Corporate giants Amazon, Berkshire Hathaway, and J.P. Morgan announced a new, independent healthcare company in late January that will remain “free from profit-making incentives and constraints”—a move that leverages their corporate reach to ensure long-term economic and social equality by offering low-cost medical care for millions of people.
But becoming a B Corp on paper is not enough. Companies must craft a socially impactful culture to shape the everyday practices of the employees, managers, and consumers involved in fulfilling an organization’s purpose. The following business strategies can help:
- Develop a business model that binds revenue to social or environmental benefits.-
- Inspire socially good consciousness.
Amazon and Blackrock are planting a seed. But correcting capitalism requires that companies go beyond shareholder return, beyond multi-stakeholder engagement, and beyond changing legal structure. It requires that companies create a business model and culture that drives our conscious desire to do good.
Read more about if corporations can inspire social good by Nishant Bagadia at Stanford Social Innovation Review.
If you are looking for more articles and resources for Corp Giving and CSR, take a look at these Giving Compass selections related to impact giving and Corp Giving and CSR.
Are you ready to give?
If you are ready to take action and invest in causes for Corp Giving and CSR, check out these Giving Funds, Charitable Organizations and Projects related to Corp Giving and CSR.