The recently released 2023 Most Respected special edition recognised local entities that have thrived amid adversity, be it the pandemic, the economic crisis or uncertainty all-round.

Most Respected is based on a study commissioned and conceptualised by LMD, and conducted by NielsenIQ. It measures how companies are perceived based on several criteria ranging from financial performance to crisis management.

In a recent interview aired on LMDtv, NielsenIQ’s Market Leader (Sri Lanka) Adrian Hakel shared how resilience and adaptability have been cited as key traits of companies in this country that have “faced difficulties from the 2019 [Easter Sunday] bombings to COVID-19 and the ongoing economic struggle.”

He also noted that it’s important to focus “not only on entities that were nominated for any of the categories in the Most Respected survey but the wider business community too.”

“This includes street side vendors, local grocery stores and smaller scale micro enterprises up to larger corporates or conglomerates,” he added.

Hakel explained that organisations have been able to withstand and recover from numerous economic shocks: “Businesses have been able to adapt, adopt and pivot their operations to overcome different challenges. For example, there was the turn to e-commerce, introduction of contactless delivery options and utilisation of digital platforms to reach customers.”

Speaking on the topic of adaptability, he asserted that local businesses have shown a remarkable capacity to adapt to rapidly changing circumstances.

“It’s not merely about surviving but thriving,” he explained, adding that businesses have been able to adopt different strategies, and find creative solutions to unforeseen and unexpected challenges.

Another noteworthy observation from the survey is the emergence of the “sense of community.” Hakel elaborated: “Businesses both large and small came together to support not only their employees but also the local communities in which they operate and serve.”

Regarding the Most Respected survey results, he noted that “there are no easy shortcuts” to garnering respect – and he highlighted two avenues from which corporate respect emerges: employees and external stakeholders.

Hakel explained: “When employees perceive the organisation as fair, supportive and aligned with their values, a sense of loyalty and respect naturally flourishes within it, fostering a positive work environment. Valuing employee contributions, providing growth opportunities and promoting open communication contribute to nurturing this internal respect.”

Meanwhile, the respect gained from external stakeholders “involves a broader network including customers, partners, investors and the community at large.”

He noted: “Adhering to ethical practices and good governance, consistently delivering quality products and services, carrying out community outreach programmes and fulfilling commitments contribute to building trust and garnering respect.”

Hakel observed that honesty and vision are two aspects that corporates found challenging in this year’s survey when it came to highlighting entities that exemplify these qualities. “We saw a higher percentage of respondents refusing to nominate any entity for either of these criteria,” he revealed.

The Market Leader (Sri Lanka) of NielsenIQ also asserted that “in an age where any spec of information you need is available with a simple search and click of a button, there’s a higher level of importance and responsibility placed on an organisation by stakeholders to be more transparent and accountable for its business practices.”

He summed up by noting that “it has been a heartening experience to see how all of us – not only the business community – have persisted over these challenging years.”

“We are a resilient nation; and although it may at times feel like an extreme crawl back to recovery, I am optimistic about what lies ahead,” Hakel concluded.