VCU news

By Leila Ugincius

Doing good may be its own reward, but it’s not the only reward. Doing good also can lead to a business doing well. In fact, in the 21st century, if organizations are not doing good deeds and works, consumers and other stakeholders will abandon them, said Van Wood, Ph.D., the Philip Morris Chair in International Business at the Virginia Commonwealth University School of Business.

“Having corporate social responsibility as one of any organization's embedded cultural traits is not just the right thing to do, it is the smart thing to do,” he said. “But it is tricky to find the balance between the two, and to communicate such in a way that does not come off as self-serving or just internal PR. It takes leadership, passion and intelligence.”

Doing good is a win-win situation for companies looking to expand their bottom line, especially companies not immediately associated with “social responsibility.”

Wood chose "Doing Well, While Doing Good: The Full Story Behind Corporate Social Responsibility"  as the topic of the VCU School of Business’ 20th annual International Business Forum, which was held Oct. 22, because it represents a way of thinking that is important to all who care about both leaving this world in better shape than they found it and being successful in their careers and life's work.

The forum, which launched 20 years ago with “Doing Business in Russia,” has evolved from looking at specific countries or areas of the world, to focusing on specific topics or, what Wood calls, “big think” platforms that represent forces or changes that will shape the planet and society for future generations.

“Twenty years is a long time to do something but Dr. Wood seems to find a new spark every year,” said School of Business Dean Ed Grier. “Today’s topic is very, very important. We’re talking about corporate responsibility and its impact on the world. … You want corporations to do well, but to do it in the right way.”

With the talk of leaving the planet a better place and doing good works, observers may have been surprised by the companies represented on the forum’s panel, but Wood said that was by design.

“Each of the four companies represented at this year's forum — Capital One, Altria, Ford and Ritz-Carlton — could be viewed as not the perfect example of a company whose core purpose is to do well and do good,” Wood said. “But each of these four is in reality a shining example of just that.”

At Ford Motor Co., John J. Viera develops global sustainable business plans and policies, interfacing with global regulatory bodies, reporting externally on the company's environmental and social performance, and leading the company's engagement and partnerships with nongovernmental organizations and other external stakeholders.

“At the end of the day, your job is going to be how do you add value to the organization that you’re working for?” said Viera, global director for sustainability & vehicle environmental matters. “It could be increased revenue, decreased cost, but you’re going to be adding value. That’s just intuitive.”

Viera defines sustainability as the convergence of the economic, the social and the environmental side of how to approach how Ford conducts its business.

Now it’s “how we need to approach how we do life,” he said. “So you’re doing well for the company because you’re providing input that’s going to make that company more profitable, but you’re also doing good, because now you’re looking through this environmental and social lens.”

For Sue O. Stephenson, vice president for Community Footprints at the Ritz-Carlton Hotel Co., the mission is simple: “employ phenomenal employees, who will delight the guests, who will generate funds.” That economic model is key, she said.

“We have to make a profit, but balance that with a focus on sustainability and social good,” Stephenson said.

Ritz-Carlton performs social good through its Community Footprints program, a series of multifaceted initiatives focused on child well-being, hunger and poverty relief, and environmental responsibility.

Rounding out the panel were Clifford Yee, senior director of community affairs at Capital One Financial Corp., who leads local community relations teams charged with developing and implementing Capital One’s Investing for Good strategy through philanthropic grantmaking, associate volunteerism and community programming; and Altria Client Services’ Jennifer Hunter, senior vice president of corporate affairs, who leads the team that provides Altria Group and its operating companies with services such as corporate affairs research, responsibility, communications, contributions and community relations. She also oversees Altria’s efforts to help prevent underage tobacco use and help adult tobacco users who decide to quit be more successful.

The discussion reinforced VCU’s commitment as a leader in integrating lessons and experiences in civic responsibility and community engagement for all students, preparing them to “do good” in all their endeavors.

“Thousands of students enroll in service-learning courses and participate in community-based co-curricular activities and are making a difference right here, right now,” said Catherine W. Howard, Ph.D., vice provost, Division of Community Engagement, a co-sponsor of the event along with the Robertson School of Media & Culture in the College of Humanities and Sciences.  

Universal Corp. sponsored the event for the 20th consecutive year.

 

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