An article about how a soccer player is trying to save the job of his team’s mascot reminded me of the many job-related acts of generosity I’ve observed during this pandemic.
Many of my friends and colleagues continued to pay their hairdresser and housecleaner for weeks even though they could not get their hair cut or their house cleaned. Others bought gifts cards from their favorite restaurants with no intention of using them later. A friend of mine, whose business is effectively shut down, has continued to pay all of his employees and will continue to do so for another 6 months – when he’ll run out of money.
Companies have many stakeholders, each with their own needs. In good times, satisfying every stakeholder is a delicate balancing act. Providing customers with a generous warranty takes away from shareholders. Paying good dividends to shareholders takes away from charitable donations. No one is ever completely happy. And that’s in good times.
In bad times, the top priority for any company is to be around tomorrow. The next priority is to preserve as many jobs as possible.
Why the focus on employees?
Because employees are the only stakeholders that take care of all the others.