This article was produced and published by Racia Yoong from Global Initiatives.
There are now more than 2.5 million confirmed cases of coronavirus worldwide, and this number is set to rise.
But this isn’t the only thing on the rise, with entrepreneurs, businesses, and multimillionaire philanthropists pledging their support to combat the coronavirus.
With the current epidemiology moving quickly, businesses of all sizes are forced to adjust and promote effective adaptations to safeguard economic activity.
It is not business as usual and many are looking to business leaders to reassess their business growth.
While the pandemic shutdowns continue for an extended period, it is critical that companies move in the right direction and reconfigure their business plans on a longer-term basis.
Some much-needed goodwill
Unbeknownst to many, new challenges presented in the current epidemiology has brought opportunities for companies to reevaluate sustainable growth strategies and adapt to the disruption as we prepare for the new normal.
Some big companies have proven that they have what it takes to rise above the challenge as they explore new horizons amid uncertainty.
In an effort to combat the spread of the coronavirus, larger fast-moving consumer goods (FMCG) companies have stepped in to create some much-needed goodwill.
Let’s see what they have been up to.
It’s business as unusual
Nestle has provided local relief efforts by working with physicians to develop medical nutrition and supplements tailored for COVID-19.
Also, Nestle has partnered with the International Federation of Red Cross (IFRC) to provide immediate response and help strengthen health care systems, working closely to ensure food banks, food delivery organizations, and relief organizations have sufficient supplies to bring relief to those most affected by the pandemic.
LVMH, the world’s biggest luxury goods group, has repurposed its production facilities to manufacture hydroalcoholic gels and provide it to French health authorities for free. This will be done in large quantities which will compensate for the widespread shortage in France.
LVMH recently announced a new order for 40 million face masks from China to help France deal with the shortage of essential medical supplies.
While the luxury retail sector has taken the fall, losing billions amid the coronavirus outbreak, that hasn’t stopped some of the biggest players from donating millions to help alleviate the crisis situation.
Instead of makeup and cosmetic creams, L’Oréal will ramp up production to manufacture hand sanitizers in significant quantities to support the needs of the French and European health authorities.
The group is committed to protecting the French health care and pharmacy staff, supplying these bottled sanitisers for free, and will continue to distribute several million more units to all its European food distribution customers.
In this unprecedented crisis, the world’s largest beauty company has donated 1 million euros to provide hygiene kits for social workers, volunteers, and beneficiaries.
We must rebuild back better
As the coronavirus begins to subside, let this be a reminder to all that the power to create a better world lies in the hands of people and shifting human behavior. The pandemic has presented an opportunity for us to rethink our economic growth paths.
By integrating sustainability in business paradigms, we can rebuild our economies in ways that are better for the welfare of humans and our planet.
Companies that are reorienting their operations to help are displaying far more than their generous or philanthropic nature.
They are conveying a sense of responsibility towards the wider community, and are also telling us that they have the operational flexibility to redirect the company’s resources, factories, and technology.
Such attributes can have an important bearing on whether a company will be sustainable or not.