 Changing Rules for a Changing World: Why Doing Good is Now Very Good for Business | By Jeff Venza
In the world of professional sports, athletes dedicate hours honing their particular craft through the meticulous acquisition and practice of a specialized set of skills. But before they step foot on their arena of choice, they have to learn the rules of the game. After all, you can't play the game — certainly, you can't play to win — if you don't know how the game is played. In the realm of business, the same rules apply. A successful venture into entrepreneurship doesn't simply require the ideation and creation of a great or otherwise unique product or service. Business owners have to know their industry, understand who they're selling to and how to sell to them, before they can successfully market and deliver their respective offering. Basically, they have to know the rules of the game — and know them well. And now, in a post-pandemic world, the rules of business have changed. Over the course of a year, the world as we knew it came to a standstill. Fear swept through communities, stay at home orders were issued, and businesses closed their doors. The plans (both business and professional) which we had in place for 2020, were subject to sudden and drastic change, and the social and economic climate followed suit. No one had a coronavirus contingency plan in place but, they had to create one — and quickly. Business during a global event, especially one of this unprecedented magnitude, is anything but 'business as usual'. It wasn't about selling anymore, it was about connecting with customers and offering genuine support while maintaining relationships. It was no longer about offering the best price or even the best product; it was about offering value, an empathetic shoulder, and rising to the occasion of social and political concerns. It was about guiding good people to do great things, against all odds.Diversity and Inclusion Takes Center StageIn many ways, the coronavirus pandemic acted as a perfect storm; a catalyst that brought long-standing social movements to the forefront of our minds and hearts. As the Black Lives Matter movement unfolded, brands and individuals alike were called, in urgent fashion, to uphold a higher standard of diversity and inclusion. And as we came to grips with the systemic blind spots that existed within corporate, political, and social hierarchies, we collectively vowed to do better. Regardless of industry, brands had their work cut out for them — it was time to do things differently, to view internal infrastructure under a new, more inclusive lens. With publications like the Washington Post noting that, historically, companies have "repeatedly stopped short of major overhauls during prior opportunities for change," it wasn't enough to simply promise 'change'; rather, that change had to be visible, tangible, and long-term. Performative allyship would no longer be tolerated by employees, prospective customers, or the world at large. It was time for companies to match their actions with their proclamations, and make real, tangible efforts to advocate for good — not just for some, but for all. To this effect, we watched as organizations around the world changed their names, changed the way they did business, changed the way they gave back, and changed the way they built their teams. While countless businesses hired Diversity and Inclusion consultants, Walmart promised to stop locking up hair and beauty products deemed as 'multicultural' in display cases, while Pepsi vowed to rebrand their Aunt Jemima pancake mix brand to "make progress toward racial equality." Sephora, the popular beauty supplier, reportedly committed to devoting at least 15% of its shelf space to black-owned beauty brands. Moreover, in a historical move, the 2021 Fortune 500 list will finally include self-reported diversity and inclusion data by which companies can be sorted and ranked. In light of this, companies are implored to conduct frequent and thorough internal audits of their policies. This audit should consider all elements of business, from hiring to manufacturing, marketing, and beyond, to ensure diversity and inclusion exists at the heart of their brand, both now and in the future. Starbucks, for example, launched a comprehensive D&I plan, identifying a goal of "BIPOC representation of at least 30% at all corporate levels and at least 40% at all retail and manufacturing roles by 2025." A Community-Centric Approach Empowered by Technology
Wednesday 10 February 2021 - VENZA
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6 Hospitality Trends to Watch in 2021 | By Paul Barron
