The Challenge for Business and Society: From Risk to Reward

The Challenge for Business and Society: From Risk to Reward

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The 2016 U.S. Presidential Campaign focused a good deal of attention, though overwhelmingly negative, on the role of corporations in society. In the lead up to the election, big companies were accused of profiteering, plundering the environment, and ignoring (even exacerbating) societal ills ranging from illiteracy and discrimination to obesity and opioid addiction. The new U.S. administration has pledged to get rid of fiscal, social, and environmental rules that purportedly hobble business, to redirect or shut down cabinet offices historically protecting the public good, and to roll back clean power, consumer protection, living wage, healthy eating initiatives and even basic public funding for public schools. To many eyes, this will usher in a new era of cowboy capitalism and big companies, unfettered by regulation and encouraged by the presidential bully pulpit, will be free to go about the business of making money--no matter the consequences to consumers and the commonweal.The author feels that corporations will be responding to their communities and their employees, to invest more, not less, in social and environmental areas and to work arm-in-arm with local governments and nonprofits to address societal challenges. How they do it, not whether, will be the major issue. And while the new administration promises to reduce foreign aid, the author believe big companies will step up their efforts to create jobs, reduce poverty, improve education and health, and address climate change issues--both domestically and around the world.For some leaders in the private sector this is not a matter of public relations or charity. It is integral to corporate strategy--a matter of growing markets, reducing risks, attracting and retaining top talent, and realizing opportunities. On the risk side, you simply cannot be a sustainable company in an unsustainable environment and can't be successful without public support. As for rewards, for those who treat their corporate responsibility efforts as deeply connected to business strategy, they will benefit. And those benefits will be reflected in their bottom line. Through case studies (many of which the author spearheaded at IBM), this book will lay a foundation for companies to build their own corporate sustainability and social responsibility plan.