Large global companies are doing a fine job of serving the public good—according to executives at those companies, anyway. Consumers are much less impressed, and likely to express their displeasure by avoiding the products and services of companies they feel come short.
McKinsey & Company surveyed consumers and executives internationally recently and found a substantial perception gap between the two regarding how successfully companies address a range of issues such as job creation, philanthropy, pollution and other socio-political concerns. Both groups strongly agreed that companies should balance the needs of shareholders against the needs of the broader public good; 68% of executives believe companies do achieve that balance, but only 48% of consumers concur. The gap was even larger when looking at North America alone.
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