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All stakeholders matter and this is acknowledgement of that. Its impossible to maximize profits by treating employees and clients like crap.
The commodification of the employee employer relationship is more about heightened competition than anything else. When I was starting 25 years ago I attended lunch with the Controller of a Fortune 500 client and a soon-to-retire Partner. They talked about how they would golf on Tuesday and get drunk at lunch on Friday and sleep under their desks. Good times! A recent client skipped out on an event that was very much aligned with his personal passion because he couldn’t justify being out of the office for 6 hours.
Today, the war for talent includes purpose. It is more than writing a deck, it’s about being a force for good in the world. No one wants to look at their company logo and ask (from Mitchell and Webb) “are we the baddies?”
very well said
The sole purpose is still to maximize profits (otherwise the shareholders will just replace the C-Suite)
What’s different, however, is that it is now actually more profitable, especially in the long-term, for corporations to be socially responsible—because consumers and employees demand it
It all started with Milton Friedman declaring in 1970 that the social responsibility of business is to increase profits... And here we are nearly 50 years later with zero job security and huge student debt.
Uhh here I am with a job that pays over 250k and fantastic job security.
If you don’t have job security in consulting, build a stronger brand. We’re literally the only thing our firm sells.
Top performers in consulting have amazing job security IMO, firms are pretty desperate to hang onto them.
Mixed opinions- certainly it on some level acknowledges the changing attitudes around the broader economic ecosphere with regards to environment and community- however, i feel like I’m missing the gravity of this statement and I’m unsure why it’s getting so much coverage.
It doesn’t have any binding terms or commitments, therefore to me it seems like lip service for the organization and its constituents to boast public image and attempt to deflect some of the mounting pressure pure-play capitalists have been feeling recently.
Personally, I’m terrified that we’ll have a major departure from capitalism over the coming years. If not next election, I believe it’s in the future. Talking to new hires, hearing the upcoming generations views on society, life and economics- I fear we’ll rapidly depart towards socialism stunting the growth engines of private capital in exchange for comfort for the malcontents.
If you ask me, anyone who complains about their student loans being unfair should be publicly shamed. It’s a contract you signed, you’re the stupid one, not everyone else. Your bad financial decisions are not my problem. It’s very easy to research the financial outcomes of various degrees and professions (especially today!), there’s no excuse for loans you can’t afford.
While AM1 may be harsh, I’m sympathetic to his concerns about socialism. If you don’t like the power of big business (and I don’t care for crony capitalism) the power of big government to screw things up should give you pause. Venezuela is only the most recent example of the road to hell being paved with good intentions.
On student loans, the government should stop subsidizing and allow graduates to declare bankruptcy. That should allow the free market to find a better equilibrium
Interesting. Is the morality of shareholder capitalism broken, though? Can you operate a successful company short term if you don’t serve your shareholders now? Also I feel like this was GE’s move with climate change and focus on pensions and we have seen how that worked out.