Introduction
The Container Store was established in 1978 by Kip Tindell and Garett Boone. It started its main operation with the ultimate aim of offering a solutions-based approach to retail at its headquarters at Capell, Texas, with 49 locations across the country selling more than 10,000 products. This unique approach made it develop in its initial 1,600 square foot store from a founding $35,000 in 1978 to earning an income of over $800 million as of 2017 (Whittington, 2017). In 2021, 53% of its top administration group was female, and 33% of senior administration was placed as Black, Indigenous, or a Person of Color. The Container Store’s fundamental business ideologies of supporting its staff, clients, merchandisers, shareholders, and the general public in a respective and dignified manner gained it lots of accolades (Agan & Starr, 2018). This is a tradition guided by its seven Foundation Principles and results in an atmosphere where the energies of individuals associated with its business are augmented and brimming with possibility
Ethical Culture For The Container Store’s Relationship With Its Stakeholders
The Code of Business Conduct and Ethics Policy is the policy of The Container Store Group, Inc. and all of its branches, its board members, officers, and workers. They are bound to adhere to all applicable laws and regulations and act accordingly and ethically on behalf of the company (Huang & Paterson, 2017). None of its workers has the moral authority to breach this code or influence any other individual to breach it. Non-adherence to the applicable laws or the ethical firm’s standards as outlined in this code could lead to the company and its workers’ fiduciary fines, civil indictment, legal sanctions, or tarnished company goodwill (Crane et al., 2019). It is the expectation of the company workers to have fair dealings, uphold integrity, good stewards, and be objective in the performance of their roles and responsibilities. All the staff and stakeholders are trusted by The Container Stores to flaunt commitment in all affairs and not to entertain in any unlawful or inappropriate activity.
Conscious Capitalism success of The Container Store
Conscious businesses are directed by servant managers whose major issue is the mutual benefits of each person at work instead of personal gain. The Container Stores embraced conscious capitalism which is a value-based venture utilizing stakeholder’s theory. FR Oswald AJ Mascarenhas (2018) argued that conscious capitalism is a distinguished way of dealing with the internal capability of the business venture to create an opportunity for the world. This theory holds that enterprises should always create value for stakeholders instead of money for shareholders. For a long period enterprises have benefited from conscious capitalism in several ways, including: improved community participation, heightened stakeholder allegiance, improved workers and customers’ satisfaction, a working environment between the employers and workers, and also increased nearby communities and its surrounding.
Conclusion
The application of conscious capitalism demonstrated that success in today’s firm’s environment is directly associated with a high ethical, reliable, and inspiring demeanor. Enterprises that satisfy and surpass the stakeholder requirements and considerations in practices that win them over via a moral cycle of favorable exchange, resolve to be the industry to take a leading role in the current times and future. A significant element of a conscious capitalist approach is firms that focus on strategic major principles and buy-in. Firms should therefore commit themselves to ensure a working environment for their workers by investing more in empowerment and commensurate compensations of their staff, promoting fair dealings in all its endeavors, and prompt payment to all its suppliers.
References
Agan, A., & Starr, S. (2018). Ban the box, criminal records, and racial discrimination: A field experiment. The Quarterly Journal of Economics, 133(1), 191-235. Web.
Crane, A., Matten, D., Glozer, S., & Spence, L. (2019). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
FR Oswald AJ Mascarenhas, S. J. (2018). The success of free enterprise capitalist system when designed and deployed rightly. In Corporate Ethics for Turbulent Markets. Emerald Publishing Limited.
Huang, L., & Paterson, T. A. (2017). Group ethical voice: Influence of ethical leadership and impact on ethical performance. Journal of Management, 43(4), 1157-1184. Web.
Whittington, J. L. (2017). Creating a positive organization through servant leadership. In Servant leadership and followership (pp. 51-79). Palgrave Macmillan.