I have seen this Nationwide Insurance campaign over the last few months and at the end of each commercial they say "We put members first, because we don't have shareholders." And each time I hear that phrase, I think "did they just say what I think they said?"
It's just an interesting way of slamming shareholders as the root of why companies sometimes fail their customers. Shareholders are first, and that means costs must be contained to assure profits.
There are multiple truths. Yes, sometimes shareholders profit when customers are shortchanged or overcharged. Yes, usually customers learn their lessons and avoid those companies in the future. Yes, it takes time for the truth to effect behavior. Yes, the company leadership is in charge of balancing the needs of customers, shareholders...and a host of other stakeholders...employees, communities, environment.
But it's tempting to blame the shareholders. They're the ones who own the company. They're in charge of hiring the CEO. And heaven knows we've all heard executives blame the shareholders for their quarterly results mentality.
What I'd really like the voiceover to say is "We put members first, because every person in our company understands that members are the ultimate judges of our performance." Or maybe "We put members first, because we have shareholders who don't plan to sell their stock tomorrow." I don't know - maybe someone else has a better tagline?
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