What is the essence of business?

Author: Ou Gaodun, Editor-in-Chief
Publisher:
Publish Date: 2006-09-06
Features: Based on traditional Chinese consumption concepts, although China's economy has been experiencing rapid development and household incomes have been steadily rising, the savings rate of Chinese households remains significantly higher than that of Western countries despite the growing consumption momentum. In this issue of the symposium, "Chinese Consumers: Spending or Saving" conducts research on the current high savings rate of Chinese households through a survey of 6,000 Chinese households. In the interview article "The Future of Global Workforce – Interview with Jeff Joerres, CEO of Manpower," Jeff Joerres, CEO of the global human resources services company Manpower, shares his unique insights on changes in the global labor market, the current state of human resources, and the challenges faced by companies in developing countries. Due to information asymmetry, lack of transparency, and other reasons, a large number of university graduates and employees in various industries are now feeling immense employment pressure and lamenting the difficulty of finding suitable jobs. In reality, many companies and enterprises are also facing the same challenges: a shortage of qualified talent. To find outstanding talent suitable for their positions, McKinsey's research shows that many companies are "Attracting Talent Through Brand Building." Another article in this issue, "Addressing China's Emerging Talent Shortage," explains China's emerging talent shortage from the perspectives of uneven industry distribution and the lack of specific skills. Milton Friedman once said, "The essence of business is profit." However, there are currently two views on the role businesses should play in society. One side clearly agrees with Milton Friedman, believing that the sole purpose of business is to create shareholder value, while the other argues that businesses should take on social responsibility. So, what is the essence of business? Please see the cover article of this issue, "What Is the Essence of Business?" written by David Yang, Chairman and Global CEO of McKinsey & Company. Another article in the "Leadership" section of this issue is "Public-Private Partnership – A Powerful Force for Development."