The companies leading this benchmark have not only integrated sustainability into core business now, but are looking towards trends for a cleaner and greener future , for example by decreasing demand, car sharing and increasing mobility.
Companies have been going through a period of transformation for many years. The COVID-19 crisis is a turning point for companies that were lagging behind or on the fence. Now they are fighting to reinforce and demonstrate their commitments.
What is becoming clear is that the biggest challenge moving forward lies in measuring these commitments and how corporations can and should communicate them to global society. This must happen for real resilience to emerge.
Most societies recognize the need and role of business. This has been demonstrated by support for governments announcing fiscal packages and calling on global organizations such as the International Monetary Fund and the World Bank to act where national GDP cannot provide such provision.
For companies to build trust through this pandemic, they must find a mechanism to spread their message. Acting and committing to long-term social, economic and environmental sustainability is the first step to adapt and survive.
There is only a decade left to meet the UN Sustainable Development Goals (SDGs) . The 17 goals outline what society expects and needs from private corporations, which must prioritize their role in society, putting “people and planet first” at the core of their financial performance.