Traditionally, businesses have lived by the mantra: customers first and shareholder profits will follow. But it’s becoming increasingly clear that customers and shareholders are not the only stakeholders who can make or break a business.
A recent conversation with my sister, who works in workforce planning, really brought this home. She highlighted just how critical the future workforce pipeline has become. The next generation isn’t looking for “any” entry-level role that pays the bills anymore. They’re selective. They want to work for organisations that align with their values. That give them purpose and a sense of belonging. That respect work–life balance and invest in personal growth. At the same time, many developed countries, including the UK, are seeing fewer and fewer young people entering the workforce. So not only are young peoplebeing more discerning, there are simply fewer of them to fill the roles we need.
This is why I’m such a fan of the B Corp model. It puts all stakeholders on a level playing field. Customers and shareholders matter, of course – but so do workers, local communities, and the environment. Without a holistic view of both your impact and your dependencies, you’re not setting your business up for long-term success. Looking after all stakeholders isn’t just the right thing to do – it’s smart risk management, a driver of productivity, and essential to the long-term health of any organisation.
How could your organisation do better to support its future workforce?
The 5 Stakeholder Groups Every Business Should Understand | The Shift to Responsible Business