Business, ethics & society

In the wake of the killing of George Floyd and national protests for racial justice, businesses and leaders are working to embrace a defining moment for racial equality.

While the long-term economic consequences of the pandemic are unclear, we do know that many small businesses are struggling, particularly vulnerable because of how they’re financed — especially minority-owned small businesses, which are more likely to be denied loans and pay higher interest rates. How to boost their chances? Shorter pay terms.

In a world beset by the COVID-19 pandemic, we face situations that test our deepest values. And when a threat to personal safety triggers the fight or flight response, our values-based decision-making is at greater risk. Mary Gentile’s Giving Voice to Values framework can help prepare us to be our best selves in trying times.

A revolution in the way we understand business: It can and should seek to improve the state of the world. In an excerpt from their forthcoming book, Darden Professors R. Edward Freeman and Bidhan L. Parmar, experts in stakeholder theory, discuss models for businesses not solely driven by profit maximization.

The old normal is history. But the world will not stay still, and technology will advance, its adoption even accelerated due to COVID-19. Ed Hess discusses the need for democratization of technology and its potential to address societal challenges including income inequality, low social mobility, the expense of health care and access to education.

Faced with limited customer flow, forced shut down of operations and a looming economic recession, the uncertainty of the COVID-19 pandemic leaves small-business owners to make decisions with little idea of what the future may hold. What lessons can they take from the success and resiliency of businesses that have survived crises in the past?

Professor Ed Freeman and Joseph Burton, Executive Director, Institute for Business in Society, discuss purpose driven business and the effects of COVID-19.

Hiring and promoting decisions can easily come down to a candidate’s abilities versus “fit,” which can be more about identity and social behavior. Darden Professor Jim Detert presents a case in point on these company-defining decisions — and the importance of looking for clues to spot and overcome implicit biases.

Businesses large and small are in a fight for survival as the coronavirus pandemic brings economic activity to a near complete standstill. Professor Greg Fairchild provides insights on what small businesses can do to survive months of lost revenues amid mounting costs and what they can do now to thrive in whatever the "new normal" for commerce.