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Why Corporate Responsibility Lives (Despite The WSJ Trying To Kill It)
The Wall Street Journal prominently featured an opinion piece this week challenging Corporate Social Responsibility. The article, authored by University of Michigan business school professor Aneel Karnani, argues that it is “fundamentally flawed” to believe companies have a responsibility to act in the public interest. Professor Karnani takes the position that “in most cases, doing what’s best for society means sacrificing profits.” Since he believes all business decisions should be based on maximizing profits, he warns that CSR is “dangerous,” and “an illusion.” 
Karnani’s argument is based on two faulty premises. First, the reality is that Corporate Social Responsibility – properly planned and practiced – can and does drive profitability. Second, the reality is that with corporate sins and secrets spilling onto computer screens, empowering citizen activists, it is in a company’s self-interest to consider the public interest.
At Cone, we call this “Better Business, Greater Good.” And we talk about “Corporate Responsibility” – dropping the word “social” – because key aspects of the strategy also impact economic and environmental business practices.
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Tags: corporateresponsibility roi research trends walmart sharedresponsibility
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Green Street Cred: Seventh Generation and Walmart
Getting your CPG product on Walmart shelves has long stood as the holy grail of retail visibility. Yet some brands have intentionally avoided Walmart, one being Seventh Generation whose founder Jeffrey Hollender once claimed that "hell would freeze over before Seventh Generation would ever do business with Walmart." As Fast Company reporter Ariel Schwartz noted this week – “hell now sells ice.”
Walmart is making strides toward transparency, aligning well with Seventh Generation’s commitment to do the same. Most notable in the retailer’s push for sustainability disclosure is its membership in the Sustainability Consortium, organized to bring together diverse stakeholders to collaboratively drive innovation and improve consumer product sustainability. Walmart’s main objective moving forward is to develop and implement a Sustainability Index for all products it carries, making it easier for consumers to understand the environmental impacts their purchases.
For Walmart, the agreement marks yet another milestone on its journey from big-box bully to sustainability sultan. For Seventh Generation, it will accelerate efforts to compete with mainstream products and fulfill its mission of radical transparency and inspiring widespread conscious consumption. And let’s not forget about consumers – the partnership will create a widely accessible way to make environmentally conscious purchases. Perhaps Walmart’s tagline will one day read “Save money (and the environment). Live better (and sustainably).”
Tags: corporateresponsibility seventhgeneration transparency sustainability walmart retail
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Setting Standards: Walmart Makes A Move
The media was abuzz with industry-changing news from retail giant Walmart this week. The company has begun the tricky process of establishing a worldwide “sustainable product index” for its suppliers, with the goal of eventually displaying this on all products it carries. The concept is not new – other companies such as Timberland and Nike have already created their own product evaluation systems – but the goal is to develop the first comprehensive source of data for evaluating sustainability across all products. In the final phase of the process, the company intends to equip consumers with a simple rating system that will disclose product sustainability, allowing consumers to make more informed purchase decisions. As Walmart CEO Mike Duke stated, the company wants to “create a new retail standard for the 21st century.”
Although the consumer-facing label will take a few years to develop, the company will begin the process by first surveying its more than 100,000 suppliers on current practices using a 15 question survey focused on energy and climate, material efficiency, natural resources and people and community. Walmart chief merchandising officer John Fleming explained, “The questions aren’t complicated but we’ve never before systematically asked for this kind of information. The survey is a key first step toward establishing real transparency in our supply chain.” Following this, Walmart will collaborate with several universities, governments, suppliers and other retailers to develop a global sustainability index.
Suppliers whose products are currently on Walmart shelves will no doubt be scrambling to shine light on their sustainability initiatives. This will be an exciting opportunity for those companies already working to reduce their impacts to display their environmental stewardship. Those not already operating with the environment and society in mind, and/or those not measuring such data, will have a lot of work to do in the coming months. And yet, the generality of Walmart’s questionnaire, which doesn’t delve into product-specific or even industry-specific nuances, just skims the sustainability surface. It leaves lots of room for interpretation, and it is not clear how – or if – Walmart will verify the data.
That said, Walmart’s vision is a worthy one and establishing a shared baseline for the industry is a monumental step indeed. The retailing giant, already credited with helping set the standard for items like concentrated laundry detergent, likely has the wherewithal to bring something this complex to life. If the rest of the retail industry joins this effort, it could be gamechanging.
Tags: corporateresponsibility transparency walmart timberland labels
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