Buddhism for business

Religion and business are often seen as being on contradictory tracks. However, the World Fellowship of Buddhists organised the first-ever business council as part of its 25th General Council meeting recently to discover new ways to combine the time-honoured principles so that sustainability and inclusivity are maintained.

Long before the advent of Corporate Social Responsibility (CSR), the Buddha preached the importance of doing good to one’s community.

Saving part of the earnings so that they can be utilised during hard times, caring for the community so that the business is sustainable and empowering the poor so that there are more customers in the future are all promoted by business ethics that have entered academia much later. Businessmen were advised to be humble enough not to be greedy and understand the value of their stakeholders. Shifting from shareholders to stakeholders, they were also weighed upon to take the environment into consideration.

With understanding, kindness, trust and empathy as the cornerstone of business, there are few chances for failure. The global financial crisis was a result of unprecedented and unlimited greed – a factor that all major religions caution against. Added to this is the challenge that Sri Lanka is currently undergoing to fast-track growth after a three-decade-long conflict. These combined circumstances have created the perfect environment to adapt novel ways to achieve development of the type that is most needed in Sri Lanka – and by extension, the rest of the world.

Even though some parties may be hesitant over infusing religion into business since it might be seen as creating divisions, there is no argument against infusing the sprit and philosophy of Buddhism without any such fear. Rules and regulations based on sound principles can do little harm and few would contest that the world needs them more than ever before.

The challenge of climate change and growing population means that the fight for resources is becoming ever stronger. Without the equitable distribution of resources, there will be serious repercussions for the entire world. Therefore, business needs to become more caring – shocking as that statement might seem.

On a lighter note, as the keynote speaker at the summit pointed out, since the Buddhists believe in reincarnation and rebirth, then the idea that if you destroy the world you will return to inhabit it might make most think twice. If that doesn’t work, then the rest of the principles appeal to simple common sense.

Ideas cannot exist in a vacuum. There has to be something to bounce off of and brainstorm with – so the idea of Buddhist principles is nothing more than what must be assimilated according to situations encountered. It does not have all the solutions, but encourages people to find new methods by looking at old problems from a different angle. Surely that is the birthplace of ideas. Sri Lankans need to understand the difference between assimilation and imitation. With the bombardment of different policies from the West, they need to remember who they are and what they need to achieve in order to make the right decision.

Given the profound teachings that most of us irrespective of religion have been brought up with, it is indeed sad to see the state of the world. In the case of Buddhism, many of the developing nations in the east are populated with Buddhists, making the argument a stronger one. China, with its predominantly Buddhist population, is making giant strides towards development and is among the top world powers. It is not just about getting to the top, but how you get to the top that counts.