Do you want to make a difference in your wallet or in the world?
The new grads that are entering the workforce are bringing a very surprising trend along with them. It used to be that working for the most exclusive, high-status firm was the be-all end-all for the graduating class, but that’s not the case anymore.
Grads still want a roof over their heads. That hasn’t changed. But their conversations don’t revolve around stock options or bonuses any more. They don’t ask how much they’ll make; they ask how much of a difference they’ll make.
Recruiters for major banks and Fortune 500 companies used to weed through thousands of grads’ résumés, to find those they deemed worthy of their esteemed institutions. Now, recruiters struggle to reel in talent who want the exact opposite of what those institutions are offering.
Today, grads flock to businesses that are making a positive difference, and in a few years these companies will dominate the landscape. Mission-driven, for-profit companies will become the new normal.
Here’s why.
Money talks
Consumers vote with their wallets, and all of those votes are going to socially conscious firms. Dollars are going straight to companies that “do well by doing good,” and are leaving the rest of the companies behind.
“Mad Men”-style flashy advertising isn’t enough to reel in consumers, and traditional ad agencies are suffering because of it. This is because no amount of advertising dollars can hide when a company is so concerned with profits that it will step on anyone to get them.
This is even apparent in the incredibly budget-conscious fast food sector. Chipotle, which famously serves GMO-free food with integrity, saw its in-store sales rise by 17 percent last year, while McDonalds has seen a one percent drop. The younger generation of consumers is saying “no” to Ronald McDonald and are instead choosing food that’s ethically-sourced and sustainably-prepared.
Consumers have even shown that they’re willing to part with more money if it means staying true to their principles. Havas Media surveyed 50,000 consumers across the whole world, and 51 percent of respondents not only said that they wanted to reward responsible companies by patronizing them; but 53 percent said that they would pay a 10 percent premium for products from such companies.
Vote with your career
Recent grads are increasingly choosing to work for companies whose goals are greater than “we want money.” The new dream job simply isn’t at the work equivalent of a Ferrari any more.
You can see this among the top of the top. Harvard’s prestigious MBA program is home to the ultra-prestigious Baker Scholar program, whose alumni roster includes JP Morgan CEO Jamie Dimon. And last year, only one of its students actually made the leap into finance.
The big “get” today is an interview at a socially responsible company that behaves ethically, reduces its carbon footprint or otherwise tries to change an industry through a positive approach. So as jobseekers continue to search for meaningful work, companies that can’t see past their bottom lines will get left behind.
Changing for yourself
Whether you’re an entrepreneur just launching your first company or in upper management at an established firm, it may be time to ask if your business is making a positive difference.
Harvard grads may be shooing away finance, but I’m happy to say that the best and the brightest are always knocking at my company’s door. This is because I launched LexION Capital with the goal of creating an ethical, transparent, anti-Wall Street, Wall Street firm.
Making meaningful goals a part of your business plan will feel good for you personally; and it will continue to make you feel good about what you do every day.
Do you want to make a difference in your wallet or in the world?
Coca-Cola recently started a program to empower young women entrepreneurs. The goal of the 5by20 program is to bring five million women from the developing world into the company by the year 2020 as local bottlers and distributors of its products.
Does this get Coca Cola great PR? Yes. But more importantly, are they empowering women who might have otherwise been overlooked? Yes.
The answer to the question, “Do you want to make a difference in your wallet or in the world?” can also be “yes.” Consumers and top talent alike can either flock to your door or leave it to the crickets and tumbleweeds. So take a stand for something significant.
It’s never too late to make positive changes in your business and your life. So dare to be different by making a difference: the results will surprise you.
