| 16.11.2020

Sustainable Strategies in Turbulent Times – “Many changes will remain”

Sustainable Strategies
Consumers' choices will have a strong impact on the future development in society. It is, however, still too early to say which of the changes in behavior caused by the corona pandemic will persist. This was stated by the panelists in the discussion "Sustainable Strategies in Turbulent Times - Key Factors for Renewal", which was broadcasted online from Hanken on 11 November.

Watch the panel discussion here

Kristina Heinonen, Professor of Service and Relationship Marketing at Hanken School of Economics predicts that health and wellbeing will be increasingly important for people in the future.

- We have already seen for a few years that people invest in wellbeing, and this trend will most likely be emphasised even more in the future. On top of that, I believe that security will have a larger importance, and we will continue to pay attention to our surroundings when we are around other people – the physical distance to others and what we touch.

All the panellists agreed that environmental and social issues are key factors that will influence societal development.

- This is something that has actually received less attention during this crisis, but this has been the trend for a while now, says Sebastian Nyström EVP & Chief Transformation Officer at SOK.

Nyström also believes that travel, sports and different activities that join people together will come back.

- I believe this will happen as humans are social. I cannot say, however, when this will happen and if it will be equally important as before.

What companies should get support?

Support packages for companies, unemployed and people laid off work has become part of everyday life during the past year all around the world. This has led to an increased public sector debt that cannot continue, says Heidi Schauman, Chief Economist at Swedbank.

- Starting next year, politician will have to choose to which companies and sectors to support. This is an extremely difficult question, which will lead to massive critique towards politicians.

The coronavirus pandemic has affected sectors differently and airline companies have been hit hard. When defining sustainable strategies, it is important to take into account the three pillars of sustainability – the economic, environmental and social – says Fredrik Wildtgrube, Vice President of Finnair Cargo.

- If you focus too strongly on one aspect, the strategy is not sustainable in the end. It is also vital to remember the linkage between different sectors and that they affect each other. When airlines stop flying, many companies in the service sector are affected.

Marc Hinnenberg (CEO at Hanken&SSE Executive Education) moderated the discussion. The event was hosted by Camilla Wardi, Head of Corporate Relations and Outreach at Hanken. This was the second event in the series Sustainable Strategies in Turbulent Times.