6 Strategies for Putting Conscious Capitalism into Action in Your Organization

by | Dec 6, 2022 | Blog

From “Sticking to Your Vision” to “Giving Back To The Community”, here are the 6 answers to the question, “In what ways have you put Conscious Capitalism into action in your organization?”

  • Involve All Stakeholders
  • Ensure There’s a Union
  • Look to the Big Picture, Even in Small Decisions
  • Overlook Profits and Cater to Staff and Clients
  • Stick to Your Vision, Mission and Values
  • Giving Back to the Community

 

Involve All Stakeholders

I first encountered the principles of Conscious Capitalism when I was working as a consultant for a global NGO. They tasked our team with developing a new strategy for the organization, and we quickly realized that the traditional top-down approach wouldn’t work.

We needed to involve all stakeholders in the process, from staff and volunteers to beneficiaries and donors. To do this, we drew on the principles of Conscious Capitalism, which emphasize the importance of stakeholder engagement. 

We developed a new strategy that was focused on collaboration and community-building, and we saw significant results. The organization became more efficient and effective, and we could build stronger relationships with our stakeholders. I’m proud to say that our work helped put Conscious Capitalism into action and make a real difference in the world.

Lorien Strydom, Executive Country Manager, Financer.com

Ensure There Is a Union

Unionizing is becoming increasingly popular over the years, according to US government data, and it’s not surprising. If an organization is not cooperative, the best one can do is establish a powerful union. 

Collective bargaining helps reduce wage gaps for women workers and workers of color. Moreover, union members have better job safety protections and better-paid leave than non-union workers and are more secure in exercising their rights in the workplace. 

How do unions benefit organizations? Unions have continuously been associated with higher worker productivity, lower employee turnover, improved workplace communication, and a better-trained workforce. This is the ultimate way of putting “conscious capitalism” into action.

Nicole Ostrowska, Career Expert, Zety

Look to the Big Picture, Even in Small Decisions.

Having developed an HVAC air distribution system, we consider environmental impact in every choice we make. Questions such as, how can our products better increase energy and labor efficiency, how can we better educate our stakeholders, or how can our components be repurposed after initial use? 

As conscious capitalists, we understand the importance of generating sales, but more importantly, we hope to revolutionize the home building and HVAC industry through increased knowledge, better materials, and informed community outreach. We are focused on creating solutions that work toward a carbon-neutral future, as individuals and as a team.

Jen Miller, Senior Marketing Manager, Rheia HVAC

Overlook Profits, Cater to Staff & Clients

Conscious capitalism entails organizations engaging in approaches that not only concentrate on making profits but also recognize the importance of their principal stakeholders’ emotional, ecological, and social wealth. 

Practicing conscious capitalism in my organization, I ensured that the well-being of my staff and clients and the environment took center stage as much as the profits. 

This approach enabled my organization to focus on its mission and align them with the values of its clients. Through this, my organization has kept my clients and stakeholders engaged positively.

Yongming Song, CEO, Live Poll for Slides

Stick to Your Vision, Mission, and Values

I have put conscious capitalism into action in my organization in several ways. First, we have a clear purpose beyond simply making money. Our mission is to help people live healthier, happier lives. This higher purpose guides everything we do, from the products we make to the way we treat our employees and customers. 

Second, we operate in an ethical and sustainable manner. We are committed to using sustainable and environmentally-friendly practices in our business, and we strive to treat all of our stakeholders with respect and fairness. 

Finally, we create value for all stakeholders, not just shareholders. We believe that businesses have a responsibility to create value for employees, customers, suppliers, and the communities in which they operate. We strive to create an environment where everyone can thrive, not just those at the top.

Sandeep Bhandari, Cofounder, AskAnyDifference.com 

Give Back to the Community

I’ve always been a big believer in giving back to the community, and I think that’s one tenet of Conscious Capitalism. So I’ve always made it a point to donate a portion of our profits to charity. 

We’ve also tried to be as environmentally friendly as possible and have reduced our carbon footprint by switching to energy-efficient lighting and using recycled materials whenever possible.

I think the most important thing we’ve done, though, is making sure our employees are happy. Happy employees are more productive and are more likely to stick around long-term. 

We do regular employee engagement surveys to make sure everyone is feeling taken care of, and we offer a lot of perks like free lunches, flexible work schedules,

Jamie Irwin, Director, Straight Up Search

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People + Profit Show from Conscious Capitalism Arizona
Sarah McCraren and Jeremy Neis

Free enterprise capitalism has served to lift more people out of poverty than any other socio-economic system ever conceived, empowering social cooperation, human progress, and elevating humanity. Good business is the answer to many of the global issues humankind is facing and that is what will dive into on this show as we interview business and community leaders from around the state of Arizona who are building businesses that really take care of people AND the bottom line.

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