The purpose of business in society | Henry J. Schumacher

The purpose of a corporation should no longer advance only the interests of shareholders. Instead, business leaders must also invest in their employees, protect the environment, deal fairly and ethically with their suppliers, and address issues of poverty, hunger and lacking education and health issues in areas around their offices and factories.

It is good to note that sustainable development or a sustainability culture seems to be taking root. There are quite a number of companies in the Philippines that are subscribing to sustainability, focusing on both—profit and purpose. There is also a set of initiatives for further reducing social and economic inequities. There is a need for public-private initiatives to reducing the rate of preventable diseases and to facilitating access to clean drinking water for all people. Much will depend on the actions businesses, government , educational institutions, NGOs and other stakeholders will take to address the most demanding Sustainable Development Goals of the United National, to which the Philippines is subscribing.

As sustainability principles are well supported by the scientific and managerial literature, many of them seem likely to be adopted by the wider culture. There are also indications that individual employee values are already well aligned with sustainability principles. We saw the beginning in millennials but see a much larger focus on sustainability in centennials, who insist that tech-touch must be accompanied by human-touch.

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