4 ways family businesses can lead the pandemic recovery

SourceWorld Economic Forum
SectorEconomy
CountryMiddle east

COVID-19 pandemic has revealed an intergenerational crisis and urgent need for a better model of capitalism. With its long-term vision, stewardship and values-driven strategy, the family business model can be part of the global solution. Economic recovery requires a more resilient and sustainable model that measures value and externalities holistically. The COVID-19 pandemic has profoundly changed every aspect of our lives. Amid the short-term public health and economic crisis, it has also exposed an intergenerational crisis, putting the long-standing divisions and imbalances of our economies and societies into sharp focus. This unprecedented challenge has been a moment of global awakening. Our past economic and social systems, driven by shareholder primacy and short-term profit maximization, is in question.

In this context, society at large demands action toward a more resilient, equitable and sustainable economic, societal and environmental model. How businesses have responded to the disaster has proved that a more principled management philosophy exists. A particular form of organization—family-owned businesses—when well governed and united around purposeful owners, possesses the right ingredients for a responsible business model. The agriculture and food giant (also the largest privately held business in the world) Cargill has established a $15 million fund to support employees ...read more...