Taking the High Road

High-road business strategies take center stage, not as mere fads but as mighty catalysts for seismic shifts in business performance. They put employees at the heart of their universe, sparking engagement and accelerating their professional growth, thereby serving as the fuel for corporate growth and innovation. Rather than sidestepping the complex weave of diversity, equity, and inclusion (DEI), these strategies embrace it, knowing that it is within this rich tapestry where the most vibrant ideas and broadest perspectives reside. Sustainability is not an afterthought, but a cardinal principle that forms the spine of these strategies, leading to a more balanced relationship with our precious environment.

These strategies are not about playing the game but changing it, sharpening decision-making prowess, kindling the fires of innovation, diminishing environmental footprints, and constructing robust bridges of trust with consumers. They advocate for a harmonious blend of competition and collaboration, knowing that it is within this delicate balance where the seeds for sustainable growth are sown. The potency of high-road business strategies lies not just in their vision but in their capacity to sculpt the pathway to business excellence.

Here, glowing like guiding stars, are the key takeaways to inspire your journey on the high road to business success:

Empowerment at the Core

High-road strategies don’t just invest in employees; they make their growth and development the heart of the enterprise, sculpting superior decisions and sky-rocketing results.

DEI – The Game Changer.

Diversity, equity, and inclusion aren’t mere boxes to tick. They sharpen decision-making, fuel the engine of innovation, and boost overall performance, transforming them into the wind beneath your organization’s wings.

Sustainability – The Silent Guardian.

Acting as the tripartite sentinel of managerial, operational, and environmental sustainability, these strategies ensure corporate integrity, resource efficiency, and a gentler touch on our world, setting the tone for the conscious businesses of tomorrow.

Striking a Balanced Duel.

Harmonizing the dance of competition and collaboration, high-road strategies laser-focus on customer value, innovation, differentiation, and strategic alliances, crafting an intricate ballet of business excellence.

The High-Road Blueprint.

Unfurling the high-road map requires the crystal clarity of purpose and vision, nurturing the soil of DEI, maintaining the stalwart towers of integrity and transparency, optimizing operational efficiency, seeking the fertile fields of collaboration, and continually checking your compass to stay on track.

Well-Being, the Secret Sauce.

The well-being of employees isn’t a fringe benefit, it’s the lifeblood of an organization’s success. By impacting performance, firm culture, and social imprint, it serves as the secret ingredient in the recipe for lasting success.

Core Principles of High-Road Business Strategies

As the business and industry terrains undergo rapid transformation, companies are awakening to the profound potency of embracing the ‘high road.’ We define high road business practices as those which focus on employee experience, engagement, and development. Those that employ a high road strategy see their primary role as creating an environment which fosters employee growth and development in service of growth and innovation vs. low road strategies which favor low wages, basic benefits and uninspiring, menial job responsibilities in service of maximizing profit and optimizing for control. The route of the ‘high road,’ characterized by a commitment to Diversity, Equity, Inclusion (DEI), the pursuit of sustainability on multiple fronts, and the delicate balance of competition and collaboration, extends beyond mere social responsibility. Instead, it’s a strategic blueprint for reaching the pinnacle of business excellence.

The high road uncovers the truth: diversity isn’t just about meeting quotas; it’s an engine driving enhanced decision-making and innovation.

Alongside, the high road highlights the pressing imperative for sustainability, urging us to rethink our managerial, operational, and environmental strategies. The mandate is unambiguous: to lower environmental impact while bolstering corporate integrity, a key factor for 81% of consumers who place their trust before making a purchase.

The pursuit of excellence on the high road is illuminated by a guiding beacon. It encourages the creation of explicit DEI and sustainability goals, champions unbiased recruitment, advocates for transparent governance, optimize operational efficiency, and fosters impactful collaborations. But the journey doesn’t end there.

Diversity, Equity, and Inclusion

The transformative role of DEI in the fabric of an organization’s success is undeniable. These essential pillars are instrumental in sharpening decision-making, spurring innovation, and magnifying overall performance. Let’s look at compelling empirical evidence: research unveils that diverse teams are champions in decision-making. For example, inclusive teams are superior at making business decisions, reaching this goal 87% of the time.19 They are also twice as speedy in reaching decisions while conducting half the meetings. The cherry on top? Diverse teams deliver 60% improved results when they execute these decisions.19

Turning to the realm of innovation, the Boston Consulting Group, in a groundbreaking study, revealed a fascinating correlation between diversity and innovation revenues. Companies that boasted above-average diversity in their management teams announced an innovation revenue percentage points higher than their counterparts with below-average leadership diversity, making up 45% versus 26% of total revenue.19,20 This data paints a clear picture of the substantial influence diversity can wield on a company’s capacity to generate novel revenue sources from innovative products and services.

