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This note provides general information about climate change and its implications for business. Included is an overview of climate change science and a number of its impacts, including rising sea levels, changing weather patterns and extreme weather, pressure on water and food, political and security risks, human health risks, and impact on wildlife and ecosystems. Next, responses to climate change are outlined, including improvements in energy efficiency, moving away from fossil fuels, changes in land use and agriculture practices, and geoengineering. The note concludes with the debate over how much should be spent to mitigate and adapt to climate change, who should pay, and the implications for the private sector.

This article examines the value of peer networks, then offers advice on how to maintain and grow professional relationships when physical gatherings are not an option. Developing a robust peer network has long been considered mission critical for business professionals. However, if you want them to last decades, networks require regular maintenance, which is more difficult when physical distancing requirements exist. Anyone who puts time and thought into virtual networking can build a more robust professional network that can help improve decision-making, identify career opportunities, and overcome personal challenges for years to come. The main obstacle to networking virtually is not taking the time to do it. Virtual networking, of course, will never replace connecting in person, so as you network online, think about ways to maintain and deepen your connections when larger physical gatherings become possible. No matter where your professional connections were formed, keep in mind that everyone on the planet has shared the soul-searching experience of being isolated from others during the pandemic. This represents an opportunity to connect with others like never before, which can help advance your career—not to mention improve how we collectively face the challenges and inequities that exist in the workplace and our communities in this disruptive age.

This article explores how companies can make themselves more competitive by understanding how crises open the door to innovation, then offers advice on how to foster innovation in good times and bad. Thanks to the coronavirus outbreak, organizations around the world are experimenting like never before, and this forced increase in experimentation represents a unique opportunity to take innovation to a higher level because it is taking place while everyone’s standard operating environment has been disrupted. One lesson for organizations experimenting during the pandemic is that there can be value in mistakes. Making sure that you don’t miss the serendipitous opportunity of a lifetime requires the willingness to venture down a rabbit hole without being held back by your original objective. Working without a clear objective can be wasteful, but it also opens the door to finding something unique and valuable. At the same time, the tension that typically exists between an organization’s fiscal stewards and its creative folks exists for a reason—failure is costly. As a result, building an innovative culture that is also a sustainable and profitable culture is a balancing act.

Most global companies have made substantial investments in digital solutions and building deep functional excellence across the supply chain. But few have balanced those efforts with a corresponding push to develop the new competencies required to unlock the full value of digital. To build a supply chain that can sense unforeseen events and nimbly pivot in response, you must do more than retool with a range of the best available new technologies. You must also rethink and reskill your supply chain. In order to rethink a supply chain, you must move from viewing it as an inanimate mechanism built to execute against a plan to perceiving it as a living organism. A pivoting supply chain moves beyond traditional concepts of optimization to make your supply chain attuned to its ever-changing environment and free of a silo mentality. In practical terms, you bring your supply chain to life via uncompromising vision, real-life learning, and sprints (a minimum viable product approach with small and achievable portions of capability building). COVID-19 has delivered costly lessons on the strategic importance of supply chain agility, spurring companies to move beyond retooling their operations for traditional optimization, toward rethinking their basic assumptions about how their supply chains should operate, and toward reskilling their people with a focus on competencies that help supply chains sense and pivot.

Buying a high-tech solution that appears to quickly address an identified need or problem is tempting, especially during the COVID-19 pandemic. So why resist? In short, the attractive easy out rarely pays off in the long run. According to the authors’ research, the ability to resist tempting but low-value IT investments is a hallmark of higher-performing companies. This article examines five temptations resisted by high performers, and outlines what they chose to do instead. The first temptation many companies face is to limit the application of new technologies to quick-payoff, high-visibility processes. The higher-value choice is to reimagine business processes across the company, not just in customer-facing areas. The second temptation is to patch or “lift-and-shift” legacy systems. The higher-value choice is to see the cloud not simply as a data centre but as a catalyst for innovation. The third temptation is to experiment with “hot” technologies in isolation. The higher-value choice is to identify foundational technologies and adopt them based on their potential effect on the entire organization. The fourth temptation is to rely on standard classroom training programs. The higher-value choice is to take a more flexible, future-focused approach. The fifth temptation is to move responsibility for IT to business leaders. The higher-value choice is to embrace systems that break down boundaries constraining data, infrastructure, and applications.

Following the COVID-19 outbreak, countries and corporations are now examining supply chain strategies and aiming to reduce exposure to difficult future global events. While these responsive actions can help companies survive until market conditions improve, further mitigating disruption requires adding flexibility to business processes and product offerings. In the short to mid-term, companies can employ responsiveness and flexibility to enhance their chance of survival. To plan for the impact of disruption, assess how economic and political events, market trends, emerging technologies, or social movements might impact your supply chain. Any potential for a drastic shift in the balance of your bottlenecked vs. redundant resources, along with the potential emergence of new critical suppliers or the disappearance of core customers, warrants planning to take transformative action. When your own resources/assets/expertise become a bottleneck, you need to expand the corresponding resources/assets or acquire additional talent. When your resources/assets/expertise incur more redundancy, and this shift isn’t temporary, resources need to be trimmed. When your supply is the bottleneck and demand is the redundancy, critical supplies need to be rationed according to customer value and urgency. When your demand is the bottleneck and supply is the redundancy, the company might need to adapt like restaurants that started using their supply chains to operate as online grocery stores.

