ESG investing is building resistance to layoffs
Social factors have become more important and have contributed to the outperformance of stock valuations
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Joan Ng
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WITH Singapore in Phase 2 of its reopening, companies can now better gauge the extent of the pandemic's impact on their industries and business models and how they will need to restructure.
Some old suppliers and customers may drop off, and new ones must be found to replace them. Ways of selling must change, and maybe even ways of manufacturing. The simplest thing to do will be to lay people off. But companies must acknowledge changing attitudes.
On the evening of June 5, hospitality group Banyan Tree Holdings announced that it is "right-sizing and restructuring" its workforce. The operator of Banyan Tree Hotels & Resorts said 10 to 15 per cent of its global workforce would be affected by an exercise "aimed at cost saving as well as ongoing operational efficiency".
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