The Challenge for Business and Society
From Risk to Reward
1. Edition July 2018
208 Pages, Hardcover
Wiley & Sons Ltd
Further versions
A roadmap to improve corporate social responsibility
The 2016 U.S. Presidential Campaign focused a good deal of attention on the role of corporations in society, from both sides of the aisle. 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. Income inequality was laid squarely at the feet of us companies. The Trump administration then moved swiftly to scrap 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, and the lens of history, this may usher in a new era of cowboy capitalism with big companies, unfettered by regulation and encouraged by the presidential bully pulpit, free to go about the business of making money--no matter the consequences to consumers and the commonwealth. While this may please some companies in the short term, the long term consequences might result in just the opposite.
And while the new administration promises to reduce "foreign aid" and the social safety net, Stanley S. Litow believes big companies will be motivated to 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 their corporate strategy--resulting in creating new markets, reducing risks, attracting and retaining top talent, and generating growth and realizing opportunities. Through case studies (many of which the author spearheaded at IBM), The Challenge for Business and Society provides clear guidance for companies to build their own corporate sustainability and social responsibility plans positively effecting their bottom lines producing real return on their investments. This book will help:
* Create an effective corporate social responsibility and sustainability plan
* Provide long-term bottom line benefit
* Protect and enrich brand value
* Recruit and retain top talent
Perfect for CEOs, CFOs, Human Resource/Corporate Affairs executives, but also for government and not-for-profit leaders, this book helps you come up with a solid plan for giving back to society, producing real sustainable value.
Acknowledgments xiii
Introduction 1
Chapter 1: The Good, Bad, and Ugly: A History of Corporate Behavior 17
Another Way of Proceeding 23
Public-Private Partnership Before the Phrase Was Coined 32
Discrimination and Jobs Are the Same Issue 37
Gender Equality 41
Environmental Leadership 42
Supply Chain Practices 46
Lessons Learned and Strategies Used 48
Can We Intelligently Regulate Business? 53
Can Ethics Be Taught? 56
The Recent Past 60
Chapter 2: Past Is Prologue, but Today Is What Matters 65
Best Practices in Corporate Responsibility 71
Corporate Responsibility and Education 73
The Background on School Reform 74
P-TECH: Reinventing High Schools 80
Changing Federal Policy 95
Walking and Chewing Gum at the Same Time 98
Student Stories 102
Results 105
Engaging the Company over the Long Term 106
Lessons Learned 108
IBM Launches Teacher Advisor with Watson 109
The Skills Crisis Goes Far Beyond the Entry Level 113
Citizen Diplomacy 114
JPMorgan Chase: A Company's Values Are at the Core of Its Actions 120
Starbucks 122
American Express 123
The Food Industry 124
Failures in Corporate Citizenship 126
Private-Sector Leadership in the Public and Volunteer Sectors 128
Lessons to Be Learned, and Moving Forward 130
Chapter 3: The Future 133 Leadership: We Need Leaders to Lead 137
Ethics and Community Service: A Culture of Ethics and Service Needs to Be Reinforced and Expanded 140
Key Problems Facing Society Today and How They Can Be Addressed 144
Critical Issues That Need a New Focus: Education and Jobs 149
Four Ideas That Will Boost Education Achievement 150
Economic Development and Jobs 161
A Brighter Future 169
Conclusion 171
About the Author 181
Index 183
