The only way to recover from the pandemic is through sustainable means, says former Unilever chairman Paul Polman and now co-founder of the sustainability foundation IMAGINE.
“The sustainable recovery that we need doesn’t only lead to a better world, but it is the best way to get out of this—studies are showing that it creates more jobs, better jobs, and more secure jobs,” 1 Polman said in an interview with the edie network.
To survive through the pandemic, companies need to be able to work in partnership and go beyond their own interests, considering what’s good not just for the business, but also for stakeholders—employees and clients—and shareholders.
Aside from considering common interests, in “rewiring” the economy, business leaders should also learn to engage policymakers on the benefits of a sustainable growth. It is clear that the bandwidth of government agencies is “narrow” and “there’s not much long-term thinking or cooperation,” so business leaders should take it upon themselves to ensure that decision-makers in the government get the right information and understand that this is the “time to redesign.” We cannot leave the burden on politicians alone, but all of us, as “stakeholders” in this world we live in, have the responsibility to move the process forward.
Lessons from the pandemic
We cannot go back to the old normal, Polman argues. One of the lessons of the pandemic is that we need to change the way we do things, because the old ways certainly don’t work anymore in this new world. Rewiring the economy is a once-in-a-lifetime chance to improve how the world looks like.
Polman mentions some of the pandemic lessons that business leaders, sustainability advocates, and policymakers need to keep in mind while rebuilding the economy:
• We cannot have healthy people in an unhealthy planet. So while we try pick up the pieces toward recovery, it’s important to consider future repercussions of every decision we make. The choices we make can either improve or worsen the health of the planet.
• Companies need to take care of their people2—their employees, supply chain, and customers—and ensure that health and safety remain priorities. We’ve seen firsthand how the poor are the ones that suffer the most, so businesses need to ensure that financial impact is cushioned for the more precarious staff. Polman cites Microsoft as an example for paying regular wages to hourly workers even on reduced hours, and UK supermarket Morrisons for building a hardship fund to help affected employees.
• Importance of being flexible and adapting quickly. Aware that small and medium-sized businesses have suffered tremendously from the pandemic, Polman also sees some “green recovery opportunities” for them, but they need to be quick to act, be innovative and agile. Smaller businesses have the flexibility to change their processes at a faster pace because of their size, and by implementing sustainability in the way they operate, they have a better chance of attracting consumers who want to buy from companies that are socially and environmentally responsible.
1 Paul Polman: Why partnerships and purpose are critical to business survival, Edie, 27 May 2020.
2 How responsible businesses can step forward to fight coronavirus, World Economic Forum, 20 March 2020.