When equity and inclusion become organizational priorities, employee engagement and retention effects are significant. Employees in ‘high-inclusion’ atmospheres feel a stunning 3.5 times more likely to contribute their full innovative potential. 21 Furthermore, business units high on the engagement scale experience a reduction in turnover by 24% in high-turnover organizations and a whopping 59% in low-turnover organizations. These engaged units also witnessed a 10% rise in customer ratings and a 20% surge in sales. 22 Clearly, DEI transcends the realm of corporate social responsibility and positions itself firmly as a strategic business imperative.

Managerial, Operational, and Environmental Sustainability

In the modern business sphere, strategies taking the high road - those that emphasize sustainable and responsible practicesare not just gaining momentum, but they’re proving crucial for organizational success.

These strategies weave together the threads of ethical leadership, transparent governance, efficient resource management, and environmental footprint reduction.

Let’s consider the profound impact of ethical leadership and transparent governance. They don’t just shape an organization’s inner workings; they are key contributors to its outward image and the trust it inspires. Consider this: 81% of consumers must trust in a brand’s integrity and commitment to doing what’s right before making a purchase.18 The power of ethical and transparent practices in drawing customers and securing their loyalty is undeniable.

Efficient resource management, especially with sustainability in mind, can not only benefit our planet but also lead to substantial financial savings. For example, the Waste & Resources Action Programme (WRAP) has highlighted the monetary potential of inefficient resource management - businesses could realize savings of up to an astounding $29 million or £23 billion per year. 23 This is achieved through reducing waste, enhancing recycling practices, and optimizing the use of energy, water, and other resources. Finally, the benefits of minimizing a company’s environmental footprint are threefold: it’s ethically sound, socially responsible, and economically advantageous. Did you know that about 66% of consumers are ready to pay more for a product hailing from a sustainable brand? This number jumps to 73% when we consider millennials. 24 Moreover, a study conducted by the Harvard Business School, analyzing 180 companies over a span of 18 years, revealed that companies implementing environmentally and socially responsible practices significantly outperformed their counterparts who did not. 25

Strategies for Competition and Collaboration

In today’s bustling marketplace, high-road strategies embody a distinctive approach that harnesses competition and collaboration, honing in on differentiation, innovation, and customer value.

Imagine your organization distinguishing itself in the vast marketplace, creating an unforgettable impression, and reaping the rewards. A spectacular customer experience isn’t just about satisfaction; it can propel your organization ahead of the competition. In fact, 86% of organizations providing an “exceptional” customer experience manage to eclipse their rivals, capturing a considerably larger market share. 26

Innovation, the golden key to unlocking a business’s potential, is instrumental in carving out a competitive edge. The numbers speak for themselves - companies embracing innovation have enjoyed growth at a staggering 16% higher rate compared to their less innovative counterparts.16 Picture your organization surging ahead, growing twice as rapidly as the competition, all propelled by the power of innovation.16

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High-road strategies also value the importance of strategic alliances and partnerships, highlighting the power of unity in the face of competition. Companies engaging in such alliances don’t just stand their ground - they thrive, achieving superior market performance and sparking innovation through shared resources and knowledge. Remarkably, 85% of firms claim partnerships were critical to their revenue growth. 28,29 These alliances open doors to new markets, expedite knowledge transfer, and foster resource sharing, all of which can empower an organization’s competitive stance and sustainable growth.

Implementing High-Road Business Strategies

As organizations embark on the journey towards high-road strategies, The Center for Modern Workforce Strategy offers a roadmap of six essential steps to ensure a successful transition:

Further Considerations

In the pursuit of high-road strategies, beyond the initial steps outlined previously, it is also crucial to engage with the following elements to ensure their effective implementation:

1. 2. 3. 4. 5. 6.

Begin with clarity of purpose and vision.

Incorporate DEI and sustainability goals into your mission statement, creating a compass that points every member of your organization in the same direction.

