A recent generational shift indicates that more people are interested in purpose within their favorite companies.
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Bold Biz: Conscious Capitalism

The Co-Founder of Conscious Capitalism dropped by #BoldBiz to tell us how we can be conscious capitalists.

Posted by BoldTV on Thursday, January 18, 2018

 

When you hear the words “corporation” or “capitalism,” an image of a dull scenario involving money might pop into your head. Capitalism is the defining economic system for America and the free market economy, and it has historically been concerned with one thing and one thing only: making money. However, giving purpose beyond profit to capitalism is a growing strategy adopted by companies ranging from Whole Foods to Amazon, and it’s paying off. How important is consciousness of social issues to capitalism? Is so-called conscious capitalism the new norm for American corporations?

Purpose

Data shows that over a 10-year period, these types of companies actually outperform others. The four principles of conscious capitalism are purpose, culture, stakeholders and leadership. The overlapping area for each category is conscious business.

Business is not only about money and profit maximization, but also about tapping into a higher purpose and finding meaning in the world. Rajendra Sisodia, the co-founder of the Conscious Capitalism movement, describes achievement as a journey that is much deeper than money. Because profit is not our only meaning for existence as humans, it is certainly possible for businesses to be less concerned about money and more about global aid.

The idea of purpose is sometimes difficult to transfer to a reliable and sustainable career. Finding purpose in your work is difficult for many, but it is a trend that is popular with younger demographics. This seemingly new concept could be due to the fact that there are more creative career options available to young people than ever before. As such, it is possible to now design a career you love that lets you earn a living.

Those who follow the conscious capitalist movement are motivated “not just by personal advancement and salaries and profit, but also by purpose.” The goal is for people to understand what their gifts are and then to find a company that aligns with them.

Takeaway

There are many companies that are mutually beloved by their customers and shareholders. Trader Joe’s, Apple and Amazon are some of the companies that Sisodia mentions as examples. However, these companies are not only loved because they may be good companies; it is the way they are affecting the world that is attracting people. The new corporate strategy may incorporate what we’re all looking for: purpose.

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Header image: Getty Images

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Posted 01.30.2018 - 11:07 am EST