In order to overcome the challenges introduced by COVID-19 and leverage opportunities, firms need to embark on a born-again journey of self-discovery and healing. This involves accepting the need to engage in a grieving process that shapes a new raison d’être for the firm after rejecting traditional thinking and redefining business practices. Based on the author’s research and work with clients across numerous industries, this article outlines the Business Recovery Strategy framework and explains how it can help managers organize their thinking and plan innovation. To help stakeholders appreciate the reinvented firm, managers should take the following actions to align business practices with the new normal: 1) firms’ strategic review processes should be demystified; 2) firms should set up a committee charged with anticipating possible future disruptions; 3) firms should engage in cost reduction strategies while creatively sourcing the funding necessary to avoid cutting key employees and budgets; 4) when social distancing needs subside and reduce the need for remote working, employers should consider a hybrid approach instead of a return to previous workplace practices; 5) companies should ensure they understand new customer needs and behaviours that the crisis created; 6) companies should implement a more bottom-up marketing strategy; 7) firms should focus more on value and consider empathic communication and branding strategies; and 8) firms should consider strategies that are a combination of the physical and digital, or “phygital.”

Without action on sustainability, the supply of cocoa beans - and hence chocolate - cannot be maintained. Barry Callebaut (BC), the world's largest B2B cocoa and chocolate company, has gone from taking little interest in "sustainable cocoa production" to embracing it fully. In 2016, it set four ambitious targets to achieve by 2025: to eradicate child labour from its supply chain, to lift more than half a million cocoa farmers out of poverty, to become carbon-and-forest-positive, and ensure 100% sustainable ingredients in all products. Recognizing that it could not bring about change in isolation, BC started a movement, "Forever Chocolate", involving multiple stakeholders. Demonstrating that sustainability must be an integral part of doing business, the case describes its progress over the first two years and illustrates the difficulties encountered. It challenges students to consider whether BC's approach constitutes "radical corporate sustainability" and what more could be done.

Today, the information required to make highly technical and complex purchasing decisions is readily available to buyers through online, intelligently enabled self-service tools. So what happens to the traditional B2B sales structure? It evolves. Four disruptive shifts are creating the urgency and change, the root causes of which are deep and permanent: 1) B2B customer expectations are (surprisingly) not following B2C trends, such as Amazon-like shopping experiences, smart product replenishment, and consultative selling. 2) Widely available and extremely sophisticated technological capabilities are automating the selling process and making relevant sales recommendations, and they are always available with a responsive interface. 3) The retail market is consolidating, with traditional concepts of shelf space and brick-and-mortar becoming less relevant. 4) The previous three shifts together are leading to a radically redefined outside salesforce whose relevance, efficacy, and efficiency are diminishing. These shifts will see large B2B selling organizations supplanted by smaller commercial organizations that integrate marketing, sales, and service activities. The authors discern three pillars at the centre of a 21st-century commercial capability: 1) a reimagined customer experience, 2) technology-enabled sales execution, and 3) a digital-ready commercial organization.

The authors’ research examines new models for leadership flexibility recommended by CEOs and board members, including an underutilized resource that CEOs can turn to for help—the corporate board. The board chairs and directors they interviewed expressed a desire to contribute more value and be more involved in high-level strategy and discussions. When boards evolve to become a more strategic asset, CEOs enhance communication with board members and are more focused and effective in their interactions with them. Increasingly, CEOs are realizing that to make the board a strategic asset—a “smart board” and not just a sounding board—they must take the initiative and cultivate these relationships. One consistent theme runs through the authors’ research: board members do not like to be surprised. To lower the risk of surprises, it is usually better to err on the side of more communication with the board, rather than less. Reaching outside the organization to bring boards together can also be a powerful tool in creating tactical synergy and fresh new perspectives. The more deeply the CEO understands each board member’s personality and experience, the better the interactions with the board will be. By influencing what happens between board meetings, CEOs have the opportunity to curate and even co-create a better board experience.

This article examines the increasing need for resilience in organizations, then explains the three underpinnings of individual resilience and how they can be replicated in firms. In the pre-COVID period, VUCA (volatility, uncertainty, complexity, and ambiguity) was the trendy acronym that summed up the four major challenges faced by managers in the Age of Disruption. Unfortunately, the VUCA world has now been disrupted by a pandemic—which has triggered all four dimensions simultaneously for most organizations. As Diane Coutu notes, resilient people tend to possess three core attributes: 1) an unwavering acceptance of reality; 2) a deep belief underpinned with strong values that life is meaningful; and 3) an uncanny ability to improvise. Organizations can build up three pillars of organizational resilience: facing down reality, the search for meaning, and the ability to improvise or bricolage. Within your organization, ask yourself: “Do people really understand and accept the realities we’re facing now?” These questions are important because people and organizations often slip into denial as a coping mechanism when facing adverse situations. It is time for organizations to rethink their people responsibilities if they want to help develop the resiliency that today’s organizations require. Since finding meaning in one’s situation is such an important aspect of resilience, it is no surprise that the most resilient people and organizations possess strong value systems.

