BlackRock CEO Larry Fink Calls Upon Business to Save the World

With about $6 trillion of assets under management, BlackRock Inc. carries a lot of weight in the business world. And Laurence Fink, CEO and chairman of the New York-based investment firm, wants everyone to know that. In a letter dated January 12, Fink urged dozens of CEOs of publicly-traded companies to expand their horizons beyond the confines of profit. “Society is demanding that companies, both public and private, serve a social purpose,” he wrote. “To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.” Though such words sound reasonable, they epitomize a common error about the institutional role of the corporation.

For decades, corporations, prodded by government, nonprofit activists and their own shareholders, have been retooling themselves as social problem solvers. Under the doctrine of Corporate Social Responsibility (CSR), companies are behaving as policy-oriented philanthropies. … Read More ➡

‘Safe Spaces’: Workplace Radicalism with a Corporate Logo

U.S. Bank isn’t just about banking. And Greg Cunningham wants everyone to know that. Cunningham, vice president of diversity and inclusion at the Minneapolis-based institution, is busy traversing the nation, coaxing bank employees to confront their inner racism, sexism and other attitudes that get in the way of a harmonious workplace. “Transforming a culture of 67,000 people is never easy,” he says. “You have to make sure that everyone knows that there is something in this for them.”

Reprogramming of this sort is a trend. Corporations are creating on-premises ‘safe spaces’ for employees presumably at risk of harassment by managers and peers. Advocates tout the practice as fostering teamwork and ultimately profits. Don’t believe them. Under the guise of addressing a workplace morale crisis, such ‘spaces’ actually create rather than resolve employee divisiveness. It’s a variation on that national behavior modification program known as “diversity,” which has nothing to … Read More ➡