Ask most CEOs about this word heritageAnd perhaps their responses will reflect the lasting mark they hope to leave on the organization. But legacy says much more than the contributions of any one leader, regardless of the length of their tenure. When everyone at every level, from the new hire to the CEO, embraces, embodies and expresses a shared mission and values, we can have a broader impact.
The importance of living your values and giving to others was part of my upbringing, but in the business world I learned a lot from William, who served as chairman and CEO of Baxter International for many years.・This is the first time I heard Mr. Graham say the following. good. “I have taken these words to heart throughout my nearly 30 years at Baxter, including as Chairman and CEO. Currently, in my classes at Northwestern University's Kellogg School of Management, I am a values-based leader and a value-based leader. He explains to students the synergy between doing good and doing well in building a vision-based organization.
Over the years, there has been much debate about the role and responsibilities of corporations, and Nobel Prize winner Milton Friedman famously quoted the phrase “to increase profits.” Without question, organizations must uphold their fiduciary responsibilities to all stakeholders, including investors, employees, vendors, and customers. At the same time, organizations can also strive to bring about change in other organizations, locally, globally, or both, as part of a responsible legacy.
One way to create a values-based legacy is through corporate giving. Given their vast resources and far-reaching influence, corporations are increasingly expected to help fund philanthropy and social spending, often filling gaps in government funding. These resources often come from corporate foundations with a specific mission that aligns with corporate social responsibility (CSR) or industry-considered company priorities.
To truly grow a values-based tradition, it takes more than just donations and grants. Within a values-based organization, people are encouraged to give of their time and talents. Activities like this are not just one-time events. Rather, through an ongoing commitment to company values, people are working on things that matter to them, not only in their free time but also as part of their jobs, such as employee volunteer programs. One example is Accenture's partnership with Sky's the Limit, a nonprofit organization that supports entrepreneurs from disadvantaged backgrounds. The consulting firm is recruiting mentors for the program from among its employees around the world, and more than 3,200 Accenture employees have volunteered for Sky's the Limit.
Company-sponsored volunteering and other acts of giving may seem like “nice-to-haves,” but they can improve employee engagement, increase productivity, retain engaged talent, and increase turnover. and to reduce costs associated with recruitment, these programs are becoming increasingly “must-have.” . As an added benefit, when values-based people are promoted, they help carry the torch for building and sustaining a values-based tradition.
Here are some tips and advice for establishing and building a values-based legacy within your organization.
• Understand the risks. As Cognizant observed in its survey, recent world events such as pandemics, natural disasters, and calls for improved social justice have caused many people to reevaluate their life choices, including where and how they work. Now you can. “Furthermore, as older Millennials reach their early 40s and Gen Z joins the job market, the career mobility of these 'purpose-driven' generations will become increasingly central to the continued survival of companies.” added. But helping people feel fulfilled at work can be difficult, resulting in a “purpose gap” in many organizations. Cognizant concluded that to close this gap, organizations need to “step up their efforts” and demonstrate a genuine commitment to making a positive impact. [on] Not just our shareholders, but our employees, our communities, and the world at large. ”
• Commit to an organization-wide legacy. Occasional company-sponsored events (like an office food drive around Thanksgiving) are “feel good” moments, but they aren't enough to build a tradition. It requires a deep commitment to the organization's mission and values. All team members should be encouraged to make a difference with our customers, co-workers and the communities where they live and work. One example is Northern Trust. Northern Trust is a 135-year-old independent financial institution with a long-standing reputation for community involvement. The company gives its employees two paid vacation days a year to volunteer for a charity of their choice, and has logged more than 1 million volunteer hours over the past 10 years. David Blowers, vice chairman of Northern Trust and a 42-year veteran of the company, recalls his first time at the company. “Almost immediately, I was asked to join the YMCA,” he told me. “I was only 30 years old when then-CEO Bill Osborne asked me to be an observer on the YMCA board. By the time I was 32, I was on the board. We all need to be involved in the community. It was expected and it was part of our cultural behavior.”
• Help people find purpose in their work. Don't get me wrong. Our talented team members are more eager to learn and more motivated than ever to advance. But of all the potential I see at Kellogg (including those who want to be CEO one day), it's not just the title or the salary. They also want the opportunity to discover and experience the true purpose of their work. For technology companies, that may mean finding ways to bridge the digital divide. Or your consumer goods company may be working to address food waste and improve nutrition in underserved communities. The more you experience purpose in every aspect of your life, especially your work, the more fulfilled you will feel.
Option Care is a healthcare company that provides IV therapy to patients. As Chairman of the Board, I am extremely proud of the growth our company and our management team, led by CEO John Rademacher, have experienced. What's even more impressive is that Option Care strives for excellence by recognizing each patient as a person who is loved by others. “We're providing exceptional care to someone's loved one,” Rademacher told me. “It takes extraordinary people to make that happen.” Our tradition of values-based care extends to our colleagues at Option Care. Through the Employee Relief Fund, team members can make small contributions from their paychecks to help co-workers facing unexpected medical expenses, such as large deductibles for cancer treatment. The company will then match the employee's contribution to the relief fund. This fund is another tangible way the Option Care team connects a sense of purpose to their work.
• Matching gifts Be intentional. Many organizations offer matching gifts that add a percentage (sometimes 100%) to employee contributions. Matching gifts are an important way for nonprofits to raise more money and an easy way for organizations to make corporate donations. While such matching can be easily accomplished with a few clicks on an online form, the intent behind these actions should not be underestimated. By tracking matching gifts, organizations can learn what's important to their team members. This adds intention to the process and opens the door to more philanthropic collaboration.
For example, when I was CEO of Baxter, I started a foundation. Rather than leaving it up to a team of senior leaders to decide where to award grants, we asked team members to come up with suggestions. We were particularly interested in learning where employees are actively involved in volunteering and fundraising, such as poverty, education, and housing. With this insight, foundations can also support these causes and organizations. Because we knew it was important to our colleagues. Management believed that this gift-matching ethos was one of the reasons Baxter had such high employee engagement and one of the lowest employee turnover rates in the healthcare industry.
Building a tradition based on values is more than any one person can do. We need organizations of people who share a commitment to making a difference in what we do, how we act, and how we benefit the lives of others.
