This time last year, nobody could have predicted the events of 2020 – and nobody would have wanted to. Fortunately, with the rollout of the Pfizer/BioNTech COVID-19 vaccine, the year is ending on a hopeful note. While everyone can agree we’re all hoping to return to something resembling ‘normality’ in 2021, we must remember that there were some areas of ‘normality’ which were detrimental – both to our personal health and the health and prosperity of our planet.
It’s time to redefine ‘normal’. As we reboot our society and economy, there is a huge opportunity to create a world which is happier, healthier, more ethical, and more equal. But it will take bold strokes, collaboration, and strong, measurable targets to achieve this. Here’s how I see that playing out.
1. Front and centre: Mental health
2020 has been a year littered with lockdowns, disrupting people’s day-to-day lives on a level never seen before. The worrying impact this has had on our mental health is already coming to the fore. Research found that 64% of people recorded common signs of depression, while 57% suffered from anxiety during March and May. Even before this, Davos organisers were warned that mental health was becoming an epidemic in the boardroom and suggested that there would be a five-fold increase in referrals to psychiatric clinics.
Businesses are feeling the brunt of this: 42% of UK businesses have seen employees quit due to a lack of emotional support. 25% of those businesses even admitted that they lost a highly valued member of the team as a result.
It’s clear that this is an area businesses must address in 2021. Many of us will feel that we’ve been worked to the bone in 2020 in an effort to maintain business as usual and keep the doors open. This cannot continue.
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Instead, we could start to see more outcome-based work models, where people are not tied to a desk or a rigid eight-hour day. This will allow more time for social interaction, leisure activities and other hobbies, which keeps people happy and motivated. It will also mean that working parents, carers, and the disabled can work flexibly while still achieving career goals – going a long way toward making equal pay a reality. Businesses that fail to make this change could see mass staff burnout in 2021, and a devastating impact on the bottom line.
2. Diversity isn’t just a number
Many businesses make the mistake of looking at diversity as just a number, another quota to fill. Simply hiring a certain number of people from diverse backgrounds is not enough to create true diversity in the workplace. This is particularly true when it’s the entry-level jobs which are most open to diverse applicants.
To create true equality in the workplace, everyone has to feel that they can reach the top of the ladder, irrespective of their race, gender, disability or any factor which isn’t related to merit. Ultimately, companies with more diversity of thought in their workforce will have the ability to reach and relate to wider audiences.
More than this, though, investors are not going to invest in companies that don’t take diversity seriously. Why back a lame horse when the next champion is waiting in the wings? Companies that truly invest time and effort into their diversity programmes will become the leaders of the pack. Just as the US has seen its first ever female vice-president in Kamala Harris, 2021 will be the year we see more diverse leadership and, with it, new ways of thinking and of doing good business.
Photo by Joe Raedle/Getty Images
3. Rise of consumer awareness
2020 has changed people’s priorities in countless ways, and one shift we have already seen is in the impact of sustainability on consumer habits. Even before the pandemic, ethical consumer spending hit a record high in the UK, revealing that the market had expanded to over £41 billion. The pandemic has seen this trend continue, with 73% of customers now expecting online retailers and brands to use recyclable packaging, while 35% will only purchase products which have been naturally, locally or sustainably sourced. Consumers are quickly turning their backs on businesses that prioritise pounds and pennies over planet and people.
Low prices will certainly be questioned more now than ever before. We’ve already seen the backlash fast-fashion retailer Pretty Little Thing received after selling clothing for as little as £0.05 on Black Friday. People are now seeing these low prices and questioning whether the products are being sourced and manufactured ethically – and speaking out against it. Going into 2021, businesses will need full visibility into their supply chain so they can ensure that they are acting ethically and sustainably.
4. A united effort for ESG
Companies are always likely to boast about the ESG goals they are hitting. That’s normal. But, at the same time, there will always be certain ESG goals they struggle with – some businesses are just better placed to achieve certain targets, and no company can be expected to meet every target acting alone.
Moving forward, businesses must seek help and work together to achieve their ESG goals. A good example is pharmaceutical companies. Much of the medicine they produce relies on pure water. Pharma organisations could work with startups such as Desolenator, who create affordable drinking water from the sea using solar energy, rather than draining diminishing water resources.
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These partnerships could help businesses hit all of their ESG targets, rather than excelling at the select few they are already good at. This will also benefit smaller businesses, such as Desolenator, who will then have the opportunity to grow and provide more jobs geared towards sustainability. Investors and media also have a responsibility to amplify the voices of these small companies and make them known to the bigger corporations who need their help. We need to see more collaboration across the board in 2021.
5. Industry cross pollination
Companies working together to achieve their sustainability goals is one thing, but to reach global targets, such as reducing the rise of temperature levels to a maximum of 1.5%, industries will have to come together and work on a united front.
For example, the UK has committed to powering all homes via wind power by 2030. To achieve this, a huge amount of infrastructure will need to be put in place – which the government nor one company can achieve alone. The rollout of electric cars faces the same problem. With 2030 edging closer and closer, demand for infrastructure materials and services will grow exponentially. This includes things such as charging stations, roads and wind turbines.
Throughout the pandemic, we have seen the cross pollination of industries to satisfy essential spikes in demand. Dyson is the perfect example, as it rapidly shifted its production to supply life-saving ventilators as the pandemic took hold. Similar flexibility will be necessary if we are to achieve the ambitious environmental targets that have been set. This is an opportunity for businesses to not only boost their brand image by committing to a cause consumers care about, but also to fill a gap in the market and boost sales. It’s a win-win, and one businesses will be looking to take advantage of.
With vaccines being approved and distributed, it is looking likely that, by the end of 2021, we will have returned to something resembling normality. However, this is our opportunity to redefine what normality looks like. 2021 represents the greatest opportunity of our time to galvanise the global economy in a way that is sustainable, ethical and enjoyable. This is a boat we simply cannot afford to miss.
