Topic 3: Impact of COVID-19 on Multinational Companies MNCs (such as BHP, Rio Tinto) businesses around the world. The length of the assignment would be maxim 3000 words (plus -minus 10%). Research...

Running Head: Coronavirus
Coronavirus
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Contents
Introduction    3
Covid 19 pandemic and its impact on Legitimacy and Trust among stakeholders    3
Issues/facts/challenges/ (could be categories/subcategories    3
His most recent book is Leadership by Algorithm: Who leads and who follows in the AI Era?    5
Suggestions/recommendation to way out the issues    6
Research shows that establishing trusting work relationships makes companies perform better over time and even outperform companies that do not have a strong trust culture.    9
Six actions for CROs    10
Conclusion    11
References    14
Introduction
Trust is a connective tissue that holds the whole lot we do: our relationship, our behavior, our prospect of others. We hope that institutions, associations, and other businesses will fulfill their promises as well as act in a responsible manner. We hope that we can safely move around in the community, rely on our relationships, or rely on certain truths. COVID-19 pandemic has shocked our collective system and is a catalyst for building trust. When a resilient leader also seeks to organize their associations moreover stakeholders safely during the COVID-19 disaster, faith will be more important than ever, because restoration without trust will be in a precarious situation. To rebuild trust between stakeholders or enable it to grow in the lasting, leaders should focus on the four aspects of trust: financial, emotional, physical, or digital.
Covid 19 pandemic or its impact on Legitimacy and Trust among stakeholders
Issues/facts/challenges/ (could be categories/subcategories
Studies have shown that the existence of faith brings a source of positive results: communities with a sense of trust are more capable of responding to a crisis. 1 Trust and stronger financial growth, 2 Greater stability, 3 More innovation, 4 Results related to better well-being status 5
However, trust in an institution (companies, governments, media, non-governmental organizations (NGOs), etc.) that should guide and protect us has declined in many countries. 6 Part of the reason is increased polarization, rapid technological changes, lack of diffusion information, and new expectations for labor and society. Less than 20% of the world’s people trust the present financial organization (ASEAN, 2020). A study in 2020 found that, from companies and governments to NGOs or the media, no organization is considered to be both. Morality and competence, and none of them are considered fair. Although people's trust in an institution designed to protect us has refused, concerns about work, the financial system, the future, the capability to get the truth, as well as inequality have improved. In crisis times for instance a pandemic, a source of trust is essential to spread critical information, maintain confidence, and control disease. On the other hand, distrust has the opposite effect. Calling for "flattening the curve" or social distancing means that we may trust everybody much more than our most recent trust to act for the better good. Therefore, it’s now vital to win trust or inject trust in everything we do as persons moreover as business leaders (Collins et al., 2013). Rather, deliberate trust in times of disaster can make a business executive stand out, and he can lead her or his business throughout these uncertain times. In other words, trustworthy leaders are usually resilient leaders (Cremer, 2020).
Business leaders have several stakeholders, and each stakeholder has different concerns. What are the trust levers that associations can use to handle stakeholders (consumers, communities, workers, or other ecosystem partners, for instance, suppliers, shareholders, and governments)?
When business leaders hope to build and build belief in stakeholders after COVID-19, they must place themselves at the feet of stakeholders and consider the four aspects of faith: emotional, physical, financial, or digital trust (Kauzya, 2020). What does each stakeholder team ask itself? What are those people most concerned about? It is important to develop strategies in each area and communicate early, often, and honestly.
Although technical tools are available, most of the executives are not satisfied with having workers work from home. Because the homes of employees working remotely have become offices during the pandemic, there are many complaints, and managers usually work harder to monitor and control staff than in past. David De Cremer wrote in this view that this indicates a lack of faith between executives and workers. Organizations that can expand strategies to make trust among workers and managers will see much stronger working relationships and performance.
De Cremer is the Provost or Professor of Management & Organization at the National University of Singapore School of Management. He is the director and founder of the Human AI Technology Center, a research and education platform that aims to promote human-centered AI development methods (Mandzila & Zeghal, 2016).
His most recent book is Leadership by Algorithm: Who leads and who follows in the AI Era?
The COVID-19 pandemic has disrupted the operation of the organization in many methods. We have already seen that the result of these disruptions appearing quickly is that managers struggle to lead invisible employees (Cremer, 2020). The sudden shift from letting workers work in an office to work remotely reveals an ugly reality: A lot of industries fail to establish trusted working relationships. Although we can use many technical solutions, many business leaders feel not so comfortable with having workers working from home. In disaster of COVID, workers did herald the negative impact of managers on their family life, and this has now become their workplace. There are many complaints. Managers care more about productivity than employees' health; online conferences are becoming a means of monitoring and evaluating work attitudes; and there is almost no sympathy for the fact that family and work lives have become the comprehensive reality of all related disturbances (Cremer, 2020). All of these complaints are related to the view that most executives try to deal with the doubt of remote work by monitoring and controlling the work of their employees more than ever. This control strategy is counterproductive! Showing employees a signal of control behavior shows that the company's default attitude towards employees is not positive. On the contrary, it is negative because the company is worried that its employees will try to relax (Cremer, 2020). In other words, through control, managers signal that they do not believe workers working remotely.
This means that when parties can trust each other when they are vulnerable to actions with each other, as well as therefore do not need to monitor each other, trust exists...