GENEVA, Switzerland, (ILO News) – In the face of multiples crises, business resilience plays a critical role in protecting jobs and supporting economic growth, says a new report by the Bureau for Employers Activities (ACT/EMP) of the International Labour Organization (ILO).
“Business resilience in retrospect: Lessons from the Covid-19 Pandemic,” dives into the experiences of business leaders from diverse sectors and regions during the COVID-19 pandemic to understand the strategies they used to tackle unprecedented challenges.
The report highlights how adaptability and smart planning are essential to protect jobs and support economic growth. It finds that businesses need to focus on key aspects of their operations. This includes understanding and strengthening their global supply chains, working together in times of crisis, prioritizing values, using technology wisely, and making quick decisions.
During the pandemic, companies came to realize that they were more connected than ever, sometimes in ways they had not been aware of. Businesses that embraced these principles demonstrated resilience and adaptability in the face of challenges, says the analysis.
Additionally, the report emphasizes the agility of public authorities in identifying and mitigating systemic economic risks, particularly in the context of supply chain disruptions. This responsiveness starkly contrasted with previous crises, underscoring the need for adaptive regulations and international cooperation to maintain open borders and facilitate uninterrupted business operations.
Embracing technological evolution helped businesses weather the crisis, emphasizes the report. Companies with proactive investments in tech were better positioned to navigate the disruptions. The analysis also concludes that people remain at the heart of businesses. Values such as trust, fairness, and mental well-being played pivotal roles in steering enterprises through the pandemic.