Why Greed Won’t Win in the Workplace

While greed is often depicted as the main driver in business, forward-thinking leaders know that in the long run, real success comes from investing in people, not profit.

My father was a successful businessman. The one thing he hated was greed. He believed that if you create a ‘joint ownership’ mentality in an organization, everyone benefits in the long run, and your people are invested in a company’s success.?

He was way ahead of the game.

Survival of the Fittest

For a long time, corporate America has been about the survival of the fittest, with everything geared towards the bottom line. Who can forget Michael Douglas’s “Greed is Good” speech in the movie Wall Street (1987), where his character, Gordon Gekko, says, “Either you do it right, or you get eliminated.”

According to Simon Sinek 's video “The Rise in Selfishness,” this greed mentality can be pinned on a guy named Milton Friedman. A controversial economist, Friedman wrote an essay for The New York Times in 1970 titled "A Friedman Doctrine: The Social Responsibility of Business Is to Increase Its Profits ." His theory was that corporations' only responsibility is to make profits for shareholders and that companies don't have any social responsibilities to the public or society.?

Sinek says leaders like Jack Welch, the Former CEO of General Electric, popularized “Shareholder Supremacy.” The jury has always been out on Welch’s leadership style, as Malcolm Gladwell asked in this The New Yorker article headline: “Was Jack Welch the Greatest C.E.O of his day, or the worst? ”

Whether you are a fan of Jack Welch or not, it’s interesting to see his leadership style through the lens of our world now. For some, his unconventional way of doing things had far-reaching consequences. But there’s another side to the story: for a long time, society supported Jack Welch's style. After all, at one point in time this leadership style made the world a better place?by making things more efficient.

There is a lot we can learn from them when it comes to efficiency, but to what end? We saw the sacrifices made by our grandparents and parents that gave rise to the latchkey generation, and we asked ourselves - do we want that life?

So now we are at a crossroads of management. Is the tail wagging the dog, or is the dog wagging the tail? Are management styles changing because of society's unwillingness to sacrifice like the generations before us?

The Great Resignation, the work-from-home movement,? and all of those novelties that came after the pandemic,? (with Gen Z and millennials leading the way) are a testament that companies have to adapt to new ways of doing things, whether you agree with any of these movements or not. One quote from our past that supports this workforce dilemma is "change or die."

I, for one, appreciate the new era where folks are treated more inclusively, we could do an even better job of shaping it so that companies aren't just changing for the sake of change. Accountability is key

What excites me regarding the conversations around this new type of inclusive management is that the focus is more on people and less on profit, and here’s why:

• Short-term gain is a slippery slope: Greed often prioritizes short-term profits at the expense of long-term sustainability. Forward-thinking companies are recognizing that ethical practices are not just morally right but also make financial sense.
• Thriving Employees mean more profit: Investing in your employees means they will be happier and work harder—and your customers will benefit. Customers will come back for more, and your profits will rise.?
• Employees are Using Their Voice: Employees realize their worth and don’t simply accept what a company’s corporate culture demands. They know that their skills, dedication, and expertise contribute significantly to a company's success and are more assertive in asking for better working conditions and pay.
• A Sense of Trust: Trust is the cornerstone of any successful business relationship. Greed-driven businesses erode trust, which leads to a loss of profit. If customers think they are being ripped off, they won’t return. The opposite is also true—I see it with our Palmetto Infusion clinics. The patients trust our nurses and caregivers and come back time and time again.?
• Employee Morale: Policies driven by greed and disregard for work-life balance impact employee morale and engagement. This results in high staff turnover, which is very expensive for the bottom line!?
• Conscious Consumers: Just like employees have found their voice, consumers are becoming more aware. They are looking at company ethics and things like sustainability - so cutting corners just for profit makes no sense.
• Transparency and Good Governance: This goes back to my point about trust - companies need to be accountable for their actions at every level, which is why ethical boards play an important role in ensuring that organizations are run by a strict code of ethics and values and that employees are treated fairly. This is non-negotiable.

The Rise in Ethical Leadership

There’s a rise in ethical leadership; as employees and customers evolve, so must leaders. That brings me back to my Dad; his philosophy of building business for people and around people was the best investment he could have made. He started in healthcare decades ago when guys like Milton Friedman talked about profit, and my dad championed inclusion. The company he began to build in those days continues to expand, with happy, thriving teams that enjoy going to work every day.?

It's a no-brainer whether you're a greedy leader or a giving leader. The latter choice always brings the greatest rewards - emotional and financial.?