3) Impact on Their Business

significant social movements of late having at their core people who are fed up with systemic inequalities and inequities they face – the Survey Participants point to such movements as the protests in Hong Kong and Brazil, Occupy Wall Street, and Black Lives Matter.

Meanwhile, some Survey Participants worry about a society’s ability to address the systemic issues with a given economic system. For instance, Vic Huard worries about, “The challenge of our current economic system in adjusting to address inequality.”

Moreover, a great number of people across the globe are of the opinion that one of the impacts of the COVID-19 pandemic is the enhanced pressure to not only modernize capitalism but also accelerate the reform. A U.S based poll conducted in May 2020 by JUST Capital and The Harris Poll found that “85% of respondents believe that the coronavirus crisis exposed underlying structural inequalities in our society. It is undeniable that COVID-19 and its fallout, coupled with the nationwide protests spurred by the killing of George Floyd, are catalytic moments in U.S. history.”

Lisa Kimmel affirms the same phenomenon is happening in Canada, “COVID-19 has really shed a spotlight on the systemic issues of social injustice and income inequality that exist in every country around the globe…60% of Canadian respondents said the pandemic actually made them realize just how big of a gap exists in our country between the rich and the working class and that something actually has to be done to more fairly distribute the country’s wealth and prosperity.”

With the world in flux on account of the COVID-19 pandemic, there are considerable global uncertainties. However, one conclusion is clear: the voices demanding capitalism be modernized are getting louder.

3) Impact on Their Business

“We can’t have healthy businesses without healthy communities.” – Scott Banda, CEO of Federated Co-operatives Limited Some Survey Participants argue that a challenge that is truly global will by its definition directly or indirectly impact all businesses. Thus, they are of the view that business leaders should care about and help to address the challenges facing this generation.

Hélène V. Gagnon, Vice President of Public Affairs and Global Communications at CAE, warns that the businesses which do not look at the trends and societal movements such as the climate movement that brought one of the largest protests in Canadian history to Montreal will be in trouble, “When there are 150,000 people walking in the streets, it is starting to be a big deal. Global companies must care about the environment. Stakeholders are telling businesses that the environment is important to them.”

Helen Antoniou warns that the divide between the “haves” and the “have-nots” appears to be increasing wider and if big business is perceived as deepening this wedge of inequality, the rest of civil society may grow restless. Keith Halliday, a Director at Boston Consulting Group, argues, “You can’t have a knowledge-based industry in Canada unless the public education system is well-funded and turning out good graduates, and you can’t get access to global talent, unless there’s enough social cohesion in the country that you can maintain an open immigration system. So, that just means, business has a broad interest in the success of society.” Louis Audet argues that business leaders should care about these challenges, “because when

people become unhappy, they make bad decisions and they vote for Donald Trump and for Brexit. I should care because we need harmonious societies built on lasting democracies where people make rational choices.”

A few Survey Participants from the Business Leaders group argue that Canada’s geo-political influence, brand, and competitiveness is deteriorating and that this degradation of Canada’s place in the world is influencing the success of Canadian businesses internationally. Similarly, some Survey Participants underline how the lack of Indigenous reconciliation in Canada is hindering the Canadian economy’s competitiveness and productivity and is hurting Canada’s global standing.

A number of the Survey Participants see the challenges of this generation as an opportunity for businesses. Tamara Vrooman, President and CEO of the Vancouver International Airport and Chair of the Canada Infrastructure Bank, puts forward the idea that rebalancing inequality would help all businesses. Additionally, several the Survey Participants such as Vic Huard believe the fight against climate change is not only a pivotal challenge; it also represents a major business opportunity. Sean Drygas is of the same opinion, “Energy is the defining challenge of our time and is the largest business opportunity.”

A handful of Survey Participants advocate that by strengthening the social cohesion and trust within a society, businesses will benefit from enhanced productivity of their workforce and will more easily obtain social licenses to advance projects.

In the same vein, some Survey Participants observe that the advancement of Indigenous reconciliation represents an opportunity for businesses to be better positioned to obtain social licenses and could help strengthen their workforce if they are able to recruit, train, and employ more Indigenous people as a result.

Plus, it is the view of some of the Survey Participants that if Canada were to aggressively move forward with the modernization of capitalism and the improvement of the relationship between society and business through businesses making their purpose one in which they give prominence to contributing positively to society, it would afford Canada an opportunity to strengthen its global influence and strengthen its economy. Michael McKnight who is the President and CEO of the United Way of the Lower Mainland, for instance, affirms, “We need to have a value proposition to bring human and financial capital here. We can build a branded economy on social purpose that I think will be more and more attractive.”

When businesses augment their efforts to help tackle societal challenges, they are helping mitigate external risks to their business and their stakeholders. In addition, these efforts can turn into economic and financial opportunities for businesses. Moreover, business leaders and the members of their respective organizations will potentially find their voice and feel more of a sense of accomplishment, fulfillment, and purpose knowing that the legacy of their work is contributing positively to society and the planet.