Doing what's right in business
June 9, 2011
Commentator Chuck Colson offers a recap of a recent panel discussion in which he took part, focusing on “doing the right thing” in business. He talks about the importance of business leaders not just acting in their own narrow self-interest but doing what’s right for the communities in which they work and live.
He shares an example from another of the discussion’s panels, Steven Tourek, senior vice president and general counsel at Marvin Windows and Doors:
For example, one of our panelists, Steve Tourek of Marvin Windows, talked about decisions the company had to make when the economy went south. His company’s leaders considered what would happen if they laid off a lot of employees. They’d have difficulty paying their mortgages. Mass layoffs in towns where their plants were located would also affect schools, stores, and other businesses. The well-being of the entire community would be harmed.
So the company decided not to lay off any employees. Instead, executives took reductions in salaries and benefits. Shareholders also took less, and so did the workers. As a result, they kept the company, they kept their customers, and they kept their communities whole.
Read Colson’s full article, and read more about Marvin Windows’ “no layoffs” approach here.