Profit-making vs human value: Philosophy's contribution

Purpose – This paper responds to the increasing concern among both the public and the academic community regarding the negative effects of forprofit activities of organisations on society, in particular on human development and wellbeing. It does so by aiming to examine the main theories regarding the possibility of positive and/or negative relationships between the management of forprofit activity and human value. It aims to identify guiding principles to assist organisations in meeting the business imperative of respecting and considering their effects on human rights wherever they operate. Design/methodology/approach – This paper takes a conceptual approach drawing from economic, social and political philosophy literature to investigate four perspectives on the relationship between the management of forprofit activity and human value. Findings – The need for management theory to develop a typology of factors determining positive, negative or mixed effects of forprofit activity on human value is identified. The study identifies recommendations for management theory and practice regarding the scope and limits of action that could be taken by business organisations to improve human value. Research limitations/implications – Research questions relevant to three key areas of management (people management, operational management and strategic management) are suggested. Practical implications – The paper concludes that there is a need to understand why there are negative relationships between profit making and human value, and how to identify the means of minimising this relationship in a human value oriented organisation. Social implications – The paper responds to the increasing concern among both the public and the academic community regarding the negative effects of forprofit activities of organisations on society, in particular on human development and wellbeing. It does so by proposing the guiding philosophical principles that should inform organisations in meeting the business imperative of respecting and considering their effects on human rights wherever they operate. Originality/value – The paper is unique in proposing the guiding philosophical principles that should inform a human value oriented workplace culture and can be applied in various management subdisciplines. It also makes an original attempt to understand the gap between conflictualist and compatibilist paradigms and how this can inform management theory