THE NEXT NORMAL: STRATEGY FOR THE SUSTAINABLE FUTURE

The world is no more round we are surviving in a flat world now. The economy is flat world economy. Flat world economy is characterized by new-age creativity, new-age connectivity, workflow software, outsourcing, insourcing, off shoring, supply chain management, search engines, uploading and digital steroids. All these flatteners have intermingled now which were earlier working independently and outcome is that economic power is shifting from west European countries to BRICS, there is death of distance and disciplines. Economic models, sustainable development models are under search and review.

When we discuss about the next normal, it means we have done something wrong in the past. In a flat world scenario shocks are inevitable viz. Pandemic or war or petrol prices or supply chains disruptions geo- economic or geo- political issues. Economies have to evolve or devise certain resilient strategies to survive among these shocks. Presently we have adopted stake holder’s capitalism model while to reach to next normal or to devise a strategy for sustainable future by opting new model. Cost of transition from existing model to new model is very high.

THE ESG STRATEGY The economy has to be shifted from stake holder’s capitalism model to environment, social and governance model (ESG model) for sustainable future. We have to shift from profit model (greed is good model) to people, planet and profit harmony model so that coexistence may be inculcated. Carbon reporting, green investment, waste water management, forestation, initiatives to optimum water uses, ownership of contaminated land and moving to crops which are less water intensive. Social awareness consist of social benefits of investments, socially responsible investments. caring for local community, gender sensitivity, data security, customer satisfaction, anti-sexual harassment laws, work place conflicts redressal, human rights at home and abroad, fare labor practices, employer of choice , use of electrical vehicles, LGBTQIA rights etc.

While governance requires strict regulatory controls. Good governance, optimum performance, social security, top line growth, resilient policies, transparent accounting system, government interventions, avoiding conflict of interest in choices and women as one of the Director in company board are few provisions for governance.

FIVE PILLARS OF SUCCESS Sustainable future strategy shall look into how much environmentally responsible companies have behaved? How much corporate sector gives back to the society? Corporate have to behave and function with utmost ethics, transparency and sufficient disclosures. A holistic decentralization strategy has to be devised.

Companies need to devise ESG based performance indicators and firms like Amazon, IBM , GE , IBP have already taken steps in the direction . These companies have also devised environmentally intelligence suite for risk management and energy efficiency.

• Green recovery economy
• Reduced internet traffic
• Avoidance of protectionism
• Future proofing/assuring of MSMEs
• Education to support lifelong learning

Investors in times to come will look forward ESG investing which includes sustainable investment, socially responsible investment impact centric investment and investors look at various other board range of behavior . Cost of transition to ESG model is very high and this cost need to be reduced and controlled. .Shift of model may create green inflation initially but it is inevitable.

DRIVERS OF CHANGE

• Physical drivers
• Digital drivers
• Biological drivers

Physical drivers of change includes autonomous vehicles, driverless cars and trucks, censors responding to environmental low cost availability of drones combined with availability of agricultural data will bring sufficient use of water and fertilizer. 3D printing, human cells and organ transplantation, 4D printing will be capable of responding environmental changes like heat and humidity. Advance robotics is not far in areas like agriculture to medical. Co-operative robots (COBOTS) will come for team work. New material are emerging which are 200 times stronger than steel called ‘GRAPHENE’. Digital drives like Internet of things, RFID, digital clothing has emerged. Face book does not own any content of itself. Biological Drivers like genetics, editing of inactive genes, GM plants etc will make transformational shifts in the society.

EPILOGUE New strategy will have great impact on the economy, GNP, investment, employment, competitiveness, planning, productivity, carbon emission, green investment etc.,. Jobs like secretary, referee, umpire, coffee shop, courier, messenger would find themselves difficult to sustain in the near future. While jobs like Surgeon, Doctor, Teacher, choreographer, musician, analysts, bio-statistician would be able sustain with some updated versions of the same.

THE VIEWS EXPRESSED BY THE AUTHOR ARE PERSONAL