Covid-19: Organizational Responses to Societal and Business Challenges

The effects of COVID-19 on the economy are dramatic at both the macro- and micro-levels. However, markets are dynamic and have responded both reactively and proactively to the challenges and threats posed by the pandemic. By focusing on organizational responses to social and business challenges accelerated by the pandemic, this chapter provides some learning opportunities on successful management practices in periods of crisis. According to WWF (Living Planet Report 2020—Bending the Curve of Biodiversity Loss, 2020), the earth has lost over 68 per cent of its biodiversity in just the last 50 years. As shown in the chapter, this environmental degradation is also related to the emergence of pandemics and, hence, we examine organizational responses to climate change as well as the extent to which such responses have been accelerated in the context of the COVID-19 crisis. At the micro, organizational level, the chapter examines how innovative firms changed their business models and work organization to cope with the uncertainty coming from an increasingly complex environment. Furthermore, the pandemic has severely affected family-owned firms and, given their overwhelming role in the global economy, the chapter outlines some of their critical challenges under the pandemic.