A Little Reflection
As we approach the holidays and enter the New Year, it is natural to start reflecting on where you have been and where you are going. Cathy Clark’s On Impact Digest posed two good questions to consider. 1) What is the role of Business in Society and 2) How Corporate Culture Affects the Bottom Line?
With regards to the first question we at EPOCH Pi feel that business (as in what we create, where we work, where we shop, what we buy, who we invest in) has become a source of identity, purpose, and power. As the article states, when the CEO of Walmart, one of the world’s largest corporations, says that business exists to serve society, and the CEO of Blackrock, the world’s largest asset manager, says that long-term value is created only through long-term investing and stakeholder-centric management, they are acknowledging a shift in the debate about the role of business. There is still a long way to go in promoting and encouraging business as a force for good. Thankfully B Lab is playing a leadership role not only in redefining success in business and creating policy change but by inspiring and empowering companies to join in the B Corp movement and compete not just to be the best in the world, but to be the best for the world.
And then there is the question of culture and what role it plays in business. According to a new Duke University study, executives say corporate culture drives profitability, acquisition decisions and even whether employees behave in ethical ways. The researchers also concluded culture is more than a mission statement or code of conduct and indicate that an effective corporate culture is essential for a company to thrive in the modern business world. Almost half the executives said they would not acquire a company whose culture was not aligned with their own.
As companies turn toward 2016, consciously considering culture and what role your business plays in society can influence productivity, positively impact the bottom line, and create intangible value..
Here’s to building a loved company, both inside and out.