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What does social responsibility have to do with maximizing the value from traditional business activities?
A lot. Effective social responsibility is NOT a marketing or public relations activity that sits on the side of a business. And it doesn’t have to ‘waste’ investors’ money. It’s an integral part of business strategy, with value creation flowing both directions between traditional business and society development.
Last night, my three sons had a laugh fest at home that illustrates such partnership. Four-year old Reuben came up with a funny face that inspired his five-year old brother, Rayden. Then thirteen-year old Devin showed his frustration at the little ones with a sigh– which caused two giggles. And then everyone broke down laughing at the whole situation.
A healthy relationship is a complex system of actions and reactions. Instead of sitting alone, everyone reacts to one another in an energy-building collaborative love-fest.
Opportunities for similar collaboration live in social responsibility. #TangerOutlets, for examples, owns 44 shopping malls where branded manufacturers like #RalphLauren sell directly to the public. Tanger’s socially responsible effort, Pink Campaign in the Ongoing Fight Against Breast Cancer is a powerful tool to attract shoppers. And Tanger’s 88% female frontline staff likely feel an integral part of the effort as their primary work includes selling Pink Cards that fund the cause while delivering merchandise discounts. To a certain extent, Tanger integrates their socially responsible efforts with traditional business value.
However, there are opportunities for more. Just a few inches of text after discussing the Pink Campaign in their 2018 Social Responsibility Report, Tanger focuses effort on an unseemly reality:
88% of frontline staff are women
70% of the corporate team is female
50% of executive leadership is women
22% of the board is female
Women seem to have a challenging path to leadership at Tanger.
Developing leadership, a traditional business activity, is more than training and a ‘healthy culture’. Opportunities to manage initiatives and teams are critical for leadership development– and not-for-profit partnerships are a wonderful situation to create those. High-potential Tanger employees could gain amazing experience by leading efforts in Pink, while delivering their talents to that cause. And participation would strengthen kinship with the cause, the leadership opportunity would strengthen positive feelings for the employer, Tanger, and everyone would win.
Value no longer comes from silos: it comes from the development of powerful systems in which every activity complements every other. So develop your business insight with a perspective that crosses traditional business and social development. Don’t let the power of today’s Digital Technology tools seduce you into solely diving deep into one area of your world at a time: take the time for strategic review that facilitates value-enhancing interaction.
Do you really take advantage of opportunities for socially positive activities to enhance how you create value with your core actions?
Please share your thoughts in the comments or by sending me an email: info@RodWallacePhD.Com.
Our society cannot just survive. For the sake of our children, it must thrive.
Rod
Dr. Rod Wallace is an economist, consultant, and speaker who helps businesses make more money by solving society’s problems. A Fulbright Fellow, he has led multi-organization billion-dollar initiatives worldwide and partnered with a Silicon Valley pioneer to explore the impact of Artificial Intelligence on society.
Rod speaks about how to integrate social responsibility into business to maximize profit and purpose. He highlights digital technology’s impact on society and the strategies and tools with which business can solve our big, systemic problems.
Contact Rod at info@RodWallacePhD.com.