Caleigh Campbell is an HBA Candidate who attended Dr. Kaplan’s talk.
This past week, Ivey welcomed Dr. Sarah Kaplan to speak students about her book, The 360° Corporation: From Stakeholder Trade-offs to Transformation. Dr. Kaplan is Director of the Institute for Gender and the Economy, Distinguished Professor of Gender & the Economy and Professor of Strategic Management at Rotman School of Business.
Kaplan’s talk focused on the role businesses have played in creating global problems and the necessity and opportunity they now have to help fix them.
There are a few key reasons companies haven’t made more progress on social responsibility. For some businesses, it is lack of knowledge on how their business models create trade-offs. Other businesses fall into the trap of segmenting corporate social responsibility (CSR) within their organization and making it an “add on” rather than an integrated part of their business model. Lastly, some businesses want to help – but give up when they cannot find an easy solution.
Going forward, it is crucial to be business leaders who think holistically and consider all stakeholders, not just shareholders. Businesses need to recognize tradeoffs and make better choices, considering more than just the bottom line. They also need to focus on innovation and find creative ways to abide by regulations, instead of trying to work around them. Being open to change, listening to all stakeholders, committing to continuous learning and most importantly - challenging the status quo are key to creating 360° Corporations.