Global Companies' New Responsibility Playbook

If you work in the finance function of a global company and aspire to climb to the top rung of the career ladder, take the first half of the old axiom, "think globally, act locally," very seriously -- even at the "30,000-foot" level. That's because future chief financial executives of the world's largest companies will play an important role along with other C-titles at their organization in collaborations with governments and nongovernmental organizations (NGOs) to develop solutions to the world's problems.

CEOs and Corporate Responsibility Officers (CROs) are well aware that governments and nonprofits are looking to major corporations to help combat diseases, protect the environment, assist in the economic development of poor nations, improve education worldwide, eradicate poverty and hunger, empower women, reduce child mortality, and improve the health of mothers. These eight mandates comprise the United Nations Millennium Development Goals (MDGs). And in addition to being right and just causes, they represent financial opportunity in emerging markets.

Some NGOs, including several United Nations (UN) agencies, are ramping up private partnerships with global organizations in projects that represent potential new revenue streams. Large pharmaceutical companies, for example, are making inroads with such agencies in the development of new drugs to combat diseases that especially afflict developing nations.

Over the last decade, business schools have raised the consciousness of students about issues of corporate responsibility; the new generation of MBAs, who were educated to think at the 30,000-foot level, will help drive their employers to succeed in the new world order. In fact, the best and the brightest may only consider job offers from employers that have a reputation for supporting corporate responsibility issues and opportunities, believing that such jobs offer the best career path and compensation.

Not all of these people become CROs. Some will become the top CFOs -- leaders who help their organizations benefit from emerging markets and become better world citizens in the process.