It’s a question we can expect shareholders to ask as long as there’s money to be made. But here’s my question: Where does a company’s social mission fit into the answer?
Remember, we’re living in “the new normal” — a time when profits are not impeded by a company’s social mission, but rather improved by it.
When companies actively address issues such as diversity in hiring, bettering the planet via products and services, and investing in next-generation talent in their own backyard, it motivates their people, which inevitably leads to better performance, innovation and, yes, profits.
In a recent interview with CNBC, Eaton CEO Craig Arnold, a champion of corporate diversity, was asked what he would tell a shareholder who believes that a corporation’s primary purpose is to increase shareholder value. He replied that in order to achieve shareholder value, you must have an engaged and empowered workforce.
And the data backs him up. In “the new normal,” social mission impacts a company’s ability to attract and retain not only top talent, but also loyal customers.
So, tell me: Does social mission have a place at your workplace?