UK GDP fell by over 20% in April, more than three times the drop experienced during the 2008 great financial crisis. The impact of Covid-19 on the health and well-being of individuals, let alone businesses and the global economy is hard to quantify.
And yet the country is focused on getting ‘back to work’. Last month, the government announced the creation of five new taskforces responsible for the safe reopening of some of the country’s key economic sectors. With the easing of lockdown measures, businesses are gradually bringing back furloughed staff and ramping up operations. Just as quickly as we were forced to adapt to remote working, companies across the board are reassessing their workplace and work methods. The Coronavirus hasn’t just changed our office footprint. We are and will hereafter continue to communicate differently.
Corporate responsibility and action
Time and time again, companies are advised on the importance of social responsibility and purpose, yet many fail to fully engage with this process despite the benefits to employee morale, the corporate brand and overall productivity.
A GlobalWebIndex study found that 84% of consumers think that a company’s poor environmental policy could result in them parting ways with that brand. In a world rocked by Covid-19 and the recent Black Lives Matter protests, businesses must recognise that consumers and employees are watching. They must be engaged and communicated with in an empathetic way.
Leaders must listen – and act
If it wasn’t already the case, Covid-19 has put employee well-being at the forefront of concerns for every business, irrespective of size or sector. Now more than ever, staff need reassurance from corporate leaders. With jobs and livelihoods on the line, employees require transparency and openness from those in-charge.
In the wake of the recent racial equality protests, businesses globally have taken notice and started to ask themselves – what are we doing wrong? One way of answering this question is by asking employees themselves. Simple top-down messaging on its own is ineffective. There must be genuine two-way engagement. As we transition out of lockdown, messages and programmes of inclusivity and good culture must be upheld – and as such communicated. What has this crisis taught you and changed in respect of your corporate culture?
Engage with government
We are in a period of major change, undoubtedly. We’ve witnessed an upheaval of our societal, political and economic norms. Peacetime interventions by governments across global economies have never been so extraordinary. As we transition through the crisis, it is arguable that the government will and should be more attuned than ever to the needs of industry – the very dynamo that will kick-start our economy.
With the old rules being rewritten, businesses need to be at the forefront of any regulatory changes, especially with Brexit looming. No company is immune. It is vital that organisations use this opportunity to the fullest and engage policymakers effectively, and widely to ensure better and fair policy-making.
We are witnessing permanent changes across the business world. Organisations must ensure that they are agile and prepared to meet these changes. A renewed focus on improving internal communications will be vital to garnering the respect and trust of employees. Carefully watching and influencing policy will be key to staying ahead of the curve. Companies that can swiftly adapt to an agile style of working will prevail in the post-Covid era.
Covid-19 has changed us forever. The opportunity for business lies in ensuring that this mark is not a scar, but merely a footprint in corporate history. Businesses that continue to operate as they did prior to the crisis will, in the long-run, be eclipsed. Operate with integrity. Put employees first. See the change coming. Communicate.
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This piece was written for Public Affairs Networking.