In 2021 we once again find ourselves living in unprecedented times. The changing global landscape, the fear of pandemics to come, the state of the planet’s climate, and a broad array of human injustices are just some of the issues to address on our society’s collective plate.
At the Rutgers Institute for Corporate Social Innovation (RICSI), we think today’s profound societal needs are best addressed when companies are part of the solution. And we acknowledge that advances in corporate engagement over the past few years (see Business Roundtable statement, Sustainable Development Goal (SDGs), letters from BlackRock CEO Larry Fink, and many other examples) have begun to raise significant awareness in the C-suite about business’ untapped potential for impact.
But there’s a long way to go.
What We Do
At the RICSI, we stand for students.
The students of today are the leaders of tomorrow, and we think now is the time to educate them on how business can both improve the world and make money while doing so.
We also know that the best, most creative and most inspired solutions result from diverse thinking and perspectives. So we leverage our location at Rutgers’ Newark campus – ranked the nation’s most diverse by US News & World Report since 1997 – to bring perspective to what we do.
Our Institute was founded in 2018 by social entrepreneur and Rutgers alum Gary Cohen (RC’80 and RBS’83). His vision was to engage with current and future business leaders to integrate societal needs into their business strategies. Since then we have hosted forums on the SDGs and conducted a case study competition on them, staged an executive roundtable on the Culture of Health, hosted a University Global Compact meeting during the United Nations General Assembly, convened thousands of participants in live dialogues about research issues and opportunities, created academic curricula for Corporate Social Innovation, held a conference discussing New Jersey’s brain drain, hosted the UN Principles for Responsible Management Education (PRME) 5th Northeast Virtual Conference, convened a symposium on the Future of Work after COVID-19 and have been leading a diverse working group on Reskilling for the Future of Work. We’ve done a lot, and there is a lot more to do!
4 + 3 = 5?
Our approach to Corporate Social Innovation consists of 4 pillars which we bring to life in 3 areas to address 5 societal themes.
4 pillars of CSI
We see how firms that are effectively practicing Corporate Social Innovation strategically integrate four disciplines:
Giving back to society is rooted in the well-founded understanding that successful organizations best optimize their success by sharing their human and financial resources to strategically address social needs.
They succeed financially by aligning profit and purpose. When Porter and Kramer write that “not all profit is equal…profits involving a social purpose represent a higher form of capitalism”*, it describes a societal good that accompanies a firm’s financial success. This success is enabled by clarity about the firm’s purpose that often imagines an impact far greater than its core strategy.
Socially innovative corporations also engage in responsible business practices. Incorporating contemporary thinking about stakeholder capitalism, Diversity-Equity-Inclusion, ethics, and ESG metrics, these organizations maintain a high level of business management and impact.
Rightful advocacy on social issues is another hallmark of successful socially innovative companies. These organizations effectively shape solutions on issues often larger than their own industry; frequently they are also highly skilled at partnership initiatives and appropriate activism.
We think corporations are becoming increasingly convinced that doing well enables them to do good, and in many cases doing good enables them to do well.
3 sets of activities
Our work is focused in three areas:
Research: We connect leading academics and corporate executives across specializations to serve as a hub for leading research on corporate social innovation. To that end we publish work in leading academic journals, convene symposia for academics, and host visiting scholars.
Teaching: We provide educational offerings at the undergraduate, MBA, graduate, and executive levels, and inspire people regularly through our thought leadership.
Outreach: We launch high-impact initiatives that engage leading corporations and foundations through meaningful partnerships, often collaborating with top institutions across sectors -- including other universities, government agencies, and international organizations.
5 societal needs to address
We think we are uniquely able to address five timely social issues:
Future of work: Many studies point to a future of work that is highly fragmented, leading to increased inequalities, mass automation, and job losses. The RICSI envisions a future of work that, through education, reskilling, and a commitment to sustainability, is engaging and offers opportunities for all.
Social determinants of health: Health outcomes should not depend on location, race, or socioeconomic status. The RICSI explores the “social determinants” of health to recommend practical steps for better — and more equitable — outcomes.
Climate justice: Climate change is both an environmental and a social issue, one that disproportionately impacts poorer individuals and communities. The RICSI’s work in this space links social justice to climate change to ensure we move the needle in a holistic way.
Equity and belonging: Diversity, equity, and inclusion (DEI) are not just buzzwords; they underpin Corporate Social Innovation. The RICSI explores how, through the lens of “multiple diversities” — a framework that encompasses many less visible DEI factors – we can achieve more meaningful belonging.
Shared prosperity: How can we ensure economic prosperity reaches the individuals and communities that need it most? The RICSI’s work, anchored in Newark, New Jersey, explores local, national, and global factors related to inclusive growth.
Looking Ahead
In the weeks ahead we’ll be sharing more about Corporate Social Innovation in a series of blogs authored by Dr. Jeana Wirtenberg, Associate Professor and Associate Director of the RICSI. We also will be continuing our very successful Questions and Unanswers About Social Innovation (QUASI) research series, and continuing the progress we’ve been making on Reskilling for the Future of Work. Our new website has details for all!
Through all of our efforts, our goal is to equip waves of students to make a difference through their work. Doing so will mean we not only are educating future corporate leaders prepared to make a difference, but also creating positive impact on society.
We look forward to sharing more ideas with you!