Rethinking the Social Responsibility of Business
Rethinking the Social Responsibility of Business, a debate on the correct focus of business:
Not that we’re only concerned with customers. At Whole Foods, we measure our success by how much value we can create for all six of our most important stakeholders: customers, team members (employees), investors, vendors, communities, and the environment.
Great – my previous post on the purpose of a business. John Mackey, the founder and CEO of Whole Foods, closes the debate with:
Someday businesses like Whole Foods, which adhere to a stakeholder model of deeper business purpose, will dominate the economic landscape. Wait and see.
I agree. In the debate, he stresses that he believes in the marketplace and that this focus on providing value to all stakeholders is in the best long term interest of the enterprise (as apposed to the sole focus on profit presented by Milton Friedman). I agree with John Mackey.
Related: Compensation at Whole Foods
via: John Mackey of Whole Foods