Southwest Airlines and Whole Foods are businesses that practice conscious capitalism. Conduct research on either company. Identify, summarize, and defend three characteristics of either company that are consistent with conscious capitalism ideals.
Conscious capitalism-Southwest Airlines and Whole Foods
Firstly, Southwest Airlines and Whole Foods are businesses that practice conscious capitalism.
Secondly, Conduct research on either company.
Also, Identify, summarize, and defend three characteristics of either company that are consistent with conscious capitalism ideals.
A Conscious business uses its purpose to make decisions and actions. An example of this can be seen by the purpose of Southwest Airlines: — “We exist to connect people to what’s important in their lives through friendly, reliable and low-cost air travel.”
It is likely that many of us would have heard something along these lines. So how exactly can capitalism evolve?
Conscious capitalism is a philosophy which is of the belief that businesses can improve their corporate performance whilst improving the lives of every stakeholder. It goes way ahead of Corporate Social Responsibility as it puts society needs at the very reason for the company’s existence. The efforts are naturally driven rather than being reactive.
The founder of Whole Foods Market, John Mackey, states that business can have huge success as well as improving the world around them.
John Mackey states that conscious capitalism is based on four key pillars:
Firstly, Higher Purpose: Businesses must have a higher purpose than just making money.
Secondly, Conscious leadership: Companies require leaders to want workers to work for a greater goal.
Thirdly, Conscious culture: Values, principles and practices that allow businesses to have an atmosphere where there is a possibility for success to everyone.
Fourthly, Stakeholder orientation: Businesses must create value for every stakeholder (customers, suppliers, investors, employees and communities)