Consider the four characteristics of conscious capitalism: conscious leadership, stakeholder orientation, conscious culture, and higher purpose. Describe how these characteristics together can improve an organization's performance. Discuss in the context of your own organization, an organization you have belonged to in the past, or another existing organization that would benefit from significant organizational improvement.

Answer:

Let me describe four characteristics of conscious capitalism, these characteristics are as stated below:

Conscious leadership: organizational performance can be improved using conscious leadership. With this leadership, firm can bring value for all the stakeholders and consider their interests, requirements. Stakeholders get more flexibility and driven by freedom and they can fulfill objective and purpose of firm by getting motivation. Such leadership brings transformative role of a leader and that helps team members to bring out best out of them. There would be strong integrity between conscious leadership and conscious culture.

Stakeholder orientation:

Organizational performance can be improved by using stakeholder orientation. Every business should be committed for engaging stakeholders and they should bring sufficient value for all the stakeholders those are more directly connected with the firm. If stakeholders are engaged in effective way, we can drive out healthy business. Stakeholder engagement starts from identifying the list of each stakeholder, their power level, interest and role towards the project.

Conscious culture:

Organizational performance also could be affected by conscious culture. As every organization has their different or distinct culture. The culture could include traditional practices, organizational values and various underlying principles. With such presence of culture, stakeholders get connected to each other. The culture could uphold trust, learning, Integrity, empowerment and transparency.

Higher purpose:

Every business has some kind of purpose to fulfill and they need to work on benefit management. They usually consider long term sustainability over just making revenue from the business. If the purpose is clearly defined and accepted by all associated stakeholders, in such situation, organization could get strong engagement of all the associated stakeholders.