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5 Necessary Things Business Leaders Should Focus on for a Better Economy

Debayan Ganguly (Dev Ayan) is an MBA with 2 years of experience in B2B sales. He likes to share his learnings through blogs and videos.

Business for a Better Economy

Business for a Better Economy

Introduction

Businesses change their strategies, policies, culture and keep adapting to the changing world. They have a more significant part to play in shaping the economy and society.

As the pandemic and ensuing downturn in the economy raises concerns over employees' health, rising global warming, growing economic divide, lack of relevant skills and technical knowledge, the companies need to come forward and create people-friendly policies that not just benefit their employees but the society around them. While ensuring revenue and cash flow, these policies will also guarantee the safety and security of their stakeholders.

The things company needs to focus on to address the rising issues include taking care of the mental and physical health of their employees, focus on their sustainable goals, support the local economy, adapt technology that enhances productivity and efficiency of the workers, and work with educational institutions for skill development of the students to increase their employability.

These actions should be included in the strategies for the long term and irrespective of the social situation and the economic conditions.


Focus on Employees' Physical and Mental Health

'Disease' is defined as the lack of physical, mental, and social well-being.

While many factors contribute to social well-being, taking care of physical and mental well-being can be ensured by the companies.

The pandemic has affected everyone. Some of us have been directly affected by the virus or know someone who did. We have lost our friends, relatives, coworkers, artists, teachers, and countless other people from our lives. The economic downturn resulted in countless people either losing their jobs or getting a reduction in their salaries.

At times like these, mental health issues are likely to increase and should be dealt with with utmost care and importance. Mental Health breaks, insurances, and counseling should be encouraged and normalized.

The Physical Health of your employees and their immediate family should be continued to be insured as previously. Insurances, in-office doctors, and regular employee health check-ups should be encouraged. This step helps employees and employers stay updated with the health conditions and take necessary preventive steps.

A physically and mentally healthy employee is best for your company. So it is paramount to have a Disease-Free work environment in your office.


Focus on Sustainable Goals

Countries are targeting Carbon Neutrality or Carbon Negativity. Now is the right time for your company to achieve and surpass your sustainable goals.

Many products like FMCG, Clothing, Buildings are being manufactured using sustainable methods. Companies are aiming at obtaining green certification. Soon in the future, sustainability will be one criterion in the alternative evaluation stage of the customer decision-making journey.

There are ways one can start adopting sustainable methods:

  • Using Solar Panels at the manufacturing site or trade in renewable power reduces the burden on conventional powers.
  • Digitizing all possible documentations to reduce paper consumption.
  • Ensuring the buildings follow sustainable building methods.
  • Resorting to cleaner fuels for office-related commute for the employees.
  • Planting greeneries around building campus and encouraging employees to have home gardens too.
  • Recycling waste products to the maximum extent.


Businesses in the sustainability sector are emerging. Sectors to look out for are:

  1. Sustainable Buildings
  2. Sustainable Fashion
  3. Green Certification companies.

Adapt Technology to Aid you Employees

In my last article (linked below), I talk about how companies would be adapting technological innovations in the Augmented Reality, Artificial Intelligence.

While doing so, we need to ensure that it doesn't affect the employment rate in the long term. Machines must take care of the mundane, repetitive work so that the 'Human Resources' is adequately employed. They can make decisions based on the data analyzed using AI. AR has many other advantages; it can improve efficiency, reduce errors, digitize the entire training and monitoring process.

The moment automation is well in place, you must ensure high skilled employees operate them. The analyses and the decision-making part of your business process have to be done by senior professionals. Having data backed by machines with proven capabilities will benefit your business.

Technology shouldn't be seen as the replacement of the human labor force. Instead, it is something that enhances the labor force.

Collaborate With Institutions to Provide Right Skill Development

With passing time, the skills needed in the industry go through a change. Often the skills in demand are not available in the employment market. This demand-supply gap leads to unemployment despite having vacancies.

To avoid these, the business leaders and industrialists must promote the necessary skills that they are looking for. They need to develop skills in the employment market. They will have to reach out to the potential employees and provide them the resources for training and development.

This level of training can be achieved with industry-institute collaboration for skill development. The companies can suggest or train college students, graduates, and high school students with the necessary skills and provide them internships to have hands-on experience with the working of businesses. This step will ensure a more excellent supply of skilled employees for the companies requirement.

Encourage Cross Cultural Growth

With hybrid working systems to continue their existence, the companies can now extend their reach and hire people who were earlier uncomfortable with geographical relocation.

Also, by having employees working remotely, the companies can promote cross-cultural people in an organization. People from diverse backgrounds will have a lot to bring to the table. WIth employees covering a vast geographical area, expanding into the various markets will become easy.

The companies must expand their diversity inclusion to the LGBTQ+ community as well. Many countries do not have pride-friendly regulations, but that shouldn't stop you from changing your policies for an inclusive culture.

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This content reflects the personal opinions of the author. It is accurate and true to the best of the author’s knowledge and should not be substituted for impartial fact or advice in legal, political, or personal matters.

© 2021 Debayan Ganguly

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