India’s Conscious Capitalism Movement with CEO Shawn Vij
According to conscious business leader Shawn Vij, the answer is yes. Business groups like Infosys, Wipro, Hindustan Unilever, Microsoft, Google and the Tata Group have taught us that compassion can go hand in hand with doing business. As companies start to compete after the COVID vaccine, they are turning even more to “compassion” to help them differentiate themselves from their peers. Businesses and enterprises with greater purpose and social responsibility have come back to life in India.
Some people call it “conscious capitalism” and that’s what drives the business world these days. It works for the benefit of all stakeholders including customers, employees, investors, communities, supplies and the environment. With the millennial population on the rise in India, their choice of products and services guide business success. As Vij explains, “Millennials and Gen Z want to buy from companies that have a moral purpose based on human values. Therefore, it is incumbent on companies to understand this message and adapt to it for their long-term survival. “
A prime example of this attitude would be the Tata Group, whose founder, Jamsetji Tata, was way ahead of his time and said: “In a free enterprise, the community is not just another stakeholder in the enterprise. , but in fact the very purpose of its existence.
As Vij says, “Mindful business doesn’t just mean philanthropy or charity, but rather always doing the right thing. Each of us has a responsibility and living our values on a daily basis will improve the overall human condition. “
In a world where the richest 1%, those with over a million dollars, own 45% of the world’s wealth, there is a need to pause and think about how businesses should start playing. a greater role in uplifting humanity. The world’s 10 richest billionaires, according to Forbes, own $ 745 billion in combined wealth, more than the total goods and services most countries produce on an annual basis.
As Vij says, “I am a pure capitalist and I think everyone deserves the opportunity to make a lot of money. The difference is in “how” we do it and “what” we do with it. If our only goal is to make money at no cost, then we are bound to hurt others and ourselves for seeking these things. When this happens, we have used capitalism to cripple our value system. “
The good news is that most millennials think like Tata and are starting to dominate the workplace. And, by 2025, will represent up to 75% of the workforce. We have the opportunity to redefine the way we define capitalism. Conscious capitalism is on the rise, and companies that put their values at the heart will not only succeed in generating long-term profits, but will also improve the human condition.
Shawn Vij is an accomplished business leader with over 25 years of industry and consulting experience. He has held various executive positions for Ford Motor Company, Ernst & Young, VISA, Deloitte Consulting, Microsoft and Intel Corporation. He holds an MBA from Purdue University, a Masters of Engineering from the University of Michigan, and a BS in Mechanical Engineering from Michigan University of Technology.
Vij has worked closely with many global business leaders and business universities on various initiatives to raise awareness of conscious capitalism. His new book is Moral Fiber – A Practical Guide to Living Our Values.