The theme of this year’s World Economic Forum was “Shared Norms for the New Reality,” a slogan stressing the changing conditions of the world economy. The face of commerce has changed and we are all now interdependent. With this shift in business practices come a shift in norms and set of shared values that we all need to follow.
Bloomberg Businessweek’s Dov Seidman discusses how companies can no longer afford to focus on what they can and cannot do. The advent of new business norms requires companies to now focus on what they should and should not do. This change in values is the only way for a company to withstand the 21st century.
The 21st century executive is going to need to focus on principles if he wants to work to fix universal problems such as fierce global competition, natural resource depletion, and geopolitical volatility. Seidman argues that the only way to combat these growing issues is by creating a network of shared values.
Seidman notes that CEOs, such as Nestle’s Paul Bulke and Cisco’s John Chambers, have already adopted this approach to business in the 21st century. Who will be the next leaders to understand and embrace the new norms?
Related: Capitalism for the Long Term