By: Gerhard De Bruin, Chief executive officer, Camargue underwriting managers
In the next few years, business leaders will be asked what action they took during the coronavirus pandemic.
It could be the ultimate test of whether leaders can take the appropriate action for all stakeholders. Knowing what is precisely the right thing to do is hard during most times, however during a crisis like the coronavirus it is even more difficult. Klaus Schwab of the World Economic Forum wrote, that the pandemic could reveal “ which companies truly embodied the stakeholder model, and which only paid lip service to it.” It is also important to communicate regularly with all stakeholders, be visible and be generous.
One of the key differentiators in long term success is having guiding principles that acts as a golden thread – a road map – to influence, guide decisions and actions in a unified direction. These are unprecedented times and it calls for leaders to revisit their companies as well as their own principles and ask themselves – what would hold us strong, grounded and centered over the coming months and how can we come out of this with our heads held high, knowing they made the right decision despite how bad it gets.
In working from home, employees are rediscovering the importance of their own wellness. This will probably give birth to an era of some people re-examining how they spend their time and apply their talents. This will most certainly have medium- and longer-term consequences for the way businesses operate. Currently, many people are trading in their dreams for a salary and hopefully, some will find the courage to pursue their lifelong purpose, in an economically sustainable model. We as individuals and businesses have been given a beneficial window period, to re-evaluate where we are in the world and what we are doing for society, for ourselves and our family.
Leaders will have no choice but to continue to adapt and adapt even faster than ever before.