Companies

Defining a good business

| Updated on January 17, 2021

Doing good: Looking beyond profit to define what makes for a good business   -  ISTOCK.COM

What is ‘good business’? As part of its 75th anniversary celebrations, Mahindra Group conducted a study across 10 cities involving 2,000 respondents. Sixty-two per cent felt that good business was about society and community, rather than financial returns alone; 45 per cent of young Indians prioritised ethical standards and inclusivity over profits. However, for 48 per cent of respondents aged over 46, metrics like profitability, leadership and growth were important.

Even the investor community did not equate good business with financial returns — 20 per cent of investors surveyed cited lack of leadership and vision as barriers preventing a business from being ‘good’.

Who is a good employer? For 49 per cent of the respondents, the top three considerations were salary, growth opportunities, and environmental commitments; 35 per cent of employees surveyed said they would reject a job offer from a company they did not deem good. There were gender differences too — 81 per cent of women said they would reject a job offer if they did not consider the business a ‘good’ one, as compared with 74 per cent of their male counterparts.

Published on January 17, 2021

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