Compassionate Capitalism, the Workplace, and Social Capital
While compassionate capitalism may seem like a contradictory statement, examples of this practice suggest the power of this model. In this chapter, we review key components of capitalism and compassion. We explore governmental intervention through the Great Depression, the New Deal programs initiated by President Franklin D. Roosevelt and Milton S. Hershey’s groundbreaking business philosophy that was beneficial to the company and to his employees. We then look at the present-day examples of business models that do not sacrifice the community and environment for profit, provide examples of companies that are implementing these models, discuss the business case for doing this, discuss new regulatory support for the concept of compassionate capitalism, and explore how companies are rated by their employees and the community on their “giving back” practices.
KeywordsCompassionate capitalism Corporate social responsibility Corporate citizenship Job satisfaction Best or great places to work Benefit corporations Strategic corporate philanthropy Employee engagement
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