Mindful, sustainable business is smart business, and there’s a body of evidence to back it up.
The next question, we wondered, is what does this mean for our partners? Or rather, are there advantages, by proxy, for organizations who partner with mindful businesses?
We decided to make a few inferences.
The Data | Sound corporate responsibility reduces corporate turnover by 25-50%.
The Inferences | You can count on a familiar face.
When you partner with a business, you’re really partnering with the people behind the business. Whether it’s your sales representative, account manager, the support team, or anyone else, you invest time and energy into building a working relationship with the team.
Some level of turnover is normal and to be expected in all organizations; however, it’s frustrating when familiar faces leave the company and you’re forced to start fresh with someone new.
When you work with companies with sound corporate responsibility, you’re upwards of 50% more likely to see the same faces year over year. The reason is simple - people who find meaning and purpose in their work are more likely to stay. Although partnering with a conscious company doesn’t guarantee you’ll be working alongside the same person or team for the duration of your relationship, it does significantly increase your odds.
The Data | 85% of purpose-led companies showed positive revenue growth over a 3-year period, as opposed to 42% of non-purpose-driven companies who showed a decline in revenue over the same period.
The Inferences | You can expect better service and innovation.
Businesses that show positive revenue growth year over year are likely to use the additional revenue to invest in things like research and development, additional staff to sustain the growth, and infrastructure to support emerging markets. These investments are intended to keep the business’s flywheel turning; however, you’ll reap the benefits both directly and indirectly.
With research and development comes innovative new products and services and important updates to existing products and services. With additional staff and resources comes better customer service. With new infrastructure comes the ability to serve your organization in a more geographically diverse capacity.
You see, your partners thriving means you, in turn, can expect to benefit from their success.
The Data | 55% of global consumers are willing to pay extra for products and services from companies committed to to positive social and environmental impact, a rise of 10% from 2011 to 2014.
The Inferences | Aligning your organization with companies who choose to do good may impact your bottom line, too.
Customers may not be directly aware of your supply chain, but establishing a framework for how you expect your partners to operate in terms of their own mindful business practices says a lot about your commitment to the cause.
Consumers continue to use their dollar to demand more from the companies they purchase from. The standards you set not only for yourself but also for your supply chain may be the differentiating factor between you and your competition.
At EverCheck, sustainability has always been a central tenet to how we operate our business. We can say from first-hand experience that investing in a culture of social and environmental responsibility is an investment in the future of your company. We’ve also been fortunate enough to partner with hospitals that are helping define what it means to be mindful in the healthcare space. Together, we’re making an impact we can all be proud of.