What Challenges Do Businesses Face in Addressing Economic Inequality?
Businesses face several challenges when addressing economic inequality:
1. Cost Implications: Implementing fair wage practices and inclusive policies can be costly, especially for small and medium-sized enterprises (SMEs).
2. Regulatory Compliance: Navigating complex regulations and compliance requirements can be daunting, particularly in different jurisdictions with varying labor laws.
3. Stakeholder Expectations: Balancing the interests of various stakeholders, including shareholders, employees, and customers, can be challenging. Businesses need to align their profit motives with social responsibility.