Bain & Company article tells how companies can make right decisions during COVID-19 crisis by reflecting and aligning their responses with their purpose and values

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Covid-19 Creates a Moment of Truth for Corporate Culture

Focus on Purpose and Values – Bain & Company article tells how companies can make right decisions during COVID-19 crisis by reflecting and aligning their responses with their purpose and values

Summary:

Bain & Company partners Marc Berman and Tracy Thurkow shared in article published on April 1, 2020 how focusing on company purpose and values can help make right decisions during COVID-19 crisis. Key points include:
  • Reflect on Purpose and Values – Crisis situation puts an organization’s culture and values to test, with companies needing to reflect on purpose why their business exists and how they believe they should be doing business as their responses will have consequences in long-term
  • Talk about Purpose and Values – Communicate actions taken openly and with empathy in way consistent with values, even about difficult decisions made, like temporarily closing establishments to protect employees
  • Bring Culture to Life – Express culture in meaningful ways through top-down communication, leaders modeling values, encouraging grassroots initiatives, supporting community, and solving customers’ pain
  • Notable Examples – Include Best Western hotels in U.K. which turned their properties into makeshift hospitals for medical personnel, low-risk patients and at-risk individuals; online education providers offering free access to classes; brewing companies making hand sanitizers; and retailers in U.S. continuing to compensate employees or help laid off workers find temporary work in fulfillment centers and food shops that are now in-demand
To read the article for free, please visit https://www.bain.com/insights/covid-19-creates-a-moment-of-truth-for-corporate-culture/
Company: Bain & Company
Categories: Leadership teams, People and culture, Strategy

Original publication date: April 1, 2020

Date last updated: April 7, 2020