FOM Students for a Day!

By Catherine Papp1010128_586810454748621_719225741_n

Our visit to FOM in Cologne perfectly coincided with our topics of study so far in the program. We were honored to have Malgorzate Zmuda of the Krakow University of Economics present her thesis about competition at a macro level and whether or not countries compete similarly to multinational companies on a global scale. This of course sparked lively conversation and debate, making us pause to reconsider what competitiveness means and if it even makes sense in economic theory. One of the questions she posed for us that I’m still pondering is, if there are no winners and losers in trade (comparative advantage for you econ nerds like me), then why compete? Next, Professor Dr. Linda O’Riordan captured our interest with a presentation about research being conducted by the Competence Center for Corporate Social Responsibility at FOM. Many of the concepts were very similar to what we’re learning in the program; in order to move beyond a one-dimension value-creation process, businesses must create new models. When profit is the driver for businesses, external costs are not accounted for. Instead, connecting values with value, specifically shared value, will increase employee motivation, productivity, and innovation. With this model, profit is the result, not the driver. Lastly, Professor Dr. Piotr Zmuda presented us with a useful framework for implementing CSR programs in companies.

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