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Where Conscious capitalism and Software Development collide for the greater good

Last updated on March 15, 2021 DevHouseCollective, Tech

What is Conscious Capitalism?

Simple definition: A business where all stakeholders benefit.

The whole idea came about as an answer to the negative effects of global capitalism. What to do about income inequality, lack of equality in the workplace, growing wealth disparity, the indifference of corporate ethics, and of course the environmental side of which is is no longer in debate.

Let's dive into it a little deeper

So a business where all stakeholders benefit. Ok, that sounds wonderful but what does it actually mean? The creators of the movement, Mackey, and Sisodia believe there are four key tenants. The combination of the four provide the building blocks to a company the has direct and indirect impact.
A Higher purpose

A purpose that aligns all stakeholders that supersedes financial gains.

Conscious Leadership

Ethical leadership where their vision trickles down and inspires the same within the organization

Stakeholder integration

All stakeholders must be in a win-win situation. Generating profits by having loyal customers, passionate employees, and trusted partners and suppliers

Sustaining Culture

A company must have 7 key tenants of culture: Trust, Accountability, Caring, Transparency, Integrity, Learning, and Egalitarianism.

So the article is about Conscious Capitalism and Tech Companies so let’s analyze from a practical sense based on the four pillars.

 

The majority of tech companies in some way or form, either by the pervasive ways of Silicon Valley or hopefully by the goodness of their hearts, which I believe, realized quickly that the world is changing/has changed.
The newer generations care about the environment, their coworkers, having a purpose, and long to be a part of something that matters. Whether or not Tech companies a carrying the conscious capitalism flag willingly or unwillingly the war for talent is raging and will only get worse and tech companies, as a means of survival, must embrace conscious capitalism or perish.
Furthermore, the new generations care about this regardless of their political preference. In addition, they are also highly motivated by security and salary which means not only does a company need to promote conscious capitalism, they need to do it in a way that is profitable.

The war for talent is raging and will only get worse and tech companies, as a means of survival, must embrace conscious capitalism or perish.

So what does this mean for the future of work? Aside from the new COVID-inspired collaboration, regardless if an employee is full-time, is a contractor, and/or intern – the new social status quo is about being a part of a company that cares about its impact on a local, city, state, federal and global level.

Where Millennials and Gen Z stand on Social issues

%
Global Warming is manmade

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%
Mariage Equality for all sexes

of Millenials and Gen Z believe it is good or at the very least should not affect our society

%
User experience

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So based on this, a few burning questions arise.

  1. If tech companies  MUST embrace conscious capitalism as a means of survival, should they be required to do more?
  2. If so, what are the next steps in the evolution of conscious capitalism?
  3. How can we empower and educate employees to do more?
  4. And philosophically speaking, can the next phase of this movement be the catalyst to global change? We think so.

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