According to Conscious Business Leader, Shawn Vij the answer is, Yes. Business groups like Infosys, Wipro, Hindustan Unilever, Microsoft, Google and Tata group have taught us that compassion can go hand in hand with doing business. As companies begin to compete post COVID Vaccine, they are leaning in even more to ‘compassion’ to help them differentiate themselves among their peers. Companies and businesses with greater purpose and social responsibility have re-ignited in India.
Some people call it ‘Conscious Capitalism’ and that is what is driving the business world these days. It works to benefit all stakeholders, including customers, employees, investors, communities, supplies &, the environment. With the Millennial population on the rise in India, their choice of products and services is guiding the companies’ success. As Vij explains, “Millennials and Gen Z want to buy from companies that have a moral purpose grounded in human values. Therefore, the onus is on the corporations to understand this message and adapt to it for their long-term survival.”
A prime example of this attitude would be the Tata Group, whose founder, Jamsetji Tata, was way ahead of his time and said, “In a free enterprise, the community is not just another stakeholder in the business but in fact the very purpose of its existence.”
As Vij states, “conscious business doesn’t mean just philanthropy or charity but rather about always doing the right thing. Each of us has a responsibility and living our values daily will raise the overall human condition.”
In a world where the richest 1 percent, those with more than $1 million, owns 45 percent of the world’s wealth, there is a need to pause and reflect on how businesses must start to play a greater role in elevating humanity. The world’s 10 richest billionaires, according to Forbes, own $745 billion in combined wealth, a sum greater that the total goods and services most nations produce on an annual basis.
As Vij states, “I am a pure capitalist and believe that everyone deserves the opportunity to make a lot of money. The difference is on ‘how’ we do it and “what” we do with it. If our only goal is to make money at no cost, then we’re bound to harm others and ourselves in pursuit of those things. When this happens, we’ve used capitalism to cripple our value system.”
The good news is that most millennials think like Tata and are starting to dominate the workplace. And, in 2025, will make up as much as 75% of the workforce. We have an opportunity to re-set how we define capitalism. Conscious capitalism is on the rise, and companies that put their values at the core will not only succeed in long term profits, but also raise the human condition.
Shawn Vij is an accomplished business leader who has over 25 years of industry and consulting experience. He has worked in various leadership positions for Ford Motor Company, Ernst & Young, VISA, Deloitte Consulting, Microsoft, and Intel Corporation. He holds an MBA from Purdue University, MS in Engineering from the University of Michigan and a BS in Mechanical Engineering from Michigan Technological University.
Vij has collaborated closely with many global Corporate Leaders and Business Academia on various initiatives to drive greater awareness on Conscious Capitalism. His new book is Moral Fiber – A Practical Guide to Living Our Values.