We hold businesses to high standards. We expect them to take responsibility for their actions, and to ensure that their decisions are what is best for their customers, community and the world.
It is a term we hear thrown around a lot–there are books written on it, conferences based around it, and endless social media posts about it. But what is it?
Leaders in the space define Conscious Capitalism as businesses that serve the interests of all major stakeholders—customers, employees, investors, communities, suppliers, and the environment. So, basically, we expect the companies we give our money to to act as responsible citizens with a moral compass as we would expect of our friends and family.
At the forefront of this movement is John Mackey, CEO of Whole Foods. He started the Conscious Capitalism summit, created the nonprofit and co-wrote the book, “Liberating the Heroic Spirit of Business.” In the book, he defines the “moral purpose” of business leaders and aims to make both them and the public more aware of how companies are and should be giving back to society.
The movement that began as many brands “doing good” has become an expectation of millennial consumers, with 40% of millennials preferring to buy a product or service when it supports a good cause. More than half say they would pay more for “greener” healthier products. So, it’s a win-win for Conscious Capitalism companies–they are making positive societal contributions AND improving their bottom line.
One company that we think does a great job giving back to the community here in Denver is DaVita–every year they encourage their employees around the world to participate in the, “DaVita way of giving.” Employees are asked to choose local nonprofits that have a positive impact on their communities. Beyond monetary donations, DaVita also has “Village Service Days,” where they volunteer with the nonprofits of their choosing. Since 2011, the company has donated more than $9 million to nonprofits.
We’d love to hear your thoughts on Conscious Capitalism–how are your favorite brands and companies giving back to the community?
Ride for the brand,