Building and sustaining a profitable company is hard. Building and sustaining a company that is profitable and socially responsible and can recruit and retain the industry’s top talent may seem impossible. But more and more that is what is being demanded of modern employers. Employees want to work for the good guy, especially young employees. Millennials in particular care about working for companies that care about them and their community. When building a strategy for a long term, profitable yet sustainable business, your people need to be a core pillar of your triple bottom line.
Here are some insights on how employers can find that balance of profitability while maintaining a productive and happy workforce.
Understanding Your Workforce
The priorities of your workers are changing, whether you are aware of it or not. As more Millennials enter and grow within the job market, it has become clear that business, as usual, won’t cut it for long. Almost half of Millennials are willing to make a purchase to support a cause they believe in. You can be sure that those same individuals are willing to make a career decision based on those same beliefs. They are willing to pay more for environmentally sustainable products. They are driven to work for more environmentally responsible companies. They demand transparency from the companies they support as consumers. They demand that same transparency from the corporations they work for.
Millennials are eager for an opportunity to use their skills to help a cause or make a difference in the world, meaning that employers who want to recruit top talent within the Millennial generation need to bake in that social good into the work that is done on a day to day basis.
Understanding the Connection Between Social Good and Profit
These two goals are not mutually exclusive as they might have once been considered in business. Doing good for the world is actually pretty good for business as it turns out. The most effective companies, in fact, pursue both. According to Deloitte’s “2018 Global Human Capital Trends” report, business leaders around the globe are facing a significant shift in priorities. Today’s organizations are no longer judged strictly on their financial performance but also on their treatment of their employees and their customers, as well as their contributions to the communities they serve. That means that top companies across the planet are adopting a triple-bottom-line approach that prioritizes people and the planet in addition to profit.
The reason for this isn’t necessarily altruistic, though that is a nice benefit. It’s a matter of meeting customer and employee demands and rising above the competition. Many entrepreneurs are already following suit, and while smaller companies may be hard-pressed to make big changes, even little things can make a difference. Even just setting aside some time to invest in community service as a team is a great place to start. Because a do-good philosophy is not only good for the world, but it’s also good for business.
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