The Business Council for Co-operatives and Mutuals has released a landmark new report, Leading the Resilience: Co-operatives and mutuals through COVID-19.
This report, authored and researched by Mutuo, highlights important differences between the response of Australian mutuals to crises when compared to investor-owned businesses.
Mutuo’s Peter Hunt said:
“This research demonstrates clearly how co-ops and mutuals operated through the challenges of COVID-19. We spoke with CEOs from across the sector and were struck by their common focus on continuing employment for their staff and providing real support and guidance for their members.”
The report also finds that Australian co-ops and mutuals are 25 per cent longer lived than their ASX listed counterparts.
In response to COVID-19, co-operatives and mutuals have:
- bailed in, rather than being bailed out, investing from their balance sheet to aid the recovery
- been job keepers, moving strategically from the outset to retain employees through redeployment, rather than implementing mass lay-offs
- implemented mental health strategies for members, customers and staff
Watch a video preview of the report from author Peter Hunt.