Many companies today are starting to give social responsibility the seriousness and respectful attention it deserves. This is essential, particularly for companies that have a wide scope of clientele and decision makers influencing their growth and profitability. Suffice to say, companies that don’t take social responsibility seriously usually have a hard time considering the lack of goodwill from a social standpoint…
It’s all about social impact
To begin with, social responsibility seeks to cultivate a healthy relationship between its image and the market environment that it’s involved in. There is indeed social impact for every action or decision that a company makes regarding its respective market.
Of course, those affected in the market have a social responsibility, as well. Remember, social responsibility is about winning favor. But to kickstart the gears of social responsibility, one needs to isolate key targets that are likely to have spillover effects through positive commendations, and so forth. These include:
- The government – When we talk about the government, we’re referring to all authoritative figures and governmental bodies that are likely to cross paths with your company. Moreover, if your company is ever involved in any legal trouble, then the government can step forward and pull a few strings in order to mitigate any potential penalties on the same.
- Employees – Didn’t see that coming, did you? Indeed, company employees play a very pivotal role in the social welfare of the company, and it’s pretty much simple, really. First and foremost, it’s about the rights and welfare of the employees. If they’re not adhered to, then of course they’ll end up talking to the wrong people about ‘you know what’. The company also needs to demonstrate that it’s willing to give something extra in order to keep employees happy.
- Regulatory Authorities – Unlike the government, regulatory authorities tend to take tough stances and have been known to rub shoulders with the government a couple of times. Thus, besides sticking to their rules, it is essential for your company to show support for their efforts through donations, incentives, and so on. In any case, I don’t need to state what would happen if a regulatory body officially recognizes your company as an exemplary firm in your respective market.
- Fellow Competitors – Bad blood is the main reason behind unfair competition amongst companies today. However, if your company shows goodwill to its fellow competitors, then a mutual sense of healthy competition is cultivated in the process. After all, fairness is a very rare virtue these days.
- Stakeholders – This includes investors, the immediate community, and clientele. There is practically no business without these people since they’re essentially the key money ‘suppliers’ for the company.
How then does one execute social responsibility for their company?
From what we’ve discussed above, it’s quite clear that the execution of social responsibility involves prioritizing interests of the involved parties. This can be done in the following ways.
1. Cultivate an integral vulture through work ethics, moral standards and mutual trust
To win favor amongst those involved, the company must first show that it can indeed be trusted:
- However, this cannot happen when the company’s internal affairs are riddled with corruption.
- This will definitely raise a red flag and the involved parties will deal cautiously with the company.
- On the other hand, if the company’s integral image is verified and well-spoken of, then the other parties will not see any ulterior motives involved.
- But remember, they have to be convinced by a visible cultivation of integral culture within the company.
2. Offer attractive incentives that tickle their fancy
Different incentives suit a different set of people. For instance, the regulatory authority can’t benefit from company discounts. Similarly, the government can’t directly benefit from the creation of jobs within the company, though that’s debatable:
- Thus, you’ll need to understand whom you’re dealing with, and how to tickle their fancy.
- If the government offers your company a tender, you can suggest some discounts.
- Again, if the surrounding community is experiencing rampant unemployment, then some job vacancies here and there should do the trick.
- The same case applies to the shareholders. If they’re entitled to some exclusive company deals, then that would definitely seal the deal.
You’re definitely spoilt for choice on this one…
3. Assess varying scopes of impact that will yield maximum results
Tickling people’s fancy alone won’t make that much of a difference, unless a thorough background check is done on the same:
- For instance, you might decide to offer jobs to the surrounding communities and yet an environmental clean-up might yield better results.
- It would thus be wise to investigate and weigh the options available based on their scope of impact.
- Plus, at times, it doesn’t pain you to cut to the chase and ask the involved party what they really want.
When we think about our career advancement, we usually major on the internal aspect of company affairs. We rarely think of what goes on out there. But with social responsibility, one gets to experience and understand that no one is an island, and companies are not exempted either.