There are four principles of Conscious Capitalism. Organizations mirror the actions and personality of the individual at the top.
This is the kind of person people want to follow. The authentic, open person. Conscious Leaders are the ones who inspire loyalty and consistent high performance in their teams. Conscious leaders know the importance of taking into account all of their stakeholders. The really important factors for long-term business success are the employees and customers, and often the vendors and community as well. Take care of them and they will take care of you.
A values-based culture is one that is intentional about how people act and perform. He explained that not having that position filled hurt, but it was better than the alternative. Stone Brewing Co. Here is the bottom line with Conscious Capitalism; there is not one bottom line profitability , but three: people, planet and profits. In other words, to satisfy the criteria of conscious capitalist, enrichment needs to flow to all three of these areas.
And it should also go without saying, this credo also means that no harm should be done in these three domains. In traditional capitalist thought, the only stakeholders that matter are the shareholders and investors who own the business and provide its original funding.
This is a much broader community to engage with and it requires a more sophisticated approach in conceptualizing a business and its effects. Conscious capitalist recognize the interdependency of the different stakeholders to create the whole.
A part of the recognition is in creating a culture that supports the stakeholder culture. That entails discovering what the true purpose of a business is other than making money, how does a business serve its customers and its community , involving the stakeholders in the process of determining ends and means, as well as investing in conscious leadership and creating a conscious culture that moves a business in the direction and fulfillment of its higher purpose. That means having to come up with specific efforts and programs to make a real difference in each of the bottom lines of the business.
So concretely, helping out the people aspect of the business might mean improving the employee benefit program, or nurturing a wellness and healthy living culture in the workplace, creating community outreach programs or the use of fair trade materials for manufacture or sale, or even providing assistance to communities who supply the raw materials, like coffee farmers in Central America, for example.
These type of initiatives would be repeated throughout the organization and target each of the bottom lines of the business. Many top corporation have already been using programs such as these for many years, but often in a piecemeal fashion or mainly to get good PR.
While this might result in good marketing and PR, these gains are more like a by-product of the main goal, instead of just trying to make oneself look good. Corporations that reject the philosophy may see their positions adversely impact both revenues and profits. Because of the increasing popularity of socially responsible investing, companies that reject conscious capitalism may see a negative impact on their profits and revenue.
Firms that adopt this philosophy reap significant rewards. Many consumers and investors consider the impact businesses have on the environment. These stakeholders seek businesses that align moral principles with corporate values. Although there may be generally favorable sentiment toward the idea of conscious capital, that doesn't mean there isn't some criticism.
One of the most common misconceptions that critics draw is that proponents of conscious capital believe it can fix problems within the corporate structure. But those who are opposed to the philosophy say the opposite. They also state that adopting this ideal may not necessarily bode well with investors who, for the most part, are after good returns. Other critics say that the onus shouldn't necessarily fall only on the business sphere—notably the private sector.
These critics say that the responsibility to enable change comes through public policy from the collective efforts of leaders. Conscious Capitalism. The Arthur W. Conscious Connection. Accessed March 30, The Guardian. Business Insider. Small Business. Sustainable Investing. Business Leaders. As a result, people and corporate leaders rejected it and pursued a new capitalism model. Founded in Austin, Texas in , the Whole Food Market has embodied the values of conscious capitalism.
The business was named as one of Fortune's " Best Working Companies," and ranked among the world's best corporate reputations in The Wall Street Journal. A marketing professor in collaborated and focused on a proposed new and optimistic type of capitalism, at Bentley University, Waltham, Massachusetts.
Their book, "Conscious Capitalism," shows that business and capitalism should work for all parties that may influence or be influenced by a company's actions, not solely to the benefit of shareholders or solely by the profitability of doing good. Companies that subscribe to beliefs of the conscious capitalism can, in the long run and with more profitable impacts on the world as a whole, outperform other companies in multiple dimensions, including financial ones.
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