By Lynne Fox, Chair of the Board, Amalgamated Bank.
Until recently, “profitability” and “socially responsible” have been treated as mutually exclusive terms with many under the impression that dedicating resources to promoting positive change meant diverting those same resources away from turning a profit.
And yet, in recent years, some analysts have shied away from tagging socially responsible companies with the “strong sell” label and have instead begun to see their long term growth potential. At Amalgamated Bank, we recognized the potential for profit in doing good. A shift in consumer mindset, workforce demographics and increased access to information and awareness of social businesses have turned the term “socially responsible” from one that was synonymous with lost profits to one that has investors seeing dollar signs.
As the old adage goes, “with great power comes great responsibility,” and that now more than ever, applies to companies. The top 10 corporations in the world continue to grow, generating more revenue than the GDPs of 180 of the poorest countries combined. The argument can be made that corporations, which are “outperforming” a number of countries’ economies, are better positioned to create positive change than governments. As this trend progresses, more and more individuals are developing an acute understanding of the impacts that these large corporations can have and are turning to them to lead the charge.
Read the full article here.
Courtesy of Amalgamated Bank.
