Survival: Navigating the new normal

 by Sharon Lai

Adapting to the new normal has prompted unprecedented structural changes to the way businesses operate, adapt and create impact. Consequently, governance of regulatory frameworks and ethical considerations have fallen in ranks amongst the list of priorities that are addressed with the pressing nature of survival of businesses. The focus on navigating the uncertainty and ‘staying afloat’ have meant survival tactics and unethical practises are overlooked yet seemingly permissible.

At the crux of broken businesses, are the structural weaknesses in operational frameworks and fundamentally the erosion of trust. Given the nature of business ethics as the consideration of an organisation’s activities where moral concerns are addressed, treatment of staff and redundancy have reflected the integrity of businesses. The lack of resilience of supply chains in withstanding high churn rates has reflected the foundational cracks that fail to address key priorities of stakeholders particularly with employees. Furthermore, remote working conditions are a limiting factor in monitoring business operations and compliance across the board. However, this can be met with risk assessment, oversight and training.

Areas of telehealth and Edutech have accelerated the incorporation of technology into business practises. Consideration of utilitarian ethics, and invasive technology questions the balancing act of greater social good and the maximum benefits for the greatest number principle. The unprecedented shift in the business climate has stressed the have and have-nots of our society. It becomes essential for businesses to balance individual interests in terms of privacy for societal measures.

Conclusively, the new normal has prompted businesses to identify viable solutions. Business is measurably ‘broken’ for businesses unable to adapt and comply with key ethical considerations. It has been realised here that “Businesses cannot succeed in societies that fail”, COVID-19 stressed the need for innovation and for businesses to recognise and address these changes effectively and ethically.