Talking conscious business

An expert panel gathered to discuss 'good business', why it works and why authenticity counts at the final PwC Herald Talks of 2016.

The end of the calendar year is a reflective time for many, so it was fitting that the last PwC Herald Talks of 2016 looked at the important topic of conscious business.

Customers, employees, suppliers and many other stakeholders now know how a business behaves – for good or for bad. They are empowered through technology to find out all they want to know about a business they work for or with.

Whether this is a catalyst to inspire more conscious business or whether that change is happening regardless, many organisations are finding the need to improve their karma.

TOMs Managing Director, Australia and New Zealand, John Elliott, delivered a keynote speech on how the once-humbly-sized company began only 10 years ago and how it's driven ahead with its social conscience as a differentiator.

John explained how the company has used one-for-one donation of their footwear to give away 70 million pairs of shoes through NGOs – a partnership that helped them deliver on their promises. TOMs has also diversified to provide 440,000 pairs of glasses and cataract surgery through its eyewear range, and is now moving into coffee, with the aim of providing drinking water to disadvantaged areas.

John said how good business is good for businesses and he reminded the PwC Herald Talks audience that customers don't have to wait for four years to decide which businesses they throw their support behind, "they vote with their dollars every day".

Old ideas, new thinking

Conscious business might be a new term, but sustainability in business certainly isn't. For the second part of the conference, John was joined by PwC Chair Michele Embling, CEO in Residence at Massey University Business School Mark Powell, Founder of eco-conscious beauty-product brand Ethique Brianne West, and Managing Director of DB Breweries Andy Routley.

The group sat down to discuss how each saw the prospect of conscious business developing, and if it's enough for organisations to just do what they've done in the past.

As Michele Embling pointed out: "When it comes to big business, I think we've seen a trend change from a few years ago. In the past, businesses would give money to organisations, whereas the trend now is around instead of just giving money, how about we partner with organisations, and take our skills that are in-house to help?"

Michele mentioned PwC's programme to provide education on financial literacy in low-decile schools – and it's just one way that businesses are taking more responsibility.

DB Breweries' Andy Routley said the company spends somewhere between 10-15 per cent of its marketing money talking about people drinking less, while Brianne West said her spark of inspiration to make shampoo packaging more eco-friendly came when she spilled a bottle of the stuff in the shower.

While all panel members agreed that considering sustainability is good – the panellists approached sustainable business strategy from very different angles. For some, it was about helping the environment or our communities and for others, a notable benefit was attracting talent.

Giving the people what they want

John Elliott continued by telling audience members that 88 per cent of young people want to work for a company that's socially responsible and ethical.

However, it's not just millennials who are driving the change towards conscious business. PwC's New Zealand CEO Survey 2016 AIESEC Findings found that 83 per cent of current CEOs in New Zealand say the purpose of business is about creating value for wider stakeholders, not just on turning a profit for shareholders.

Massey University's CEO and former CEO at The Warehouse Group, Mark Powell added to this. "People want to feel good about where they work and you don't just want compliance as a chief executive, you want commitment," he said. “Is ethical business good business? I think it is – it's good for customers, it's good for your team and your people, it's good for profit and for society."

Perhaps the most important element of conscious business to remember is that it's not just a statement; real, sustainable success comes from living the four values of 'good growth' – being real, inclusive, responsible and lasting – as PwC's Michele Embling outlined.

In Michele's own words: "If you're not living and breathing your purpose you will be found out very quickly."

Stay tuned to hear about 2017's exciting PwC Herald Talks schedule.

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Michele Embling

Michele Embling

Chair, PwC New Zealand

Tel: +64 21 807 728

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