Why Businesses Need to Explain Their Social Value
Dean David Schmittlein
MIT Sloan School of Management Dean David C. Schmittlein, in an interview with The Huffington Post published earlier this week, made an interesting observation about how society’s expectations of businesses are changing in important ways. Noted Schmittlein:
“The social contract that businesses, organizations in general, have with the world is changing, and unless organizations can demonstrate and explain the social purpose and the social value that they’ve fulfilled, they will fail. They will run into insurmountable obstacles. That wasn’t the case 50 or 60 years ago, indeed probably not even 10 years ago. And it isn’t just a consequnece of the economic events of the last few years.”
In The Huffington Post interview, Schmittlein went on to stress the need for business leaders throughout a company to articulate their organization’s social purpose.
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