Typically, CEOs avoid political, environmental and social issues. However, our country needs business more than ever to help address the needs of all its stakeholders in society. Businesses exist to create and capture value by solving problems at scale. The government cannot lead, support and provide for our great nation alone. Given the current social consciousness and global pandemic, society is demanding a broader role for business.
That said, many businesses have already created the appropriate stakeholder orientation in their culture. In the past year a number of companies helped their local community, pivoted as needed with COVID-19, created a more supportive work environment, and/or amended operations regarding environmental impact on our earth.
However, more companies can start on this path. Both consumers and employees want to be associated with businesses that have value-alignment toward stakeholder/conscious capitalism. In the end, CEOs that lead in this manner will in turn find more sustainable success and can continue to also positively contribute to our country’s social and environmental well-being along with their positive economic impact.
- Randy Gibb, Ph.D., Colangelo College of Business, Grand Canyon University