In search of a common language among stakeholders

Arto O. Salonen and Tanja Vesala-Varttala

Chapter 3 in The Elgar Companion to Corporate Social Responsibility and the Sustainable Development Goals, 2023, pp 27-47 from Edward Elgar Publishing

Abstract: In industrialized societies, people are increasingly drawn towards improving their quality of life instead of raising their standard of living. Drawing on this shift of values, we argue that a sustainable future can be significantly impacted by purpose-driven collaboration among businesses and their stakeholders. Purpose-driven business can be a pathway to progress in the era of Anthropocene, which sees humans as the dominant force of change on Earth. There is a need to develop a common language to help businesses and stakeholders collaborate efficiently in sustainability transition. The more we learn to share our values, negotiate goals, and communicate our purposes, the better equipped we are for combating the climate crisis, loss of biodiversity, and depletion of natural resources. Based on our analysis, purpose-driven business has a solid ethical base and potential to benefit employees, customers, other stakeholders, society, and sustainability transition overall on local and global levels. By offering stakeholders opportunities to do meaningful work with a purpose, businesses can improve employee experience, create shared value, and build hope for the future. Winners develop solutions in the front line. Others will follow, as the problems humankind faces are capable of challenging human existence on Earth.

Keywords: Business and Management; Development Studies; Economics and Finance; Environment; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2023
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