What we knew as ‘normal’ up to a couple of months ago, might not have been totally right but at this point in time, the most essential thing is that we have been handed a unique opportunity to shape a better tomorrow.
Throughout this crisis, the business community has emerged strongly as a guarantor of the common good. As the general conversation will shift from emergency management to recovery planning, the private sector must be allowed more room in the public arena.
Businesses, on their part, ought to become more mindful of their civic role and step up their involvement in the community from conventional CSR to meaningful ESG programmes.
In the post-Covid era, expectations will change for every stakeholder and, now that the private sector affirmed its centrality to public affairs, businesses must not shrink back to the periphery.
At Corporate ID Group, our target is Malta 2030 as an opportunity to shape the Malta of tomorrow.
The socio-economic programmes driven by the public and private sector in the last years made our country one of the leading economies in Europe. However, the economic recovery will now largely depend on the pace of recovery of other countries particularly those on which our tourism sector depends. But not only.
It will also depend on the concerted effort of public administration, NGOs, and the private sector who through a collective effort can ensure a comprehensive social cohesion framework allowing all strata of society to benefit from the economic recovery of the country.
Covid did not have the same impact on all families. Home-schooling and teleworking introduced new challenges as working parents struggle to keep their agility in completing their corporate tasks while looking after their children and completing the increased housework workload and in some cases looking after the elderly.
Therefore, life after Covid-19 will not be the same. While government’s role is to encourage and award efforts towards addressing societal and environmental ailments, the business community needs to embrace long-term goals to secure a profit that includes a social purpose. Adopting a shared value mentality in the corporate world demands a shift from a short-term objective to a longer-term vision through which various elements of the value chain are moulded to reduce and potentially eliminate any negative environmental or social impact.
The rebound of the European economy after this pandemic depends on the agility of creating a social innovation culture where business, civic society and public administrations work together to shape public policy, implement programmes and develop products and services that address the social needs while providing a profit.
The next decade therefore presents the challenge of ensuring the same quality of life and levels of employment we had in the past years, while addressing societal challenges of the ageing population and poverty.
The reality of a post-Covid society will accentuate the need to address challenges particularly if the economic slowdown persists to long weeks resulting in a substantial increase in unemployment.
Nonetheless, Malta needs to continue to work towards a resilient and productive economy, providing top-notch education to our children and investment in the best health and social care systems. At the same time, Malta’s workforce needs to embrace lifelong learning because it will be only through newly acquired skills that we will be able to preserve economic growth and guarantee increased prosperity.
And whilst the last decade has witnessed an increase in female participation in the labour market, the gender pay gap still needs to be addressed while efforts to boost female presence in C-level positions and politics at local and national level should continue.
The aspiration is for Malta 2030 to be a safe and economically stable country where the young generation can grow, thrive, and work on their dreams and aspirations. Malta will continue to implement and respect civil and equal rights, increase normality for people with disabilities, ensure equal maternal and paternal rights and guarantee equal wages based on role and not gender identity.
The months following the recovery from Covid will be crucial for Malta. The decisions taken in the next few months will mould Malta’s road map for this next decade.
Founding Partner CiConsulta