Beyond the Numbers: Building a Business That Values People First

In your opinion, what is the primary purpose of a business? The answer to this question is often to maximize profit for its owners or stakeholders. After all, businesses prioritizing anything else are doomed to failure, right?

However, did you know that focusing on your employees while maintaining corporate social responsibility can actually lead to long-term success?

One business owner who has proven this is David Green.

As the founder of Hobby Lobby, David founded the arts and crafts store in 1972 with a $600 loan from his garage. With over $7.7 billion in sales, his empire has grown from a 300-square-foot store in Oklahoma City to over 970 locations.

With his unwavering faith and a purpose that transcends profits, David’s business model prioritizes the well-being of his employees. This unconventional approach is responsible for Hobby Lobby’s enduring success.

In keeping with this philosophy, Hobby Lobby stores always close on Sundays, allowing employees to focus on their faith, families, and well-being.

It is also admirable how Hobby Lobby gives back to the community. With solid and sustainable financial standing, the company donates over half of its profits annually to charity. These decisions demonstrate how a business can remain dedicated to its higher purpose while adhering to David’s core values.

From Pastor’s Son to Billionaire Entrepreneur: David Green’s Journey of Faith and Purpose

Green’s upbringing in a pastor’s household gave him a solid foundation of faith. His parents taught him the value of integrity and showed him God’s provision firsthand through their example. These values influenced his life and Hobby Lobby’s values.

Furthermore, his faith influences how he conducts business, such as paying employees above-average wages and providing them with comprehensive healthcare benefits. Aside from that, Green’s faith prompted Hobby Lobby to donate millions of dollars to various charities.

In short, Hobby Lobby’s business philosophy is shaped by Green’s faith, which puts employees and social responsibility above pure profits.

Putting Principles into Practice

Throughout the company, Hobby Lobby’s commitment to its values can be seen in the following ways:

• Closed on Sundays. As part of Green’s philosophy, employees should have time to rest and worship.
• High Minimum Wage. Hobby Lobby offers a minimum wage that is significantly higher than the industry standard as a sign of its commitment to employee well-being.
• Benefits and Perks. The company offers medical, dental, and prescription plans, 401(k) matching, personal paid time off, a 15% employee discount, and increasing Christmas bonus checks for eligible employees every year.
• Charitable Giving. Half of the company’s profits are donated to Christian ministries, reflecting its desire to use its resources for God’s glory.

These practices have been praised and criticized. Some question the sustainability of a business model that prioritizes values over profit. However, Hobby Lobby’s continued success and Green’s unwavering faith suggest otherwise.

Of course, putting people first can be costly. A competitive salary, benefits, and professional development can be costly endeavors. The thing is, these investments pay off big time. Think of it as building a strong foundation for your home. Even though it may cost more upfront, it will be worth it in the long run.

Happy Employees, Happy Business

It’s true. By investing in the well-being of your employees, you’re investing in the future of your company. As a result, happy and engaged employees are more productive, creative, and loyal. In addition to taking pride in their work, they go the extra mile to ensure their customers are satisfied. 

This, in turn, leads to lower turnover rates, a stronger company culture, and, ultimately, higher profits.

The Joy of Fulfillment: When Work Isn’t Just a Job

For personal and professional growth, feeling valued and challenged in your career is essential. If you feel valued, you will give your best and contribute to the organization’s success. When challenged, you learn new skills, which keeps your work interesting, exciting, and engaging.

This kind of work environment can be highly motivating, leading to a feeling of accomplishment that transcends a hefty bank account. Ultimately, finding purpose in your work is crucial to long-term fulfillment and satisfaction. By aligning your values and passions with your career, you can enjoy what you do and feel meaningful and impactful. Work becomes a source of inspiration and growth when you have a sense of purpose.

What’s more, this is good for your bottom line.

In workplace giving programs, 80% of employees say their company’s values are aligned with their personal values, compared to 56% in non-giving companies.

Also, workplace-giving programs impact employee retention, especially among younger employees. According to Millennials and Gen Z workers, 35 percent say their giving programs influence their decision to stay at their current job, compared to 16% of Baby Boomers and 22% of Gen Xers.

He Gets Us: Sharing the Message of Love

Additionally, Green supports the “He Gets Us” campaign. The campaign’s Super Bowl commercials generated positive conversation and effectively conveyed its message. In addition to challenging traditional perceptions of Jesus, the “He Gets Us” campaign fosters a sense of understanding and inclusiveness among viewers.

The campaign emphasizes Jesus’ message of love and acceptance, sparking meaningful conversations and inspiring people to reexamine their own concerns and beliefs.

Leaving a Legacy of Faith and Generosity

Despite his company’s success, Green’s vision extends beyond it. He has put in place a unique structure to ensure that his charitable giving continues after he passes on.

In addition to managing charitable donations, the company is governed by a board of directors who are carefully chosen for their faith and commitment to Christian principles. Even in his absence, Green’s vision and values are upheld by a charitable giving board. With the board’s diverse expertise and perspectives, the company can maximize the impact of its charitable donations and create a lasting legacy of philanthropy through effective decision-making, strategic planning, and resource allocation.

Your Worth Isn’t Measured in Dollars

Having money is important, but it shouldn’t define who you are. There’s a misconception that giving back requires wealth. The truth, however, is that everyone has something to offer. Whether you volunteer, donate, or simply show kindness to others, all forms of charity can have an enormous impact.

As David perfectly puts it, “If you can’t give when you have a small amount, you’re probably not going to give.”

Don’t forget that true success doesn’t only mean numbers in your bank account. Ultimately, it’s about building something meaningful, making a positive impact, and finding fulfillment along the way. The best way to accomplish that is to put your employees first.

A Story of Faith and Impact

Entrepreneurs and believers alike will find inspiration in David Green’s story. By guiding business decisions with faith, they positively impact the world. His dedication to his values and vision for long-term impact will ensure that his legacy will live on for generations to come.

Key Takeaways:

• In both his personal life and business decisions, David Green places a high value on faith.
• Giving back to the community and employee well-being are two of Hobby Lobby’s top priorities.
• The success story of Green challenges traditional business models and highlights faith’s power.

Featured Image Credit: Edmon Dantes; Pexels: Thank you!