New Normal – Accountability vs Ownership
Are you truly Sri Lanka, not as a citizen but as a corporate entity or a brand?
In the past few weeks, we spoke of building a resilient nation, re-branding Sri Lanka and rejuvenating the SME sector etc, it’s important to stress on the fact that: we are still having the impact of COVID-19.
The society is haunted again with the dark shadows of COVID second wave which was predicted as we were going through the first wave. Whilst some corporate leaders were of the opinion that there wouldn’t be a second wave, and whilst another fraction was trying to survive the first wave, there were organisations which would make extra ordinary profits depending on the sectors they were operating in. During the last 6 years Sri Lanka has experienced a drop of close to USD 240 in the Per Capita Income. On top of that we know for a fact that Sri Lanka has above average cost of living especially in the urban sector.
Towards the end of the General election, Sri Lanka had taken stringent measures to control COVID 19 as conducting the election was crucial for the country to run and to have an ownership of economic activities, other administrative security and welfare activities which are directed towards various segments of the society. By and large there was freedom in the country to move around and to maintain economic activities.
There were signs of having economic recovery as the share market was recovering and recorded a growth despite COVID19 and also with reduction in unemployment from 5.7% to 5.4%. As highlighted in one of my previous articles, we shouldn’t plan to fail instead we should make sure that the existence of the society precedes the economic growth. Economy is in existence to support the society and not vis-à-vis. It’s unfortunate if any business leader or a political leader doesn’t understand this very fact.
Even though there was hope of economic recovery, we were more or less experiencing a “New Normal” as there were certain restrictions which were imposed for the best interest of the people of the country.
SME sector was given extra attention as it could be the fundamental shift that the economy could take to inject energy to the rural economy. In the meantime, there was encouragement extended for export oriented businesses as Sri Lanka wanted to reduce the gap between imports and exports to minimise the gap in balance of payments. In this backdrop it was obvious that the general public of Sri Lanka had made a lot of sacrifices to re-build Sri Lanka.
Many volunteer organisations came forward supporting the government in advising and executing of new plans to give a boost to the economy. Whilst the New Normal was in place there were certain segments of society which would experience a New Abnormal. The new abnormal was due to increased profits in the businesses which were getting an increased demand due to certain conditions. It’s alright to make abnormal profits if the demand stems from the market or may be from the international market. It’s perfectly alright for the share price of a particular entity to go up due to these orders which are being processed in the country.
It was sad to see how certain organisations took steps to lay employees off to maintain their super normal profits that they were enjoying for decades. It should also be appreciated that certain conglomerates took a conscious decision in maintaining their carder without any layoffs whilst paying salaries to their employees as the leaders of those organisations could empathise with their fellow employees as Sri Lankans.
As corporate entities talk of (Corporate Social Responsibility) CSR and triple bottom line and are trying to portray the idea that they are fully committed towards social responsibility, it was anticipated that these organisations would take care of their employees and the wider society that they are a part of. The island nation lost 13 lives and close to about 3000 got infected with COVID19. This was the time the corporate sector could have come forward to support the families which were depending from these entities.
It was obvious that Sri Lankan companies were expected to support local families by providing jobs to earn a living. We can still be hopeful that locally operated Multi National Corporation’s (MNCs) and other local conglomerates would live up to this expectation by helping the larger society out by taking stringent safety measures in production, administration and distribution etc.
What these organisations need to realise is that; fellow Sri Lankans need their support now more than ever and providing employment opportunities for Sri Lankans is the best Corporate Social Responsibility they can ever showcase if they are truly committed to CSR. Hence, the general public as well as corporates are expected to live with the New Normal and it’s not something that the general public or citizens of Sri Lanka should go through for corporate entities to make abnormal profits.
Leaving aside CSR, if an organisation is still interested in making profits no matter what, and helping Sri Lankan citizens is not in their CSR policy, it’s expected that they would demonstrate accountability. But there is an inherited issue with the concept of Accountability; it’s all about being able to be held responsible for all actions and decisions taken by an entity. Accountability by nature goes beyond the concept of Responsibility which is defined as the flip side of the same coin which has authority and power. Nevertheless, it will be interesting to see what would make any brand or an entity a truly Sri Lankan organisation (If it’s a local origin organisation) or a responsible MNC. The extent to which these organisations demonstrate their commitment to true CSR will be a function of the concept of “Ownership”.
Are they taking the ownership of the situation, actions taken and decisions made or are they only here to make money and make profits? If there are entities which are truly committed to meaning CSR, they could be the owners of this country. A true Sri Lankan who runs a business would support their local communities and local citizens as they share the same sentiments with fellow Sri Lankans. Any entity which demonstrates true ownership to their business, the country and fellow Sri Lankans would go beyond mere legal conditions to act ethically and to act like true owners of this county as Sri Lanka is not a mere factory or a market for them whereas it’s an eco-system in which they are a part of.
In conclusion; honesty is an expensive gift which is not to be found in or expected from mere traders and cheap brands and cheap organisations. It’s to be found in true Sri Lankans and truly Sri Lankan entities and corporates of which the owners truly love this island nation not because she has given them a market and a factory but because they consider it as a part of their own life. Hence, being true to one’s conscientiousness is more important than proving not guilty of wrong doings. Organisations and brand which follow this philosophy will thrive and others sooner or later will die a natural death.
As business leaders and brand marketers always be clear with your conscientiousness as it’s more noble than mere profits which are earned at the expense of hurting fellow Sri Lankans. After all, it would only matter to you if you are truly Sri Lankan.