Summary of The Business Benefits of Doing Good

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Rating

8 Overall

9 Importance

8 Innovation

7 Style


Recommendation

Boston Consulting Group managing director Wendy Woods advises that “doing good” is good for business. However, says Woods, corporate responsibility is outdated and insufficient; enter “total societal impact” (TSI). getAbstract recommends this smart, polished talk about profitable social progress to executives and corporate strategists.

In this summary, you will learn

  • Why lasting social and environmental change is a business matter, and 
  • How “total societal impact” (TSI) boosts a company’s growth and profits.
 

About the Speaker

Boston Consulting Group managing director Wendy Woods co-wrote Total Societal Impact.

 

Summary

In a recent year, developed countries and charities gave about $200 billion to the developing world. By contrast, businesses invested about $3.7 trillion in developing nations that year. Billions of dollars in donations help, but can’t resolve major problems like hunger, inequality and climate change – which developing nations bear more heavily than anyone else. Solving such issues requires trillions of dollars. Thus, lasting progress demands the support of businesses and investors. Corporate responsibility programs, though beneficial, aren’t on a par with the world’s weightiest challenges. These programs don’t match the scale of the challenges, and they’re often the first budget cuts in a tough economy. Instead, the business world must embrace TSI, “total societal impact.” TSI builds socially and environmentally responsible practices into every aspect of a company, including its supply chain, manufacturing and distribution. Firms tend to focus solely on shareholder returns, but TSI is also important to corporate strategy and decision making. Take Mars, a leading US manufacturer of coffee and chocolate. Mars partners with NGOs worldwide to help small shareholder farmers improve their harvests and wages while safeguarding human rights and the environment. In turn, these practices ensure a stable, sustainable cocoa supply for Mars.


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