What Businesses Can Learn From The ‘Occupy’ Protests
What started as a relatively small gathering in the Wall Street financial district in New York has spiraled into one of the most widespread protests the world has ever seen. In many cities, hundreds of persons have taken to the streets to occupy public locations in protest of the vast inequality in the distribution of wealth. It’s what the protestors captured in their slogan ‘We are the 99%’, highlighting the fact that 1% control and own the majority of wealth.
Cities in states across the United States (US), Canada, the United Kingdom, other countries in Europe and even here in Jamaica, have all joined with their own versions of the protests. With seemingly no organized or specific demands, participants will tell you that the protests have been a long time coming. In New York, protestors say they are showing discontent with government bailout of banks in 2008, which they argue ensured huge profits for corporations but unemployment and job insecurity for the average American. The protests started on September 17, are still ongoing and quickly gaining traction. Despite the criticisms, there are lessons that businesses can learn from the protests.
The people are frustrated and rightfully so. According to Bloomberg Businessweek, “protestors want more and better jobs, more equal distribution of income, bank reform, and a reduction of the influence that corporations wield in politics.” We hope that the protests will at least have an impact on the way corporations respond to future financial problems, especially as it relates to job security for workers. The idea of cutting jobs as a first response is a practice that must not be allowed to continue.
Undoubtedly, corporations need to practice corporate responsibility. Banks, especially, received bailout with the explicit intention that they wouldn’t need to downsize in order to stay afloat. Despite this however, corporations still sent many staff to the unemployment line, while their head honchos received bonuses. That, for many protestors, is unacceptable. The protestors are angry and US President, Barack Obama, understands why.
During an October 6 news conference, President Obama said “I think it expresses the frustrations the American people feel, that we had the biggest financial crisis since the Great Depression, huge collateral damage all throughout the country…and yet you’re still seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place.” One of these “efforts” is a proposal to tax the rich, who are the 1% protestors are speaking out against.
Reactions to the protests have been split with some persons calling it a waste of time. Republican presidential hopeful Herman Cain called the movement anti-capitalist and tersely argued: “Don’t blame Wall Street, don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself!” What Mr. Cain seems to forget, however, is that it’s hard to “blame yourself” when you’ve served a company for many years and was made redundant on the basis that the company is cash-strapped, yet top managers and executives continue to receive bonuses, still live the high life and refuse to be taxed. That is going to hurt and that hurt translated into the Occupy protests we are now witnessing.
Ultimately, even if all their demands aren’t met, the protestors would’ve been able to call public attention to their plight and send a very strong message to corporations that enough is enough. Importantly, it shows what can happen when the masses are truly united. We hope corporations are taking note.
Always love your neighbour as yourself and remember to pray, laugh, love.
Originally published in Your Money eZine
