KUALA LUMPUR (Nov 7): Malaysian companies should take a leaf from the government’s approach in prioritising people’s well-being in balancing their financial and social obligations to ensure the sustainability of their business.

Institute of Corporate Directors Malaysia (ICDM) president and chief executive officer Michele Kythe Lim said among other things, companies should incorporate a greater focus on e-commerce and people policies which focus on the well-being of human capital assets.

“From adoption of technology, building more resilient supply chains, transitioning or adapting hybrid business models, incorporating greater focus on e-commerce, to people policies, we hope to see a future with stronger, more resilient and socially-conscious companies that are driven by creating a positive impact,” she said in a statement.

She pointed out that the government has set the right tone from the start, which will simultaneously create new economic and revenue streams, generate jobs as well as create sustainable income avenues and opportunities for the people as Malaysia embarks on economic recovery.

Commenting on Budget 2021, she said the budget was centred on safeguarding the rakyat’s well-being, whilst investing in key pillars to stimulate economic activities, creating and safeguarding existing jobs, and caring for the underserved communities.

“On the business front, the government’s efforts to drive investments, encourage innovation, strengthen strategic sectors and facilitate business growth are a positive sign for Malaysian businesses,” she said.

With Covid-19 greatly impacting companies across all sectors, Lim added that initiatives such as tax incentives, development schemes, grants and loans for businesses would support companies as they re-strategise and pivot businesses through digitalisation or other means.

This article was first published in The Edge Market on 7 November 2020.