Business leaders and governments are increasingly identifying environmental issues and social changes as the biggest risks to global business.
For one thing, the depletion of natural resources and the rising costs of scarce resources means businesses need to think about how they can continue to compete while making a positive impact.
It is far easier for a business to manage itself for all its stakeholders than to continuously have to defend itself due to being found out for poor practices.
Good CSR often translates into good economic growth for a company as well, as it becomes easier for firms to attract investment because the company is more transparent, reducing the perceived risk.
Business schools need to prepare MBAs for this reality, and global b-school rankings have started to respond to this increased engagement with social issues, with the Financial Times Global MBA Ranking debuting CSR as a metric in its evaluation this year.
The role of CSR on MBA programmes is rapidly evolving as a result of the economic difficulties over the past five years. After the global recession at the end of the last decade, some, rightly or wrongly, placed blame at the doors of business schools for failing to ingrain the importance of CSR values on their alumni.
Further, protests around the world against the perceived greed fostered in some industries shows a global population becoming increasingly frustrated with a lack of consideration of CSR in business.
An MBA in CSR is the perfect specialization for those interested in working in sustainability roles, including in CSR departments and strategic functions of companies dedicated to improving stakeholder engagement and social/environmental footprint.
By choosing a specialized MBA program in sustainability, you’ll be able to explore business ideas from a different perspective. For example, the ‘triple bottom line,’ which deems a business successful not only by profit, but how it effects humanity and the planet.