The current economic landscape is uncertain and volatile due to the COVID-19 pandemic, geopolitical tensions, climate change, and changing consumer preferences. These factors have caused disruptions to global supply chains, leading to supply shortages and inflationary pressures.

Opportunities and Challenges for Businesses

Despite the challenges posed by the current economic climate, there are also significant opportunities for businesses.

For example, the increasing adoption of digital technologies has created new avenues for growth and expansion. E-commerce platforms, social media, and other digital channels have made it easier for businesses to reach customers and expand their markets.

Businesses face challenges such as supply chain disruptions, labor shortages, and rising costs, requiring agility and adaptability to respond to changing market conditions and remain competitive.

Strategies for Success

To succeed in the current business and economic landscape, companies must develop responsive and forward-looking strategies, including investments in new technologies and business models to mitigate risks and capitalize on emerging opportunities.Companies must prioritize resilience and sustainability by building robust supply chains and adopting environmentally responsible practices, appealing to socially conscious consumers and mitigating risks.

The business and economy of today is often referred to as a coin flipperr, where success and failure can be determined with a simple toss of a coin. This is because the current economic climate is often unpredictable and volatile, with businesses having to adapt to sudden and unexpected changes in order to survive. 

As a result, businesses must be agile and innovative, making sure that they are always one step ahead of their competition. With the right strategies and decisions, businesses can make it through the toughest of times and come out stronger than ever. After all, it is just a metaphor for taking risks and having the courage to make the right choices.

The Role of Government

Governments play a significant role in shaping the business and economic landscape by providing support to businesses through subsidies, tax incentives, and regulations that promote competition and consumer protection.

Government policies can create challenges for businesses, especially if they are overly restrictive or unpredictable. Companies must engage with policymakers and advocate for policies that support their growth and development.

To navigate the current business and economic landscape and succeed in the long term, companies must understand the economic climate, develop responsive strategies, prioritize resilience and sustainability, and engage with policymakers.

Unilever Thailand’s Talent & Organizational (T&O) Readiness Initiative was recognized as a winner of this year’s Asian Human Capital Awards, awarded by the Singapore Ministry of Manpower. Khun Nardrerdee, Vice President HR, Unilever Thailand and Indochina, was at the Singapore Human Capital Summit to receive the award. Catherine Mudford and Perez Loh spoke with her and Drew Fernandez, HR Director – Total Customer Development, Food Solutions & Indochina Region, to find about more about this award-winning people practice.

Khun Nardrerdee joined Unilever Thailand in 2010 and worked with the rest of the Company’s leadership team to develop and launch the T&O Project that same year. The T&O Project involves the designing of an inspiring and bold ambition to make Unilever Thailand into an ‘unbeatable’ organisation that excels in a highly competitive market place.

Khun Nardrerdee explained that “Unilever Thailand’s vision is to double its business while reducing our environmental impact, and at the same time increasing the Company’s positive social impact”. An ambitious goal in itself, this was made even more challenging given the external circumstances: the Thai economy was in the midst of a recession[i] in 2010.

On hindsight, Khun Nardrerdee reflected that the T&O Readiness project could not have come at a better time: people have always been Unilever’s most important asset and a critical factor for its future success, and the initiative helped develop a single-minded focus throughout the organisation, helping it to deliver business growth in spite of the odds.

The T&O Readiness project sought to strengthen three key areas crucial for Unilever Thailand’s success: i) Talent and skills; ii) Organisation design and structure; iii) Performance culture. Systematically, the T&O Readiness team diagnosed the organisation’s level of development in each of these areas, and formulated detailed plans to further improve them.