Corporate Responsibility in a COVID-19 World

Is it the responsibility of companies to create value for shareholders alone or for all stakeholders? Can corporations behave responsibly in the Covid-19 era? If so, what does that look like? First, companies must take care of their own, viewing employees as assets, not liabilities. The reputations of those that have not taken this approach are suffering considerable damage. Next, companies must turn their attention to how core customers are affected by the pandemic and find ways to acknowledge this impact without exploiting the tragedy. They should also consider going above and beyond, finding more direct financial means by which to support their customers, from extending loyalty programs to relaxing terms of payment. Finally, companies must support their broader communities as much as possible. If they want to be remembered after this crisis for their responsible actions, companies and other large institutions, like hospitals and universities, will not be well served by a short-term financial focus. If ever there was a time to concentrate on the long-term and to think about the opportunity that comes from a crisis, that time is now.