'81% Indian consumers feel pvt firms can do more for society'
Updated Jun 16, 2020
Globally, 74 per cent consumers believe the same and in major economies of the US and Germany, around 66 per cent share the view.
Consumers increasingly want to hold companies accountable for doing the right thing, from taking a stand on climate change to driving workforce diversity as per the report. There is a growing expectation of companies to remain true to a clear set of beliefs and values.
"We have found that intense consumer attention on purpose is not specific to today's crisis - it's a tendency that will remain true for long term," said the report.
In the current crisis situation, consumers expect organisations and their leaders to play an active role in addressing the big challenges facing society.
Around 69 per cent of consumers globally said that today's crisis has helped them realize that governments need the help of the private sector to resolve major societal issues. In addition, 69 per cent also said that they expect private organisations to give back during crises such as the one we are facing today.
Among the Indian consumers, 79 per cent of the respondents said that this health crisis made them realise that governments need the help of private organisations to resolve societal issues.
The report suggested that companies should give practical help that is most aligned to their capabilities and must think creatively about new ways to leverage their capabilities.
It also said that in dealing with potential threats or disasters to your company, it is critical for organisations to rise above self-interest and link their crisis response to their purpose.
"It's no longer solely about ensuring that operations and core business functions are not severely impacted by an unplanned incident, rather it's taking emergency actions to benefit the wider community," it said.