Facing constant pressure to reach ever-increasing objectives, people across all walks of life have become dislocated from what is essential and meaningful to a happy life. As a result, many turn to various forms of escapism, ranging from drugs and alcohol abuse to conspicuous consumption. When addicted to acquiring stuff, consumers become anxious between fixes, fueling debt-financed consumption. With the pandemic driving expectations of major change, we have an opportunity to deploy big-picture thinking to instill more sanity into our society. This article proposes ways to address some of our common vices and historical missteps, aiming to improve mental health and enable the pursuit of sustainable happiness through reforms to how we educate our children, manage the business cycle, support entrepreneurs, and provide healthcare. As the article states, education should fight the mental health crisis, not compound it. Using consciousness practices, like yoga and meditation, individuals can achieve a profound state of relaxation that simultaneously alleviates stresses, trauma, and anxiety. In terms of economic reforms, one approach would be to attack the short-term corporate thinking that drives the need for bailouts; another would be to lower corporate taxes for entrepreneurs. Finally, with healthcare costs soaring along with government debt, it might be time to re-visit the decades-old debate around establishing a two-tiered healthcare model in Canada.

ExtraCarbon was a company focused on the sorting stage of India’s unorganized waste management industry. The company was founded in 2013 with owners’ capital and some investments from friends and family. In October 2018, one of these friend investors expressed a desire to exit the venture. Although ExtraCarbon had made steady progress since its founding, the company did not have enough money to buy out the investor’s stake, and the company’s valuation was too low for the investor to benefit from leaving the venture. The investor complained that the founders had never taken his advice to scale up the venture more quickly, which would have benefitted all stakeholders by providing a better valuation and attracting more investors to the company. The incident led the founders to review their current scale of operations and make more ambitious growth plans for the company, including setting an ambitious revenue target of US$6 million by 2021. The challenge was to identify resources and ways to achieve this target. What strategy would help the company reach its target in a largely unorganized industry?

Primark was a low-cost, fast-fashion clothing retailer headquartered in the United Kingdom. The company’s low-priced clothing enticed consumers, but it also attracted criticism for exploitative labor practices in the low-cost economies where Primark’s manufacturing was outsourced. However, Primark believed that it created jobs in low-cost economies, and its low prices were the result of efficient initiatives such as no online presence and limited advertising. Experts suggested that the absence of an e-commerce division was a strategic mistake. In October 2019, the company’s chief executive officer was challenged with synchronizing Primark’s low-cost strategy with its sustainability initiatives and deciding on the company’s online presence.

The age of disruption has pushed activism inside the boardroom, where the role of directors is no longer easily defined because changing times require changes in leadership. So, what does an activist director look like? This was the topic of a recent address to The Empire Club of Canada by Rahul Bhardwaj, president and CEO of the Institute of Corporate Directors (ICD), included in this article. The Edelman Trust Barometer—which recently polled 34,000 people in 28 countries on how much they trust core institutions—revealed that for the first time, most people believe that capitalism is doing more harm than good. Directors are entering a new era where all directors must be activist directors and act more “nose in, fingers in,” where appropriate. This makes being the chair especially challenging because the chair will have to lead the redrawing of lines between board and management and free directors to speak their minds. When the sightline of a politician is rarely more than one election cycle ahead, when “unknown unknowns” are not the exception but the rule, who better to think of how companies and Canada itself can compete and win in 2030? The ICD has come to view this shift not as an unwanted task for directors, but as an unprecedented opportunity to step up and play a greater role in the direction of Canadian business and of Canada.

With the emergence of the COVID-19 pandemic, leaders across all sectors worldwide face enormous challenges. How they behave and the decisions they make will separate the bad from the great. In 2010, the Ivey Business School established the Ian O. Ihnatowycz Institute for Leadership with a mandate to focus on leader character. Its research resulted in a framework consisting of 11 dimensions of character and supporting behaviours that were identified as foundational to good leadership. COVID-19 is revealing things about the citizens of affected nations as well as their leaders. The singing Italians, for example, serve as a powerful reminder that we can find creative ways to remain connected as medical experts urge us to remain apart. The purpose of this paper is to illustrate the dimensions of character with concrete examples of the behaviours that leaders and citizens alike are manifesting during the pandemic. The authors believe it is of paramount importance to raise awareness of the construct of character and its dimensions—not just to ensure it is brought to the forefront of leadership education and development, but so it can be used by citizens in their everyday lives and as a tool by which they measure, vote for, and follow leaders.

With the lives and routines of young consumers disrupted by the global health crisis, brands have unique opportunities to build long-lasting relationships.

Some physical classroom experiences can’t be beat, but moving university programs online offers instructors unexpected advantages.