Question

Conscious capitalism, also referred to as a shared value approach, refers to organizational policies and practices that both enhance the economic success of a company and advance the economic and social conditions of the communities in which the company operates. It means having a higher purpose than making money; it means bringing out the best in people and fostering trust and respect.

Conduct your own research and identify two companies that engage in Conscious Capitalism. Identify how their actions have a positive impact on the environment or community. Identify the benefits achieved and the cost (if any) associated with their actions. Finally, provide your thoughts on the value of Conscious Capitalism and how you might incorporate that into your own business or work environment.

Answer 1

Conscious capitalism's most important contribution to the environment or society is the creation of jobs for the community.It also engages in environment protection and ecological development through corporate social responsibilities. For eg: The Godrej company is India has adopted vast swathes of mangroves for protection. This land is owned in the city of mumbai where real estate price is high. KLM has a sustainability program which reduces its carbon and plastic footprints.Conscious capitalism seeks to incoporate professinal expertise to contribute to society. Many of the professional managers are involved in sociol programs run by the company or program supported by companies. This allows the best minds to concentrate on solving the problems of society. Companies also provide skill training development programs to community people who then can use the training for finding jobs. These come at a small cost of the copanies revenue. However, it is more than made up by the goodwill generated by these companies.Therfore, the costs associated with these programs are more than made up by the community being consumers of the company's goods.

Conscious capitalism is a way to develop and give back to the society. Companies and society's are part of same ecosystem and one cannot thrive without the other.Hence,conscious capitalism is a realistic approach which helps capitalism develop itself but does not exploit the people.It results in win win situations for both. It also creates customers for companies. Companies can incorporate coscnious capitalism by including this in their mission and vision and devising programs which benefit the society but also doesnt impact their capitalist operations.