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“The biggest issue that we are going to face in Europe. . .”

4th Vienna Global Drucker Forum. Capitalism 2.0 ()

https://www.nycp.com/gallery/BPaulPolman.jpg

Courtesy of the Drucker Society

Andrea Schaffer

“The biggest issue that we are going to face in Europe. . .”

“The biggest issue that we are going to face in Europe, what worries me the most is not sustainable growth, is not the solving the euro, or the slow economic downturn. There is a rift happening in Society between the youth and the rest. That social cohesion is enormously being challenge. If you have is youthful unemployment in Spain or Greece and rapidly coming North of 40 or 50%. I spent one part of my career in New Castle where everyone was employed by steel or coal. I recently visited New Castle and for the first time in my life, I actually saw second-generation unemployment. People had never seen their parents work. All they could get was a baby. That was a possession. Obviously digging themselves into a deeper hole. That galvanized me to do something more than have a brilliant career and make a lot of money. This youth unemployment. What will people think about us, about democracy. And that challenge is enormous.

The concept of pensions in Europe was originated by Lord Lever. The issues of social cohesion will be the biggest issue. For the first time in history, I changed our pension system. The unions came after us. And I said, why don’t we take all that money and invest it in the youth. Create different models to include the youth. We have to find a pact between business and society.

We have to create new models that include the youth. Germany, Sweden, Canada have new pacts. Germany has these apprentice schemes to take in enormous amounts of people. Education is also the responsibility business.”

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