Set the stage for diversity, equity, and inclusion to thrive. Implement proactive measures such as unbiased recruitment processes, mentorship programs, and ongoing employee training on unconscious bias and cultural competence. Each step brings you closer to an inclusive culture where every voice matters.

Uphold the highest standards of integrity and transparency. Establish governance structures and ethical leadership practices that encourage accountability and stakeholder engagement. This fosters a sense of trust and commitment across the organization, critical components of your high-road journey.

Pave the way to operational efficiency. With strategies that aim at reducing waste, conserving resources, and investing in renewable energy sources and eco-friendly technologies, you turn sustainability into a habit, not an afterthought.

Seek strength in collaboration.

Partnerships with other organizations, NGOs, and government agencies create a hub of shared knowledge and resources, fostering industry-wide sustainability initiatives. Together, we can achieve more.

Never lose sight of your progress. Instead, regularly assess and report your organization’s strides toward achieving its DEI and sustainability goals. This feedback loop promotes continuous improvement and informs stakeholders about your high-road journey.

1. 2. 3. 4. 5.

Weave the high-road principles into the very fabric of your corporate culture and values. It is crucial that every member of your organization not only understands these principles but embodies them in their work and interactions, and is rewarded for doing so.

Keep the momentum of learning alive. Continual learning and development in sustainability and DEI are key to keeping your organization in step with industry trends and best practices. This adaptability ensures your high-road strategies remain effective and relevant.

Open the floor for communication. Encourage dialogue and feedback from all levels of the organization and stakeholders. This nurtures an environment of continuous improvement and innovation, fueling your journey on the high road.

Applaud commitment. Reward and recognize those employees and teams who truly live the values. This celebration acknowledges their contributions and sends a strong message about your organization’s priorities.

Measure the strides you make. Regular monitoring and evaluation of the impact of high-road strategies on your organization’s performance and market standing provide invaluable data-driven insights. This information allows you to fine-tune your strategies and optimize your path on the high road.

Employee Well-Being Drives Performance and Firm Culture

The thriving heartbeat of every organization lies in the well-being of its employees. This vital principle, oft-overlooked, is now at the forefront of advanced research, steadily revealing that organizations that champion employee well-being ascend toward higher operational success.30

Embracing a philosophy of employee wellbeing can unlock a treasure trove of returns spanning productivity, healthcare costs, and turnover. Imagine a workforce where satisfaction fuels a

20% boost in productivity, where every dollar funneled into wellness programs precipitates a staggering 6-to1 return through reduced medical and absenteeism costs. 30,31

Now, let’s delve into how employee wellbeing is the secret catalyst to three critical facets of an organization’s success:

Performance

A vibrant, engaged workforce is an organization’s elixir. Healthy employees — mentally, emotionally, and physically — transform into dedicated, focused, and inspired performers.34,35 these contented workers are less likely to jump ship, significantly curbing turnover rates.36 This stability not only preserves a steady workforce but also spawns significant cost savings by curbing the expensive process of recruitment and training, which can reach up to 213% of highly paid positions’ salaries.37 Furthermore, well-being initiatives trim colossal health-related productivity losses, which cost US employers a whopping $225.8 billion annually.38

Firm Culture

A healthy workforce also fosters a healthy culture. When organizations nurture their employees, they seed a culture brimming with trust, collaboration, and open communication. Employees readily engage in cooperative behaviors in this positive work environment and foster tight-knit relationships.39 Per Google’s Project Aristotle, psychological safety, a byproduct of this trust, is the key ingredient to an effective team. 40 High-trust companies report 50% higher productivity, illustrating how trust translates into better quality work done in less time. 41 In fact, organizations that promote collaboration outperform their peers five-fold, with 67% of their employees deeply engaged in their jobs. 42

Social Impact

Organizations that promote well-being extend their caring ethos beyond their office walls, positively influencing society at large.11 They lead by example, inspiring others to commit to responsible business practices and fostering a more equitable society.13 This socially-conscious posture resonates deeply with Millennials and Generation Z, with nearly three-quarters willing to accept lower pay to work for a socially responsible company. 43 These companies not only magnetize top talent but also bolster their diversity and inclusion metrics, thereby directly influencing profitability. 44

It is becoming hard to ignore that embracing employee well-being isn’t merely a moralistic; it’s a sound business strategy that can energize employees, infuse positivity into the organizational culture, and amplify the company’s societal footprint.