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How Hong Kong’s MTR Corp and other companies can profit from meeting a social need
Stephen Cheung says companies that proactively look to create solutions to Hong Kong’s social ills end up making money for themselves and creating solutions for us
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Why you can trust SCMP
Hong Kong has more than its fair share of pressing social problems. Issues from income inequality to rapid ageing to air pollution are so far-reaching that solutions are virtually impossible for a government to fix alone. While Chief Executive Carrie Lam Cheng Yuet-ngor’s maiden policy address included a raft of measures, including initiatives to cool down the property market, alleviate poverty and improve elderly care services, she said the government has “no magic wands”. So what’s the answer?
To address Hong Kong’s problems, we need the expertise and acumen of the private sector. We need businesses to apply their skills and expertise to help solve social problems in a way that generates profit. This is not “doing good” for the sake of it; companies that embrace this approach deliver economic value for shareholders and social value for the rest of us – it’s creating shared value.
A small but growing number of businesses in Hong Kong, from large corporations to start-ups, realise that tackling problems can be lucrative in more ways than one.
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Hong Kong should focus on application of tech, instead of tech innovation
The workforce of labour-intensive industries is ageing, and so is the MTR Corporation’s. Therefore the company has started programmes to stir student interest in science, technology, engineering and mathematics. The benefits are twofold: MTR gains from a pipeline of potential employees, while young people in Hong Kong gain better access to technical and professional careers.
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