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In today’s business world, it’s common to hear talk of ‘people over profit’ and corporate social responsibility initiatives, but all too often it feels like a tokenistic approach to proving your business isn’t just about profiteering. 

But what if we could build a world of human-centred businesses, which really were driven by both ethical outcomes AND the bottom line? 

As socialist capitalists, we at Tharr Group believe we can. 

We truly believe that individuals, organisations, and governments together, can create an inclusive, sustainable, and equitable future, where capitalism serves the betterment of society through profit generating activities and socialism ensures that no one is left behind.

What is a socialist capitalist?

A "Socialist Capitalist" mindset recognises that capitalism can generate wealth and economic growth. However, it also emphasises the importance of social responsibility and addressing systemic issues like income inequality, poverty, and access to basic necessities. 

By leveraging the benefits of capitalism while promoting a more just distribution of resources, we can foster an inclusive society where everyone has an opportunity to thrive.

Profit is essential for businesses, but a "Socialist Capitalist" approach encourages companies to go beyond profit-making and consider their impact on society. By integrating social goals into their strategies, businesses can create shared value, build trust with stakeholders, and contribute to the wellbeing of communities.

 By contributing to education, healthcare, mental health,  financial services and social services, through investing in those businesses that support those area Tharr Group believes we can provide both thriving profit generating businesses and broad social safety nets so that no one’s left behind, and a rising tide that lifts everyone. 

Investing in people. 

Profitable businesses are built on people, but without education, the best people will never get their seats at the table. 

By empowering human capital, we’re investing in people and giving them access to the knowledge, skills and opportunities to unleash their potential. 

The businesses of the future need creative thinkers and innovators, and with access to quality education, we can all collectively progress. 

Collaboration counts.

Obviously solving the problems of the world can’t rest on the shoulders of one single organisation, so this is where collaboration counts. 

As businesses, we can collaborate with each other and with government agencies so that we’re using our profits wisely. 

This isn’t about not making a profit, it’s about building successful partnerships built on trust, shared goals, and knowledge exchange, so we can address systemic issues, promote social cohesion, and achieve collective impact.

Being profitable, rather than not-for-profit, means your business can then invest back into the things that matter, and make a positive contribution.

Leading with compassion. 

Want the best from your people? Then give them something to believe in. The days of being purely driven by profit are numbered. People want more from their employers and consumers want more from the companies they purchase from. 

Leading with compassion is about putting people first, and having a clear commitment to contributing to the greater good. It’s not about tokenistic donations or add-ons, but building an ethical purpose into your overarching mission, so that everyone on your team knows why their work matters. 

Bringing compassion and empathy into your leadership will actually make you a better leader, with the ‘soft skills’ people are drawn to. They’ll want to follow your lead because they feel aligned with your purpose, rather than just because they’re being told to. 

Putting ideas into action.

If you’re a business leader, we challenge you to consider how could you shift your approach to embed socialist capitalist ideals into your business? We all have the potential to be part of change for the better. 

That’s what we believe at Tharr Group