Visiting speaker Paul Hargreaves, the chief executive of produce wholesaler Cotswold Fayre, told attendees at the A New Map For Good Business in Jersey event that customers were flocking to organisations that were ‘making a difference’.
Held at the Royal Yacht Hotel, the event, organised by the Jersey Good Business Charter, was used to launch the charter’s 2021 Good Business Report, full coverage of which will be published in the JEP at a later date.
In a keynote speech, Mr Hargreaves said that his own business had ‘never looked back’ since it adopted a philosophy in 2014 of ‘putting people and planet at the same level or even ahead of profit’.
This involved Cotswold Fayre signing up to become a ‘Certified B Corporation’, which means that a business meets high social, environmental, transparency and accountability standards that are regularly verified.
Examples of the company’s ethical practices have been hiring employees other firms ‘would not give a chance’ and simplifying its supply chains to reduce its carbon footprint.
Mr Hargreaves said: ‘As we became more generous as a business to our people, gave more to the community and worked hard on the impact on the planet, we became a completely different business.
‘People became excited about coming to work and we found it easy to recruit great new people. At the end of the day, people don’t just want to come to work for money. They want purpose as well.
‘For those of you who think that going to work is something we just have to do, think again. It doesn’t have to be like that.’
He added that he believed the business world had changed in recent years, not least because the attitudes of customers had shifted.
‘Back in 2014 we were a single financial bottom-line business. That’s not what business is about these days,’ Mr Hargreaves said.
‘Business has been doing that for 200 years and look where we are. We have a climate that is ruined and more inequality than ever before, both in the world and the UK.
‘Consumers are starting to vote with their feet on this. They want to buy from businesses which aren’t just about making their shareholders wealthy. They want to buy from businesses that are making a difference and that is what the Good Business Charter is about – having purpose in business aside from making money.’
Later during the event it was announced that Jersey Finance had become accredited as members of the Good Business Charter.
The organisation’s chief executive, Joe Moynihan, said that he believed many businesses in his sector were now motivated by more factors than money.
He said: ‘A lot of businesses in the Island do not work on the basis of the profit line only. As a jurisdiction we take our responsibilities very seriously.
‘I think that is witnessed by the number of people who are here and the activities of quite a number of organisations in the financial services industry.’
