How business operations can improve through conscious capitalism

Prepare a response that explains the value of conscious capitalism and servant leadership and how it can be used to identify potential deficiencies. Include supporting citations to strengthen your claims.

Conscious capitalism is now a much higher strategic imperative for firms looking to grow and become dominate within their respective fields. For one employees and society is now becoming much more socially conscious. They demand higher responsibility of the part of corporations and management, and are often willing to pay premium prices for firms that do. Elements such as lower carbon emissions, providing a higher degree of diversity with the workforce, and raising the minimum wage are all elements of conscious capitalism. It is this concept of shared prosperity that underpins many of the strategic initiatives of businesses. No longer is it acceptable to simply tell employees to engage in activities and punish them if they don’t. Now, it is important to properly engage employees in a meaningful and innovative manner. Otherwise, the workforce that the business depends on will leave due to their unhappiness.

One method in which to properly motivate the workforce is through servant leadership. This concept runs counter to the traditional methods of leadership and instead emphasized the growth of follower within an organization. Here, the lead looks to inspire by working collaborative with others and modeling the behaviors he or she wants to see in others. A servant leader also inspires other members of the team to challenge themselves and provides an environment in which failure is welcomed. These ultimately is used to form an enduring culture predicated on issues that matter to the employee and society at large. Organization that fail to do his, will be at a competitive disadvantage will therefore loss their market position relative to firms who succeed at using this strategy (Mackey, 2013).