How Has COVID-19 Changed the Role of Sustainability in Organizations?

 Introduction

COVID-19 is the most severe public health epidemic that our globe has seen in a long time. It has had a tremendous impact on virtually every facet of corporate operations. COVID-19 has made three points abundantly clear:

The importance of sustainability in company resilience. Companies who intentionally integrated sustainability and transparency into their company operations before to the COVID-19 issue have increased their focus on it throughout the crisis. More crucially, they were considerably quicker to react to unexpected situations.

From my perspective, health, safety, and well-being have become important to the resiliency and sustainability debate in ways that have never been seen before.

Furthermore, the importance of collaboration; no one can deal with a pandemic alone.

  

 

Impact On Business

The world is witnessing that all countries are suffering as a result of COVID-19, and their GDP is declining. According to the International Labor Organization, 1.25 billion people work in industries where layoffs or salary cuts are likely. The lifting of curfews would be unstable but delaying. Even the turbulence would have long-term implications, accelerating recent trends such as the quick adoption of experimental technology, a reevaluation of business markets, or the formation of well-connected conglomerates. According to (Tanveer & Hassan, 2020), creativity is the essential pillar for attaining the greatest results in every company; hence there is a high demand for ideas and originality to keep customers during COVID-19.

Market trends That will shape the post Covid  19 Economy

European countries' national recovery programs, as well as the European Commission's recovery plan and position papers released by international organizations such as the OECD and the World Economic Forum, have already been published.

Market research on technology and innovation in light of the COVID-19 crisis Articles published in specialized press about current market dynamics in the post-COVID-19 period.

 "A huge number of articles and publications have been released on after-crisis trends, but each generally focuses on one single subject or technology," says Sara Bouchon, Head of Market Intelligence at Luxinnovation and one of the report's authors

Conclusion

The current health crisis has increased public awareness of the potential ramifications of a future climate-related tragedy. Many governments have acknowledged the necessity for long-term recovery, as well as the opportunity of "building back better," as the OECD puts it. "Recovery plans will include dimensions such as achieving a transition to renewable energy, shifting to a circular economy, and rethinking food value chains to make them more local and environmentally friendly," explains Dr. Bouchon. "There is also a willingness to invest in sustainable infrastructure." While the need of sustainability has long been recognized, the coronavirus pandemic has brought it to the forefront of public consciousness. "It is critical for countries, businesses, and individuals to be able to absorb and adapt to external shocks."

Reference

Accenture. (2020). Coronavirus (COVID-19) business impact. Retrieved April 17, 2020 from www.accenture.com/us-en/about/company/coronavirus-business-economic-impact

Arab News. (2020). GCC ministers discuss economic impact of COVID-19. Retrieved April 4, 2020 from www.arabnews.com/node/1652856/saudi-arabia

 Business Matters. (2020). Saudi Arabia Turns to E-Commerce during COVID-19 Outbreak.

Retrieved April 5, 2020 from www.bmmagazine.co.uk/in-business/saudi-arabia-turns-to-e-commerce-during-COVID-19-outbreak/ CIO/CISO Guide (2020).

KPMG Saudi Arabia. Retrieved April 17, 2020 from home.kpmg/sa/en/home/insights/2020/04/COVID-19.html Harris, K. (2020)

 Tracking the global impact of the coronavirus outbreak. Retrieved April 13, 2020 from www.bain.com/insights/tracking-the-global-impact-of-the-coronavirus-outbreak-snap-chart/