Ratan Tata, chairman of Tata Trusts believes that the post covid-19 survival of organisations would depend on displaying sensitivity to all stakeholders, not just shareholders. In an interaction with Your Story, the ace industrialist and philanthropist said that the way of doing business has to change and laying-off employees is not the solution.
“Accept that you have to change in terms of what you consider is fair and necessary in order to survive. One cannot continue to do business in certain ways and one won’t survive if you are not sensitive towards all your stakeholders. Working from home is one solution. Laying-off people will not solve your problems as you have responsibility towards those employees," said Tata.
Calling coronavirus outbreak an unprecedented crisis, Tata said that it has come at a time when the world was already grappling with economic slowdown, and stalemate between world’s largest economies like US-China, India-China.
“With virus it has become a situation where you have nowhere to turn or go. The whole planet is under siege, it is everywhere it does not differentiate between ethnic groups, eating out congregating, it consumes you. We are in an arena we are not familiar with," said Tata.