Many of these ageing baby boomers are also, of course, in senior and influential positions in business life. Sloan invented the modern corporation after becoming president of General Motors in 1923. We see this played out everyday in the press, in government responses to crises, and sometimes we see executives themselves making the same attributions. What do I really care about? Indeed, Steve McIntosh suggests that this is the very purpose of evolution: The evolutionary story of our origins has tremendous cultural power that transcends the boundaries of science; it shapes the view of who we are and why we are here. Many institutional investors are playing a major role in this. Only 12 percent mentioned business strategy.
If you like Conscious Capitalism, you'll enjoy this too. In addition there are some great statistics in here, but you have to dig through a lot to find them. To put this in a business context, in exclusionary left brain thinking, stakeholders are relegated to categories. The title of this book testifies to deep-seated changes in how people see things in mainstream business culture. The book dives deep into understanding what sets FoEs apart from their peers. Aging populations are altering the course of humankind. It is a vision that transcends the narrower perspectives of most companies in the past, rising to embrace the common welfare in its concerns.
However, as we see it, the edifice of capitalism is undergoing its furthest-reaching transformation since Adam Smith published Wealth of Nations in 1776. The book draws on its more than 60 exemplar organisations to illuminate the various features of a Firm of Endearment and how they are expressed differently with the various stakeholders. He is on the Board of Directors of The Container Store and Mastek, Ltd. While others struggle, they are helping all their stakeholders thrive—and the marketplace has consistently recognized and rewarded them for it. Rather, they take cues for their behavior from the external world where pursuit of power over others is the daily priority. We see this playing a big role in reshaping corporate culture as well.
At all levels of operation, these companies exude the passion of their leaders for doing good while doing well. Firms of Endearment: How World Class Companies Profit from Passion and Purpose draws from an extensive research study looking for companies that focused on endearing themselves to their customers, employees, suppliers, communities, and shareholders. That side of the brain tends to rank things hierarchically in categories. Happily, Firms of Endearment gives us hope that we are not morally going to hell in a handbasket, a relentless stream of headlines about moral failures in high office notwithstanding. If any book is going to launch a New Capitalism of Caring, it is this book that redefines great companies as stakeholder value builders, not just shareholder agents. Connections between stakeholders in differing categories are incidental and accidental. Others have taken note of the rising subjectivity of worldviews.
Raj is the co-author of The New York Times bestseller Conscious Capitalism: Liberating the Heroic Spirit of Business Harvard Business Review Publishing, 2013. General Motors was the unquestioned leader of the global automobile industry, with a broad product line that no other company could come close to matching. He believes that the shift toward subjectivity may prove to be one of the most important considerations in business in this century. Confident that one person can bring about big changes, Lear forced us to examine some of the most fetid prejudices that bubbled below the surface of society in the early 1970s. Another great accomplishment of the Lincoln administration was the establishment of the land grant college program that increasingly brought the benefits of higher education to the masses. This is my consistent 'go-to' source for all things customer-centric and value-driven, applicable for any business, of any size and in any industry. They are so consumed with self-interest that they are blind to the well-being of others.
Within a few short years, the Internet went from being an arcane communications tool used mostly by an elite few to a mainstream artifact used by tens of millions. Welcome, again, to the Age of Transcendence. A relentless barrage of negative publicity concerning employee and supplier practices has helped keep its stock price stagnant over the past half dozen years or so, while rivals Target and Costco have thrived. We view these companies not as outliers but as the vanguard of a new business mainstream. In this book, we provide some measure of that scale by profiling companies that have broadened their purpose beyond the creation of shareholder wealth to act as agents for the larger good. In recent years, Wal-Mart has become a lesson in what we are talking about. A door like this has opened up only five or six times since we got up on our hind legs.
Recent findings by anthropologists indicate a sudden increase in longevity 30,000 years ago that changed human culture dramatically. In the first edition the authors suggested that firms that pay attention to how they create value for stakeholders might perform better. Give communities in which you operate reasons to feel pride in your presence, and enjoy a fertile source of customers and employees. Legions of families endured abject suffering as their breadwinners struggled to find new jobs. Economic gains across society raised living standards to previously unimaginable heights. If you want to be great-truly great-this is your blueprint.
I am grateful to the authors for their landmark contribution. The vast majority of companies cannot be described as firms of endearment. While scientific discovery and technological development have been the primary catalysts in the evolution of culture, recent demographic changes have played quite a large role in reshaping culture. The book itself starts well, but for this reader became progressively less interesting. FoEs share a distinctive set of core values, policies, and operating attributes.
With an initial modest gathering of about 20 people, we launched an initiative to spread the ideas of Conscious Capitalism throughout the world. Something similar could be happening today—that is, the rapid growth of an aging population is altering the zeitgeist of society, driving humankind toward higher states of cultural development. As this book points out so well, companies succeed in building value when they focus on being socially responsible on behalf of all their constituents. Or, just for your information, though we all intuitively know what they say because they're talking about us!!! After reading Firms of Endearment, I soon met with David and Raj. The nature of the transformation can be summed up in one short statement: Companies are increasingly being held accountable for their humanistic as well as economic performance. It was at one of these conferences in Boston that I was able to meet the third author of Firms of Endearment, the renowned marketing scholar Jag Sheth.