Effective Executive Journal
Economic Slowdown: A Business and Social Opportunity for Responsible Leaders
Article Details
| Pub. Date | : March, 2020 |
|---|---|
| Product Name | : Effective Executive |
| Product Type | : Coaching and Mentoring |
| Product Code | : EECM10320 |
| Author Name | :Colin Coulson-Thomas |
| Availability | : YES |
| Subject/Domain | : Management |
| Download Format | : PDF Format |
| No. of Pages | : 18 |
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Abstract
An economic slowdown can have positive as well as negative consequences, especially in relation to the environment, biodiversity and global warming. It creates opportunities as well as problems. The responses of boards and companies can vary. Some can be more socially and environmentally responsible than others. Boards can review corporate purpose, priorities and direction, initiate and/or accelerate transition to more sustainable operations, activities, offerings and business models, and take steps to ensure people are helped and enabled to undertake transition and transformation journeys. There are relatively quick and affordable ways of providing support that can benefit people, organizations and the environment.
Description
Economic growth has slowed or is slowing in a range of countries due to factors as varied as de-globalization, slower population growth and risk aversion (Sharma, 2019). Should we be concerned or delighted? Could this be an opportunity to change direction, rethink our priorities and transition to a more sustainable development path? A certain level of economic growth may be needed to increase inclusion, feed and house more people and, in some countries, cope with the increasing support requirements of an aging population. However, a continuous period of rapid growth can lead to overheating and inflation. It may put pressure on resources, the environment and public services and lead to complacency, a reluctance to consider alternatives and a lack of challenge. Even marginal companies may be busy when and where more desirable players from a customer perspective are unable to keep up with increasing demand. When the going is good, some boards may be tempted to postpone difficult decisions or devote less attention to containing costs or improving productivity.
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