What are the advantages of being a mission-driven business? For one thing, a company can attract better employees at all levels. Through its mission, a company can also recruit customers, the source of its future growth.
In today's lesson, Matthew Bishop, the US Business Editor and New York Bureau Chief of The Economist, looks at what has happened to Nike in the last two decades. Nike found itself on "the wrong side of history," Bishop says, when poor workplace conditions in its supply chain were revealed. The company risked alienating its employees and customers alike.
After transforming itself in meaningful ways, however, Bishop says that Nike has become a leader in the world of mission-driven enterprises, and many other companies have followed suit.