Hope for the Reputation of Business
A recent McKinsey Quarterly reported on the impact of 10 trends over the next five years. As expected, the survey was conducted among global executives.
What caught my attention was the second least important trend expected to impact global business and more specifically, the profitability of executives’ own companies — “more intense social backlash against business.” [The least impactful trend expected over the next five years was public sector growth.]
The negative repercussions from Enron, WorldCom and other misbehaved companies and CEOs severely damaged the reputation of business. I take it as a good sign that the hostile response to business may been waning. Perhaps executives believe that today’s greater oversight by boards, the media, employees and NGOs have helped to clean up business practices. A good sign that business may redeem itself.