As one of the world's largest fastest-growing economies, India occupies a prominent position on the global stage. In fact, the government aims to turn the Indian subcontinent into a $5 trillion economy by 2024.
To do this Corporations and Multinationals must cater to the new India. By 2022, the average age in India will be just 28, in contrast to 37 in China and the US, 45 in Western Europe and 47 in Japan. The workforce will be dominated by millennials and Gen Z; groups that emphasize shared values. According to A.T. Kearney's Global Future Consumer Study, younger generations actively look and are willing to pay more for environmentally friendly and socially minded brands.
The times are changing and we are seeing a shift from Companies focusing more on people over profits. Millennials are demanding more from a customer and employee perspective. They are anchored on experiences rather than materialistic goods embracing sustainability. They are tech savvy, socially responsible and they value a conscious lifestyle. Recent studies by Nielsen show that Millennials are willing to pay more for products and services seen as sustainable or coming from socially and environmentally responsible companies.
Corporations that think long-term understand this message and are adapting to this cultural shift quickly. People want to buy from Companies that have a MORAL purpose grounded on human values. As Global Business Leader, Shawn Vij argues in his new book, Moral Fiber – A Practical Guide to Living Our Values, companies that anchor on a higher purpose achieve greater results. Yes, most companies are designed to make profit but they are now adapting to meet new social and political expectations. "We are starting to see a shift from cut throat business to conscious capitalism as more millennials enter the workplace," says Vij.
Companies are made up of people – diverse people that serve a diverse set of customers and communities. As Jamsetji Tata, founder of Tata Group once said, "the community is not just another stakeholder in the business but in fact the very purpose of its existence." We are seeing a shift where companies are taking a strong position and acting on their core values which come from listening to the collective voice of their diverse set of employees, customers and communities.
As Vij clearly states, "It is about 'being' a conscious business that raises the overall human condition." It is not about philanthropy, charity or corporate social responsibility but rather about always being a conscious business. It's about each of us doing the right thing always.
We all have choices. And it is upon employees, customers and communities to help reclaim and re-discover these values. We do this by starting both at work and at home. Reminding each other of the simple acts of human kindness, respect, fairness and inclusion.
What if we all acted on this?
Vij shared with us how his encounters with the Dalai Lama transformed his approach to business, anchoring on a higher purpose. His story is a beautiful journey on how compassion with capitalism raises the human condition.
As Vij states, "companies are more global than ever, made up of diverse groups of people who serve a diverse set of customers and communities. We are seeing a shift where companies are taking a strong position and acting on their core values – which come from listening to the collective voices of their employees, customers and communities."
Employees, customers and communities expect business leaders to speak out in support of them, and in support of humanity's collective values of compassion, honesty, fairness and kindness.
Having worked with many honorable leaders, Vij states they are doing it right because it's the right thing to do from a moral and ethical place. As a result, we are seeing more business leaders and companies taking public stances, and speaking out in support of their global communities.
Shawn Vij is an accomplished business leader who has over 25 years of Industry and Consulting experience. He has worked in various leadership positions for Ford Motor Company, Ernst & Young, VISA, Deloitte Consulting, Microsoft, and Intel Corporation. He holds an MBA from Purdue University; MS in Engineering from the University of Michigan and a BS in Mechanical Engineering from Michigan Technological University. Shawn was raised in the US Midwest and now resides in the Pacific Northwest.
His new book is Moral Fiber – A Practical Guide to Living Our Values; Foreword by the Dalai Lama.
Publisher: wileyindia.com
Available soon at all major bookstores & Amazon.in Amazonkindle Flipkart
