‘Youth will use wallets to tame business’

YOUNG people will use their wallets to bring business into line, forcing the corporate world to think about social good beyond profit.

This message came out of One Young World, a summit of over 1 000 young people from 190 countries held in Johannesburg.

Unilever Chief executive Paul Polman told the summit, which ended on Saturday, that people under 25 years made up 50% of the world outside America and Europe, and that they had the incredible power to hold business to account.

The cost of inaction by business was bigger now than the cost of action, he said.

Polman said consumers wanted to support businesses that had a social conscience.

“You have the power of aggregation of your voice [on social networks] and the aggregation of your wallets to choose who you support.”

Other speakers asked the audience: “How effectively are we rewarding companies who do the right thing?”

The ideas were echoed by the young people at the summit, who handed over a pledge to world leaders including Sir Richard Branson, Muhammad Yunus and Arianna Huffington.

The pledge called on business to “empower young people, have a purpose beyond profit and collaboration as well as competition”.

Polman said business had the global reach to collaborate to solve challenges such as environmental degradation, finite resources and poverty.

He said it made business sense to think beyond the bottom line.

“The Unilever Dove video that showed women struggle with self-esteem went viral and was watched by 160 million people on YouTube.”

It was one of the most-watched brand videos, he said. “Why? Because it served a social purpose.”

Sandile Khumalo, 26, who attended the summit, said: “We don’t get the multiplier effect working in silos. We need to share resources and share skills and increase the way we share those skills.”