The case for business with compassion

Participants at a symposium held recently at the Sasin Graduate Institute of Business Administration agreed on a common charter of action to “shape business with passion.”

The symposium, which featured 34 business and cultural leaders in the roundtable and 39 audience members, strived to address the questions: what is compassion? How can business be “compassionate” and stay ahead of the competition at the same time?

“The participants agreed that compassion begins with the individual and requires empathy, love, respect, forgiveness and ‘heart’. Also, the “golden rule” – you should treat others as you would like others to treat you – is the key, according to a release from Sasin. 

The participants determined that compassion in business requires balance: the creed of liberal market capitalism versus social responsibility; materialism versus the concept of spiritual fulfillment; and compassion versus profit fixation.

It was agreed that compassion must address social justice and fairness, it requires a dialogue and listening to on both sides, and is a way of life that requires action. At the corporate level, it was determined that compassion must be a core value or mission, involving shared responsibility, feedback and engagement. It requires leadership to change mindsets and create a paradigm shift within the organisation. 

“Ultimately, the participants agreed that compassion at the corporate level means being open, fair and caring for stakeholders as if they are a family, all of which are innovative, sustainable principles for business,” according to the release.

Harald Link, chairman of the B.Grimm Group, welcomed the participants and led off the discussion by pointing out that many people think that business is just “give and take”, and not “give and give”. However, he noted that, “Studies show that businesses that work with compassion do well compared to those that don’t.”

The symposium’s roundtable participants  included  Kasit Piromya, a  Democrat Party MP; Danai Chanchaochai, CEO of DC Consultants and Marketing Communications; Thada Savetsila, group director, Education Institution Sector, True Corp; Sasin assistant professor of marketing, Dr Krittinee Nuttavuthisit; Sermsook Patmastana, senior adviser, Standard Chartered Bank (Thai); and Wantanee Chirathivat, senior vice president, Central Group.