In a dire recession where U.S. financial companies and other businesses are shouldering heavy blame for questionable conduct during the past decade, corporate America has come under considerable pressure to rehabilitate its image and repair its frayed bonds with U.S. consumers for the long-term health of American capitalism. As an educational institution, the University of Maryland, College Park has launched an initiative that aims to show that its business school can help improve the ethics and socially responsible conduct of future business leaders and entrepreneurs.
This week University of Maryland Robert H. Smith School of Business officials announced the launch of the initiative for Social Value Creation. Although its development had been underway at least a year prior to the onset of the current economic crisis, the initiative pursues a mission that reflects the interest of students, the school and employers to instill a deeper sense of social responsibility in the private sector than Americans traditionally expect from the business community.
“(The initiative) would have happened on its own. But I think it’s being accelerated by the economic environment we’re in right now. The reason I think we’re seeing an acceleration is because we’re at a point where the business community is taking an internal look at itself and is trying to assess its role in society,” says Melissa Carrier, the executive director for Social Value Creation at the Robert H. Smith business school.
With a number of its program already underway, Social Value Creation is providing students opportunities to apply business skills, business processes and entrepreneurship to solve social and environmental dilemmas. One such program is Social Venture Consulting, which allows MBA students to provide consulting work for nonprofit organizations.
