Beyond Profit - Conscious Capitalism

"The search for meaning is changing expectationssector bank set up by an Act of Parliament, their
in the marketplace and in the workplace - It isduty is to provide a broad range of financial
changing the very soul of capitalism." ~ fromservices to customers across society.
"Firms of Endearment" by Raj Sisodia, Jag SethBhatt and his managers came up with a tool: a
and David WolfeTree of Fulfillment that each employee had to fill
At a recent conference organized by theup. The Tree had explicit fruits of employment
Conscious Capitalism Institute, Mr. O P Bhatt, thelike money, promotions, and rewards, along with
Chairman of the State Bank of India, offered animplicit fruits like personal growth, satisfaction
inspiring example of how we can change the wayfrom helping a needy person, social interactions,
we work, despite seemingly insurmountable odds.and relationships. Employees began to clarify their
When he joined SBI years ago, after completing awork, and who they are as people. They got in
Master's Degree in English literature, the bank wastouch with their own inner purpose and aspirations.
a class apart from other Indian banks.Tellers, clerks, loan officers, messengers,
It was viewed as an advisor to Government andeveryone - they began to respond to the
industry; no important policy decision was takencustomers with a higher sense of purpose and
without consulting the bank. However, as he roseresponsibility.
in the ranks, Bhatt became increasingly dismayedSo far the Citizen SBI experiment is working. And
that SBI was losing its pre-eminent position. Hecustomers are responding. Bhatt told the
blamed complacency among senior leadership andconference that a growing number of lower
the Board.middle class customers from villages are putting
When Bhatt became Chairman in 2006, changingtheir life savings of Rs. 15,000 to 20,000 in the
the culture of this corporate behemoth - withbank - translating to billions of new business
200,000 employees in 18,000 branches in Indianationally.
and abroad - seemed impossible. But he had toThe early SBI results back up the research by
try. He spent the first couple of years gatheringRaj Sisodia, a Professor at Bentley College in
input from management consultants, leadershipBoston, into companies devoted to a larger
coaches, spiritual and religious leaders - virtuallypurpose that just maximizing profits for its
everyone who might contribute ideas and insightsshareholders - companies like Whole Foods,
into how to transform SBI.JetBlue and Southwest airlines. These companies
He launched 'Parivartan,' a program aimed atoutperform the S&P index by a factor of 9:1.
gathering feedback from every SBI employeeSisodia's research led him to write the book
across the world. What did they need to do a"Firms of Endearment" and start the Conscious
better job? What changes would they like to see?Capitalism Institute to inspire companies to look at
Most said no one had ever asked, and manypurpose beyond profits, serve all stakeholders
offered valuable suggestions. Bhatt personally satrather than just the shareholders and institute
down with SBI's top 2,000 managers and askedtransformational leadership rather than command
them what they needed for the bank to do aand control management.
better job.If a huge, entrenched company like the State
Bhatt took his top 25 executives on a five-dayBank of India can change the lives of employees
retreat. Working with consultants, they decidedto commit themselves to customer service, no
that every SBI employee is more than another organization should settle for anything less.
employee - they are Citizens of the bank, with aPlease do write in with your thoughts on
role and responsibility to make a difference to theConscious Capitalism and what it would take for
community they serve. As the largest publicany organization to pursue this ideal.