You should take time to look into conscious capitalism if you haven’t already. Doing so helped me answer a question—actually, the question—that had been nagging at me and people like myself for years as a leader in a huge corporation: Does it pay off in the long run to focus almost entirely on improving financial performance, frequently at the expense of employees, vendors, and customers? This was not the way to manage a business, my intuition told me. And it turns out that my instincts were correct. Revenue and profit growth become increasingly difficult to achieve for companies with a single-minded (and simple-minded, I may add) concentration on growing profits over time.
Disengaged staff will eventually become disengaged and mistreat consumers, causing them to move their company elsewhere. Customers today have the knowledge and power to make or break a company, and employees want more from their positions than just a pay check. Conscious capitalists are driven by a greater purpose: to make a positive difference in the world through their products and services, as well as the value they create for their stakeholders. Companies like Whole Foods Markets, Patagonia, Tata Group, Toms Shoes, Medtronics, and TD Industries follow the four principles of conscious capitalism: purpose, stakeholder orientation, conscious leaders, and conscious cultures.
They claim that capitalism is the most “potent system for eliciting, harnessing, and expanding human inventiveness and industry to create value for others” if it is “founded in an ethical system centered on value creation for all stakeholders.” When approached carefully, capitalism is “good because it provides value… Because it is based on voluntary exchange, it is ethical… is noble because it has the potential to elevate our existence, and it is heroic because it helps others escape poverty and prosper.”
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