Looking ahead to 2023: it’s time to ask what businesses can do for society

“Best laid plans…” and all that. Which business leader could have foreseen the year we’ve had. Just as our world was seemingly emerging from the pandemic, we saw the return of war to Europe. Russia’s devastating invasion of Ukraine triggered a chain of events that continues to reverberate around the world. I’m deeply shocked whenever I see the latest images of human suffering in Ukraine. Now inflation is soaring, and many regions are experiencing an energy crisis and food shortages. Never forget – fuel poverty is more than a statistic. For some people it’s a choice between heating and eating. And then there’s what some call this winter’s tripledemic of Covid-19, the flu, and RSV – yet another virus, which affects especially children.

Still, the past twelve months have also provided inspiration. People have come together to face and overcome these challenges. Yes, the best laid plans may suffer on impact with reality, but we have also seen that with the right strategy a business can have the resilience to weather a storm.

A company’s resilience is underpinned by its culture. And this culture is about more than making sure that a workforce is diverse and collaborative. A company also must have a common purpose.

For us at ABB, our culture is very much about our role in society. Technology and innovation are at the heart of ABB, but they are both focused on contributing to a more sustainable and resource-efficient society. ?

In 2023, our world will face plenty of problems. War will continue, other geopolitical tensions may rise, inflation will challenge consumers and businesses alike. Most importantly, the efforts to contain the climate crisis must speed up. On the upside, we also see an accelerated investment in electrification and fossil free energy sources.

I’m confident that humanity will turn things around. We at ABB will certainly do our part – not least thanks to our culture and common purpose, which are geared to support not just our company but society at large.

So, here’s one – of my many – New Year’s resolutions, and it’s also one of the key thoughts that I will take to the World Economic Forum in Davos next month: all businesses should consider how they can give back to every stakeholder group. This is more urgent than ever as we enter a year that will certainly not be easy for the majority in our society.