We’ve all heard the familiar saying, “timing is everything.” And that expression rings true in the rise of the Conscious Capitalism movement over the past decade or so.
When evaluating today’s workforce, we can see a much greater emphasis being placed on the value of an organization’s people. Believing in people creates happiness and facilitates productivity. Since so many people now prioritize their own values in all aspects of life, it’s important for companies to understand their value systems and/or purposes. After all, the younger members of the workforce might not want to work in a place that is either blind to, or worse yet, out of alignment with their values.
Personal and individual values also have surfaced as a major disruptor to the economic equation over the last generation. The old way of selling revolved around making a product, or providing a service and the consumer’s subsequent decision to buy it. The decision to buy largely rested on whether it returned the most value based on dollars spent. Today, many consumers make completely different buying decisions. Take Whole Foods as a prime example. Whole Pay Check? We know all the jokes, right?
Nowadays, many people will pay more money for goods and services because they believe in the experience and the “why.” As in the case of Whole Foods, they believe in the superior quality food they’re getting, from producer/grower all the way to the aisles of the store. They believe in organic vegetables and humanely treated animals and fair wages – the reasons “why” Whole Foods exists. Consumers now seem willing to pay more money to be a part of something that’s aligned with their values.
The move towards Conscious Capitalism did not occur overnight – it evolved. After all, each generation of workers experiences the swing of the pendulum around what’s most important to that generation based on cause and effect.
With new variables in the workplace and economic equation comes a big question – how long will it last? How far will people go to financially support others who share their own values? And how far will companies/organizations go to identify their values and purposes to win in a new economic era? Only time will tell.