Recent events have reshaped the relationship between business and society. The general population now do not just see businesses as providers of goods and services, but as organisations that have a vital role to play in solving humanity’s greatest challenges. In short, COVID-19 has shone a light on how business behaves.
With stakeholders’ expectations of business reset, it is never been more important for businesses to redefine and reactivate their purpose. This recent article from EY addresses three fundamental areas boards can assist their organisations’ transformation post pandemic to:
- live their authentic purpose,
- create an agile culture and
- develop a future-fit workforce
While these might sound rudimentary, the EY global board risk survey of 500 board directors and CEOs conducted in late 2019, before the pandemic, reveals that boards historically did not consider these as major immediate or short-term concerns, or did not believe it was their responsibility to address them.
Perhaps this could be attributed to the role of the board versus management, but given their fundamental importance in driving organisational transformation, especially in a post-COVID-19 world, boards should work proactively with business leadership to address them. In doing so, boards should adopt a two-speed approach, focusing on building a resilient enterprise while also laying the foundations for future success.
To read the article please click this link.