Good business practices are premised on doing the right thing for shareholders, employees, customers and communities while remaining fully committed to the company's vision and mission. Today's companies must continue to create value while also focusing on the larger impact their decisions have on society and future generations.
A social understanding of business purpose is the recognition that individual and organizational actions take place within broader social, cultural, political, and economic contexts. Socially conscious business leaders strive to understand and anticipate the broader impacts of their actions and practices, and to recognize the diversity of their organizations and the people who work there. In doing so, they can effectively improve the efficiency of their companies' operations, transform their business models to address social or environmental issues, and attract and retain more customers and employees.
There are many good examples of corporate social responsibility. The Patagonia brand stands out for its ability to successfully balance profit and purpose. It encourages employees to take up to two months off with full pay and benefits to volunteer at an environmental nonprofit of their choice. The company also encourages consumers to only buy what they need, repair clothing when it's damaged, and pass on Patagonia products when they're no longer needed.
Another example is JPMorgan Chase, which developed a long-term program to help small businesses thrive in Detroit, Michigan, a city that has seen decades of small business decline and a surge in bankruptcies. JPMorgan Chase's Invest in Detroit campaign was designed to revive the struggling neighborhood and city's economy. The bank discovered that it could most effectively support these businesses by supporting disadvantaged small businesses and nonprofits with loans tailored to low-income areas.
Learn about Redlands School of Business & Society and how we develop socially responsible analysts and leaders who make a real, positive impact on business and society.
Pillars of our social responsibility practice
“When you take society out of the equation, you're really operating in a bubble,” says Stephen Bishop (M.S. Organizational Leadership '19). [MSOL]John McGilli, Healthcare Consultant at ACCUMEN Inc. “Every decision we make in business has some kind of impact, and that impact shows up in some way on society. We have to take a holistic approach to business, not just address the bottom line or accounting. No need.”
The University of Redlands School of Business & Sociology helps students see the purpose of organizations in a new light and understand how their decisions impact not just their companies but the world at large. This support is delivered through an integrated curriculum that harnesses students' desire to make an impact in the world by training them how to identify and strategically incorporate socially responsible business practices. For example, in her recent MBA Strategy Capstone, in collaboration with her CETYS University in Mexico, she researched the industrial, economic, and social development of the Caribaja region. From an analytics perspective, the faculty has a unique spatial business partnership with Esri, the world leader in GIS software. A key feature of this initiative is that it provides students with the opportunity to use GIS to investigate positional aspects of business performance and community impact.
Adjunct professor and DEI advisor Cyndale Seal said: This is why the curriculum we're working on here focuses on this social responsibility and focuses on diversity equity and inclusion. Because that's what our students will be living for for the foreseeable future. ”
We also bring these practices to our students through our “Business for a Better World” forum series and guest speakers from socially responsible and successful companies. This spring, we will be hosting an Impact Day to celebrate the positive impact our students and alumni have on society. Their presentations and instruction help students learn and practice identifying sustainability-related business opportunities and applying responsibility to business strategies to achieve sustainable value and build more resilient organizations. will help you.
Developing socially responsible business professionals and leaders
Social responsibility is more important than ever to a company's image. Consumers, employees, and stakeholders not only prefer socially responsible brands, but they are also demanding that companies take responsibility for creating social change.
Without business professionals who can see the broader picture of an organization's purpose and understand how their decisions impact their company and the communities it touches, programs and initiatives cannot drive change for brands or society. Our focus on social responsibility is one of the keys to our ability to produce business leaders who can create value and equitable impact within their organizations.
