In the age of the connected customer, your culture is your brand. Successful companies with revered brands have developed a culture that is committed to equality, social advocacy and giving back. To earn customer trust and advocacy, successful companies must continue to deliver high quality products and services, but the path from good to great is paved by core values and guiding principles that are inclusive, welcoming, and generous, celebrating diversity and equality. Salesforce Research surveyed more than 1,500 business professionals to discover the impact of equality and value-driven businesses, focusing on the following:
- Changing expectations of businesses’ role in society
- The customer impact of values driven companies
- Employee benefits of fostering a culture of equality
As a first generation immigrant, I am proud to be working at the #1 “best place to work" in the country. I strongly believe that Salesforce was recognized as the best place to work because of our inspiring and engaging culture and our mission-driven core values and guiding principles aimed at improving equality and closing the gender pay gap.
Here are 10 key takeaways from “The Impact of Equality and Values Driven Business” report:
The Business Imperative of Equality and Values
Equality and Values Help Drive the Bottom Line
Positive impact of society - Increasingly, business leaders at high-profile companies are speaking about social issues and values that matter to their customers and employees. Today’s business professionals consider more than typical factors such as pricing, salary, and brand recognition when choosing an employer or company to purchase from - social impact matters.
1. 80% of business professionals believe businesses have a responsibility to look beyond profit and make a positive impact on society.
Reducing the gap in workplace equality - Businesses have more work to do when it comes to addressing their own workplace equality gaps. And most companies are not activley working to achieve diversity.
2. Only 25% of business professionals believe their company cares about closing the gender pay gap.
3. 36% of business professionals say their company actively works to be more diverse.
“There is certainly more to do in the industry. We have work to do on gender diversity. We have work to do on underrepresented minorities. We have work to do to make the industry look like the communities where we operate and the customers that we serve.” — Tony Prophet (Twitter: @Tony_Prophet)
Tony Prophet, Chief Equality Officer, Salesforce
Business and Social Impact Go Hand in Hand
Customers want to do business with companies that give back - 58% of Millennial consumers say that companies investing in or giving back to their community has an impact on their loyalty to a company.
4. 60% of consumers are likely to go a step further and switch brands if a company isn’t socially responsible.
5. 51% of consumers say companies investing in or giving back to the community has a major influence on their loyalty to a company
Companies can go beyond traditional philanthropy to drive impact - Fewer than half of business pros at their company are actively engaged in community service. Companies have the potential to create greater social impact through adoption of various activities, including community service, diversity and equality in the workplace programs, adopting local schools, and development and support of public policy.
Businesses have the potential to create greater social impact
Business leaders are becoming societal leaders - The rise of value driven businesses has created an opportunity for business leaders to become social advocates, partnering with governments, nonprofit, and education leaders to drive change.
Commitment to Equality Drives Employee Success
Inequality persists in today’s business culture - A culture of equality matters more than ever. For those who say their company provided equal opportunity, 65% say they are proud to work for their company. That said, workplace inequality gaps remain a persistent issue. We have more work to do for sure.
Tony Prophet was asked why Salesforce has a chief equality officer:
“I see a natural progression from diversity to inclusion to equality. Diversity is a given, that we are driving for that. Inclusion, certainly. But to drive for equality — equal rights, equal opportunity, equal advancement, equal pay — is the ultimate goal. I think the title signals the strategy and the intent for what we are working to drive and create at Salesforce and foster around the world.” — Tony Prophet
Tony Prophet - Chief Equality Officer, Salesforce with Lilly Ledbetter, namesake of President Barack Obama's first official piece of legislation as president and tireless advocate for equal pay.
6. Nearly half (49%) of business professionals don’t believe their companies provide equal opportunities for employees.
Businesses have more to do achieve workplace equality
Workplace equality influences employee engagement - Employees are more likely to take pride for their company when the company is taking steps toward equality.
7. 75% of employees are proud to work for a company that is working towards closing the gender pay gap.
Proud employees care about equality and closing the gender pay gap
Inclusive cultures boosts employee productivity - When employees feel accepted and comfortable at work, they also feel empowered to perform better.
8. Only 36% of business professionals report that they feel empowered to perform their best work.
9. Employees who feel a sense of belonging at their company are 5.3X more likely to feel empowered to perform their best work.
Cindy Robbins, EVP Employee Success, Salesforce
Business leaders prepare to address equality gaps - Business leaders who show active leadership in advocating workplace equality are changing company cultures and performance.
10. Only 40% of business professionals say their company leads with its values.
“The Impact of Equality and Values Driven Business” research report concludes with three solid recommendations as to leading an equality and values driven business:
- Lead with Values: demonstrate an authentic commitment to greater objective with clear and honest values
- Become a Platform for Social Good: Businesses can leverage their power as platforms for social change — using their networks, influence, and voice to speak out and empower those who can’t do so on their own.
- Create a Culture of Equality: Commitment to equality and inclusiveness is becoming a competitive differentiator for companies seeking to attract and retain a new generation of talent.
Your culture is your brand. Successful brands value equality and work hard to develop a value-driven business. We all have more work to do. To learn more about “The Impact of Equality and Values Driven Business,” research report, please visit here.