Bridging social gaps

THIS WEEK'S TOPIC: How might business leaders help reduce inequality in society?

Melissa Kwee Chief Executive Officer National Volunteer & Philanthropy Centre (NVPC)

BUSINESSES represent a powerful concentration of human and financial capital, but many have lost their role in building social capital through lack of transparency. Inequalities are affected by how business leaders choose to relate to their stakeholders. For example, operations-related inequalities can be reduced through innovations that deliver value for underserved customers, adopting inclusive procurement, or designing work for differently-able persons. Regarding talent, inequalities may be addressed by recognising unconscious bias against under-represented groups, inclusive hiring, board selection processes, profit-sharing, and paying fairly. Societally, business leaders can collaborate with like-minded partners to tackle complex challenges requiring organisation, government, and community assets and resolve. Businesses today may need a hippocratic oath to do no harm, to do well and good, and to better lives so as to correct our current trajectory.