In January 2020, most CEOs in India had emphasised on the importance of shifting the objective of their organisations from being purely profit-driven to becoming an organisation driven by purpose and the needs of society. Interestingly, as the health and humanitarian crisis unfolded, majority of the CEOs in India indicated that their organisation’s purpose has been the guiding principal for them to reconfigure their operations and take necessary actions to meet stakeholder needs.
Leaders have opined that they feel a stronger emotional connection to their corporate purpose since the crisis began and believe that this very purpose dictated their approach towards the pandemic and their response to stakeholders.
The massive shock of the COVID-19 pandemic and related shutdown measures have plunged the global economy into a severe contraction. The pace and extent to which economies and businesses are able to weather this slowdown is also uncertain, and hence this is a matter of grave concern for business leaders. This is evident from the steep decline in the optimism of CEOs in India as well as globally around the economic outlook.
Weakening consumption demand, lockdown measures, and uncertainty around vaccine development and deployment, their confidence in the growth prospects for the domestic economy as well as in their own companies has dropped significantly.