Article by Tiffany Delmore at Entrepreneur Asia Pacific
Image by Marek Piwnicki on Unsplash
In an age of B corporations and the triple-bottom line approach to running a company, there’s a lot of focus on what conscious capitalism can do for people, the planet and profits. Conscious corporations create more sustainable operations, socially responsible supply chains and stronger brand images. In a study lasting a decade, brands that placed a focus on conscious capitalism enjoyed returns 10 times higher than the S&P 500.
Most often, conscious capitalism is lauded as a potential differentiator that helps businesses stand out in a crowded marketplace. And there’s solid evidence that an increasing number of consumers prefer social good. A 2015 survey from Nielsen found that 66 percent of consumers would pay more if a business supported a social or environmental cause, representing a 16 percent jump from 2013.
Well, guess what? Those consumers who are interested in supporting conscious business practices are probably employed somewhere. Chances are good that they’re part of your workforce.
When your business gives back to important causes, whether it’s by donating meals to hungry kids or giving job opportunities to the homeless, these acts of kindness create something far more meaningful than a bigger profit margin. They create friendships, deepen bonds of trust and earn your business respect.
According to Drew Kossoff, CEO of Rainmaker Ad Ventures, one of the country’s fastest-growing digital media buying agencies, “These types of returns, more than money, often provide that ‘missing link’ to greater happiness, success and fulfillment at work — which is ultimately what we all really want.”
When socially conscious employees see that a company is driven by more than money, it’s easier for them to commit to the company’s mission. They’ll also become strong brand advocates, as they’ll want to share with family, friends and even strangers what their company is doing to make a difference in the world.
Wondering about the impact conscious capitalism could have in your business? Consider the following workforce benefits of conscious capitalism.