Paper type: Essay Pages: 2 (393 words)
This article highlights principles that leading companies employ to differentiate them from other companies that focus only on profits. These leading companies attempt to transcend the short-term bottom line mentality and aim at social involvement that will produce longevity and sustained profits over the long haul. Part of making money in the long term is longevity, and the way to longevity is to build an “enduring institution”. This is done through being more socially conscious and planning for better quality of life for employees including a healthy work life balance, and to provide a meaningful life purpose for workers that build people and society.
The point is to remain financially viable for the long term because that’s the best way to serve society, the employees, and consumers.
Key Takeaways 1. Businesses must invest in employee empowerment and engagement, and must adopt the attitude that employees are interested in more than just a paycheck. Companies must balance public interests with financial concerns, and attempt to improve the lives of consumers.
Viewing the company as a societal institution and communicating a common purpose provides an identity for employees and helps protect against uncertainty. A larger purpose and vision inspires employees to think bigger and beyond the four walls of the company.
2. Business should have a clear, long term focus on a higher purpose than just financial achievement. This is achieved by investing in “the human side” of the organization. Listening to the interests of employees and possibly offering opportunities to pursue those under a sort of corporate sponsorship. Doing so should lead to deeper emotional connections to the company, which again supports longevity.
3. Moods are contagious. Moods can transmit institutional values, inspiring positive emotions about the company. It is therefore vital that leadership model the behavior that supports the long term corporate/social vision. If values are clear and well understood, they can be appealing to employees. Having employees who are emotionally engaged with the values gives them a sense of purpose greater than corporate goals, and feeds longevity because employees are bought in to the corporate values rather than a personality.
4. Globalization detaches the company from a single specific society. The global markets require purpose and vision that goes beyond a single company or societal group. This is positive because it feeds innovation and cultural sensitivity to the markets the company serves.
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How Great Companies Think Differently. (2017, Jan 19). Retrieved from https://studymoose.com/how-great-companies-think-differently-essay