Aug 29, 2019 - Kori Joneson
No, Conscious Capitalism isn’t an oxymoron. Though it has its faults as practiced today, business is a force for good in the world.
Capitalism created cars that you rely on daily to get to work, visit friends, or pick up food for your family. Conscious Capitalism companies create cars that help you do all of this AND have less impact on the environment, are safer to drive, and ensure the people making the cars receive fair wages and work in a healthy workplace.
Conscious Capitalism San Diego challenges San Diego businesses to lead this next evolution. It's a local chapter of the global organization, Conscious Capitalism, Inc. There are over 40 chapters and communities throughout the United States and in countries like Australia, Spain, and Brazil.
Whole Foods founder John Mackey and researcher Raj Sisodia started the Conscious Capitalism movement more than 10 years ago. The movement aims to reframe capitalism, so that the main focus of business is to create value, not profits. Its purpose is to “Elevate Humanity Through Business”.
Business can and should bring more to society than shareholder and executive enrichment. We must build ethical, purpose-driven companies that consider all stakeholders: customers, employees, investors, suppliers, community, and the environment.
If you, as a business leader, practice Conscious Capitalism over the long-term, you could generate the highest possible financial and socially responsible returns. In fact, Raj Sisodia shared in his 2014 Book, Firms of Endearment, that Conscious companies outperform the S&P 500 index by fourteen to one over fifteen years. Now that’s something to be proud of!
Stan Sewitch, Vice President of Global Organization Development of Scripps Ranch-based WD-40 Company is a conscious business enthusiast because of the effects it has on their employees AND profits. He shares, “At WD-40 Company, since [conscious capitalist] principles began to be intentionally applied by CEO Garry Ridge, employee engagement scores have risen from 67% to 93%, revenue has grown from $100 million to over $400 million, and we’ve positively impacted the lives of millions of people in 176 countries. There is no doubt that the principles of doing what’s right for the broadest definition of stakeholders, with an eye to the future decades hence, has been the defining cause of success in WD-40 Company.”
There are several other San Diego companies already practicing the Conscious Capitalism way, and are leading their industries because they are doing so. We look forward to putting the spotlight on a few of these companies here for you in our next guest blogs.
Conscious Capitalism San Diego is a membership-based organization that connects, inspires, and activates local Conscious Capitalists. We offer programs, business leader roundtables, a community of like-minded business leaders, and opportunities for volunteering. To connect, email us at email@example.com or visit ccsandiego.org.
About the author: Kori Joneson is the current President of the Board of the Conscious Capitalism San Diego Chapter and focuses on creating powerful employees through her company, Symbio Strategies. You can often find her on the mats practicing Brazilian Jiu-Jitsu, cuddling her retired racing Greyhound, or somewhere sipping tea or Scotch.