TruthBook Religious News Blog

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Wednesday October 03, 2007

The days when businesses could operate solely on self-interest, short-term gain and with an eye on the bottom line are numbered as customers, employees and shareholders insist on knowing what companies are doing in the world.

There is a growing interest in what is being called 'spiritual capital'.

Financial planner, chartered accountant and managing director of Money Matters and Rodger Spiller & Associates, Dr Rodger Spiller, says spiritual capital is the value reflected in a business's commitment to quality of life.

"It is a bit of an intangible - like brand worth," he says. "It's something that helps companies be better able to attract customers and employees.

"It's about focusing on quality of life and sustainability. These are things that citizens are getting more aware of and are seeing as more important."

A recent survey in Britain showed that 53 per cent of workers felt a tension between their spirituality and daily work. "This needs to be addressed," Rodger says, "as it affects productivity and engagement."

Rodger points out that wealth is being redefined but, in some ways, it's reverting to its original meaning.

According to Wikipedia, wealth comes from the old English word "weal", meaning "well-being" or "welfare", and the term was originally an adjective used to describe the possession of such qualities.

"Spiritual capital reflects the original definition of wealth as wellbeing - not just money," Rodger says.

"It's about individuals and businesses being environmentally and socially responsible and wanting to improve wellbeing for all.

"Employees want to work for companies that take into account these things. Interestingly, companies with this broader perspective who look to enhancing quality of life are doing better financially.

"Responsible investors who prefer these companies are doing well by doing good. Stakeholders want to work and invest in companies that make a difference in the world and make money at the same time."

A famous quote from Body Shop founder the late Anita Roddick is: "The end result of kindness is that it draws people to you."

Rodger talks of the four Ps of spiritual capital: purpose, principles, practices and performance.

He says the old idea that greed is good has been rejected by a lot of people who don't merely want to work to finance the weekend. They want to feel good about the work they're doing.

"People are searching for meaning, and becoming more aware of spirituality. Employees who feel in tune with their company's efforts will be more productive and enthusiastic," Rodger says. "People's purpose in the world is more than just about money.

Labels: 'spiritual capital', business, spirituality, wealth