And this is the very first time in history that a people's movement is gathering against the excesses of business. Why has this never happened before ? Three possible reasons come to mind :
- The Internet and social media that allows sharing of information,particularly about the perceived excesses of business-worldwide at almost no extra cost.
- The caving in by swathes of different world Governments via bailouts to irresponsible banks that continue to cause immense pain to millions worldwide. This blog had posted about Karl Marx smiling.…
- The collapse of Marxism/Socialism ideology worldwide has perhaps magnified the worst of exploitative capitalism as Marx had so forcefully argued. Sort of you need the "evil" to see the "good"!
This loss of credibility for business is highly dangerous for the economy and company leaders must seriously re-look at their definitions and execution of CSR initiatives. For example, in this emerging scenario it is not good enough to sponsor a walk for a good cause but CSR must explicitly tie in specific public pain points like jobs created.
Today companies do not seem to be linking hiring to CSR explicitly and its perhaps time to do so.