Give your business a boost with Buddhism

What business can learn from buddhism

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Haley A Beer, Warwick Business School, University of Warwick and Edward Gamble, Montana State University

Millennials, we are told, have a different attitude to work than their elders. They want to work for organisations committed to values and ethics, where there is a higher purpose than simply making a profit.

Businesses wanting to attract the best millennial talent might therefore learn a few lessons from ancient spiritual teachings, such as those of Buddhism. The fourth largest religion in the world has been focused on attaining a higher meaning and following the path to moksha – liberation – since the sixth century.

Organisations, especially in the non-profit and charity sector, can re-energise their employees by aligning the way they measure performance with the principles of Buddhism. This could also improve productivity, an important measure of economic activity and living standards.

These were the findings of our research. We interviewed 63 executives from not-for-profit organisations and found that most had simply imported practices and strategic models from the business world to measure their performance. Unfortunately, this is a world driven by maximising profit, which goes against the underlying purposes of these organisations.

Engaged and energised

Many studies have established that most staff are not only motivated by money, while the carrot and stick approach, which mixes reward and punishment, is also outdated. Employee engagement is now the ultimate goal for managers and it involves more than just job satisfaction.

It might be that an individual is perfectly content with a job and yet not engaged in it. Instead, engagement is found where work is absorbing, and to which employees feel naturally dedicated; work that one gets wrapped up in and is energised by. Engaged employees are prepared to go beyond the call of duty and actually drive the business; they show up because they want to, not because they have to.

Employees and businesses benefit from an injection of spirituality.
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Some might think spirituality and business should not be mixed in together, but both play an important role in society and people’s lives. They should be seen as interdependent. Spiritual disciplines may very well offer insights into techniques for achieving lasting employee engagement that everyone is searching for. At the very least, ancient wisdom could offer some lessons for understanding what it means to seek and achieve higher meaning in your life.

A different focus

This is perhaps even more applicable in not-for-profit organisations. Many non-profits use standard performance measures, that have been tailored to help traditional organisations maximise revenues while reducing costs. The rationale provided for the use of performance measurement is also usually a commercial one, suggesting that measurement only supports efficiency and effectiveness.

This can obscure their ethical and benevolent dimensions. Focus instead is placed on understanding data like the number of products delivered, or what rating a service has in numerical terms. Employees are rewarded for their capacities to score highly on given criteria. Although none of this is inherently wrong, it means that discussions and attention are pushed towards money.

Meanwhile, rich social interactions, trust, and positive, but unquantifiable, stories go unnoticed and unrewarded. Employees would be better able to believe in their organisation if it’s clear that their performance measures drive social connectedness and create social value.

Our research found that spiritual philosophies can provide this. Buddhism, for example, teaches its followers to take greater personal responsibility for their actions, to have a healthy detachment where necessary, and embrace a wholesome view of their actions.

This can include how socially connected and conscious employees are, but also their entrepreneurial awareness. Risk-taking and innovation are core to many of these organisations so employees must have the mindfulness to evaluate and exploit opportunities when they arise.

It also applies to financial meaning – how money is spent, but also where it comes from. Spiritual rationales for goals and activities can complement commercial ones. Most employees in the non-profit sector want to help people and this is what motivates them to work in this industry, often for less money.

Evidence also suggests that embracing spirituality within organisations may lead to better decision-making, enhanced creativity, reduced absenteeism, and greater emotional control.

Buddhist principles are not just for not-for-profits, however. Spiritual principles such as higher meaning, awareness (of self and the environment) and connectedness (belonging to a community), are likely to be relevant in other sectors, particularly if corporations want to re-engage and re-energise their workforce.

The ConversationMany are already dabbling in this with corporate social responsibility programmes, corporate volunteering, and sustainability targets. Several large companies, such as Google and the retailer Target, are even already adopting spiritually-informed practices to reap some of these benefits. But management practices such as measuring performance have not caught up with the deeper desire that many employees might have. We are just scratching the surface of how we can find more meaning and more productivity from our work.

Haley A Beer, Assistant Professor of Performance and Responsibility, Warwick Business School, University of Warwick and Edward Gamble, Assistant Professor of Accounting, Montana State University

This article was originally published on The Conversation. Read the original article.

What I heard last week

I had a conversation with a gentleman who used to work at a very large company. (I won’t indicate what kind of company it was and I certainly won’t say which one it was.)

 

That company, he told me, used to cooperate a lot with a similar large American company. (I won’t say which one that was either.)

At those companies, they used to call their counterparts at the other company instantly when one of them made an exciting discovery. They would ask each other to come over, so that they could teach each other, and share.

Every once in a while, they’d get together and have a conversation that went somewhat like this:

“We gave you that, and well, that’s worth about 50 million. But you gave us this, and that’s also worth about 50 million. You owe us six pence.”

And then they went and had lunch together.

What put a stop to it?

Competitiveness.

Cooperation

More recommended reading

These are business books that contain a few life lessons as well. The story about RJR Nabisco is a fast-paced account – it’s been called a thriller – about business and banking practices (junk bonds and whatnots) and of course a portrayal of Ross Johnson and others. (It’s not for everyone, and not for every moment because it requires enough time.)

The book about Greggs gives you the inside view of how Greggs came about and grew into what it is today. It’s a good read and may change how you think of Greggs, the big chain it is today that started as a mom & pop undertaking not unlike my own parents’.

Hilary Devey’s Bold as Brass is suitable for everyone – unless you happen to be a misogynist. It’s a touching book, showing you how Hilary grew up in Britain, the many personal and professional challenges she had to overcome and how she developed Pall-Ex. Throughout her life, Hilary climbed many steep cliffs and was pushed off a few too.

  1. Barbarians At The Gate
  2. Bread: The Story of Greggs
  3. Bold As Brass

Five books about Britain

I haven’t read the fifth one yet, but take for granted that it’s highly informative. The first one is pretty heavy reading, more suitable to browse and read when anything catches your eye about how the tea tradition came about for instance or that alcohol used to be seen as good sustenance for hard-working people. Do that often and you’ll learn a few things you didn’t know yet.

The other four are much easier reads.

The Making of the English Working Class (Penguin Modern Classics)

Rich Britain

The Making of Modern Britain

SHOPPED: The Shocking Power of British Supermarkets

A History of Modern Britain