With great power comes great responsibility. Business has an increasing responsibility to serve stakeholders beyond shareholders. Business growth creates employment opportunity, but it’s about taking a broad approach to doing good.
A “workforce of volunteers.” Millennials and others who seek purpose-driven employers represent a growing segment of the workforce. To win the war for talent, business leaders need to engage actively with social issues and build these into their firm’s stated purpose. However, many still struggle with this imperative.
The ABC’s of ESG. Firms’ impact on environmental, social, and governance dimensions is under unprecedented scrutiny by investors, employees, and other stakeholders. Look for opportunities and gaps in your ESG profile, have conversations about how to address these, and share decisions with the public.
The value of doing good. It’s not about doing good just for doing good’s sake. Engaging in purpose-driven initiatives can benefit your business and broader society alike — so think broadly about how to invest funds thoughtfully in initiatives that make a real difference for target populations and the environment.
Take a stand. CEOs and other leaders are asked to take positions on controversial issues of every stripe. Aim for an approach respecting both your business’s and other stakeholders’ values, recognizing the opportunity to “walk the talk” and the growing cost of staying silent.
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