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How do you get better business returns? Like 10X industry results and get great employee engagement? The common way of thinking is that those two things are at odds, but a great way to achieve both is with conscious capitalism. Today’s guest is Raj Sisodia talking about Conscious Capitalism and the difference it can make. How do we access and transform an organization into a purpose-centered organization, with servant leadership, engaging all the stakeholders in the community? Today’s episode is all about the what, why, and how of conscious capitalism.
Raj Sisodia is an international speaker, a business professor, and an award-winning author. He has published eight books, including Conscious Capitalism, and over 100 academic articles. His work has been featured in the Wall Street journal, The New York Times, Fortune, Financial Times, The Washington Post, The Boston Globe,CNBC and many other media outlets. On the show, he discusses what conscious capitalism is and the difference it can make on your business.
Raj’s research over the years showed that we have a productivity crisis in marketing. There is something fundamentally wrong with the way we think about marketing. So, how do we do it right? Rajendra dived into companies who were getting fantastic results and retention all the while spending less.
He found that not only did customers love these companies, but their employees did too, and so did their suppliers. The pattern emerged that these companies were stakeholder-oriented and not shareholder-centric. They also all had purpose, and with that came better leaders and a caring company culture.
At the end, Raj fully expected that these companies with purpose would not have exceptional returns because it was not their main focus or driving objective to make ‘tons of money.’ He was wrong. They outperformed the market 9 to 1.
If you want to create win-win situations for your employees, suppliers, and customers, you have to give, give, and give. By creating this kind of environment, you receive a ton back and value systems get put in place that do not always have a byline monetary value on them, like high employee retention, satisfaction, engagement, and commitment to the bigger cause.
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail.My name is Bill Gallagher, host of the Scaling Up Business podcast and a leading business coach with a Gazelles. We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).