Global leaders learning in response to change has been the focus in the last eighteen months. With restrictions in movement, breakdowns in supply chains, shutdowns in countries, it has been nearly two years of learning and pivoting. Many companies have also had expanded opportunities that they did not have two years ago. When the entire world shift to an online experience, companies had to pivot as well and create an online presence, or they would be devastated by companies like Amazon that could deliver to a home in house. Nearly a quarter of companies saw their sales fall more than fifty percent since the pandemic began (Tracking an unprecedented year for businesses, everywhere 2021). The IBM Institute for Business Value noted that executives’ top priorities have shifted dramatically on customer retention, workforce safety and cost management (Covid-19 and the future of business 2020).
Due to the pandemic and panic buying havoc is being seen in the global supply chains. Factories are shut down due to COVID, parts and supplies are impossible to get, worker shortages are everywhere. Even when supplies are able to be shipped, they can’t make it into port. In September 56 cargo ships were stuck off the coast of California, unable to get into port while they deal with the 140 ships already there (Kay & Towey 2021). The California ports in Los Angeles not only account for one third of the US imports but also are the primary source of imports from China (Kay & Towey 2021).
The Head of the Adecco Group, which is a Swiss company is quoted as saying “As countries begin to emerge from the worst effects of the pandemic, a picture of those that have been successful in mitigating the labor market and economic impact is appearing. In broad terms, countries that responded more quickly with economic support and helped employees stay in the work process as much as possible are showing better prospects” (Clift & Court 2020).
It goes beyond keeping the doors open and customer retention/acquisition. Many of these Global Leaders have committed millions of dollars to combat the COVID crisis. Coca-Cola donated three million for front line workers in the Philippines, Chevron seven million to fight the disease globally and Amazon gave one hundred million for food banks (Seetharaman & Gallucci, 2020). These companies are doing something beyond what is expected for company survival. The global economy shrunk by 4.4% in 2020 which is the worst decline since the Great Depression what these business leaders are doing is much needed relief to these counties (Jones 2021).
While the focus of the past eighteen months has been how to we stay afloat, leaders now need to focus on where we go from here. This pandemic is not going away any time soon and has changed the world in many ways. Times of meeting face to face, shopping in stores are fading away and if businesses can’t account for that they will fade away as well.
References
Clift, K., & Court, A. (2020, March 23). Covid-19: How companies are responding. World Economic Forum. Retrieved September 30, 2021, from https://www.weforum.org/agenda/2020/03/how-are-companies-responding-to-the-coronavirus-crisis-d15bed6137/.
Covid-19 and the future of business. IBM. (2020). Retrieved September 30, 2021, from https://www.ibm.com/thought-leadership/institute-business-value/report/covid-19-future-business.
Jones, L. (2021, January 24). Coronavirus: How the pandemic has changed the World Economy. BBC News. Retrieved September 30, 2021, from https://www.bbc.com/news/business-51706225.
Kay, G., & Towey, H. (2021, September 14). An all-time high of 56 cargo ships are stuck waiting off the California coast, as shipping ports hit their 4th record backup in three weeks. Business Insider. Retrieved September 30, 2021, from https://www.businessinsider.com/shipping-delays-china-supply-chain-record-ships-stuck-california-ports-2021-8.
Seetharaman, M., & Gallucci, J. (2020, April 17). How global 500 companies are responding to COVID-19. Fortune. Retrieved September 30, 2021, from https://fortune.com/2020/04/13/global-500-companies-coronavirus-response-covid-19-pandemic/.
Tracking an unprecedented year for businesses, everywhere. World Bank. (2021, February 21). Retrieved September 30, 2021, from https://www.worldbank.org/en/news/feature/2021/02/17/tracking-an-unprecedented-year-for-businesses-everywhere.