Last month, Target lost more than $12.4 billion in market value after consumers lashed out at the retail giant for abandoning its Diversity, Equity and Inclusion policy. Not having been in the C-suite when the decision was made, none of us know for sure how Target’s executives made the decision. But I wonder if they had taken some more time and reflection on the company’s core values if the outcome would have been different.
We may assume that spirituality and mindfulness has a place only in the wellness industry, but there are tools and principles that all business leaders can use to navigate turbulence. And as the markets get more volatile, they’re needed more than ever.
Many companies and leaders have successfully integrated a practice of reflection and mission into their day to day. For example, Devoted Health, a leading healthcare company valued at over $13 billion, integrates the spiritual principle of love: before a nurse or clinician enters a room to see a patient, they are encouraged to ask themselves the question: how would I treat this person if they were a family member? The company attributes this simple practice as one of the drivers of their success.
Bringing a core mission and purpose to corporate culture is not new. Soon after starting Calvert Investments in the late 1970s, Wayne Silby attended a Buddhist Right Livelihood program. One of the exercises was to reflect on what one’s tombstone might say, and he had a nightmarish vision of his reading: “The person that made 2% more than the next person.”
This was not the legacy that he wanted to leave. Upon return to the office, he led the entire management team to reflect on their overall purpose in building an organization. He wanted to make a positive impact as well as driving financial success, so the company laid out its mission to meet the needs of return-seeking investors today while focusing on the long-term needs of our planet and society. Calvert became a pioneer in the area of socially responsible investing. His namesake company has approximately $45 billion in assets under management and has played a significant role in shaping the trillion dollar impact investing industry.
Today, as Baby Boomers are retiring, $100 trillion is shifting to the millennial generation. Many are looking for tools to align their purpose with the largest wealth transfer in history. An example of this is Bank of America Institute and Bank of America Private Bank issued research in 2024 which found that 82% of people between the ages of 24 and 43 considered a company’s ESG track record when making investment decisions.
One company leading the way is Esusu, which works with underserved communities to build credit. The Unicorn, valued at $1 billion, has made its values explicit in the ‘Esusu Credo’, which commits to “compassionate inquiry.” This requires associates to look beneath the surface in any situation or with clients to understand root causes and approach challenges with compassion. For example, instead of making assumptions about why renters–their primary customer base–might not use a product or service, Esusu employees take the time to understand their lived experiences and challenges.
On average, Esusu increases the credit scores of their customers by 45 points. Ultimately, CEOs and business leaders face the decision to keep the transformative forces of capital and spiritual values separate or to actively align them to create a harmonious future.
By leading with purpose, reflecting deeply on what truly matters, and daring to invest with heart, we all have the opportunity to galvanize change, uplift others, care for our planet, and leave a legacy of impact and tools for future generations. Next time you have a staff meeting, ask yourselves, what does it mean to lead with integrity? What
legacy do you want to leave? And, what would it look like if you were to imagine your customers as part of your family?
