Social impact is seen as a platform to build stakeholder confidence
Through Jenina P. Ibañez, Journalist
FIRMS should focus on the equal treatment of under-represented groups and the social impact of their business as they strive to build stakeholder confidence, international business leaders have said.
“It is important for a company to reflect its society. In [the] Philippines, when you look at other disadvantaged or under-represented groups – people with disabilities, indigenous people – what is your goal to reflect the communities in which you do business? PwC US President Tim Ryan said Tuesday at a Management Association of the Philippines conference.
He welcomed the progress made in gender representation in Philippine companies, but called for companies to also ensure that women in the workforce are treated equally. “Are you as inclusive and just as inclusive? ” he said.
Building stakeholder trust, he said, has become one of the biggest issues in defining business success.
“This topic is at the heart of today’s CEOs concerns, because they know that if they are not trustworthy, the ability to hire the right talent, the ability to drive innovation, the ability to selling your product in a hypercompetitive market, everything will be called into question. . “
Stephen Kehoe, CEO of Edelman Asia Pacific, said consumers expect companies to take action beyond their product and business. These actions include supporting local communities, solving political problems and donating money to good causes.
“It’s tricky, that, because the world is littered with brands that got it wrong, whether they overshadowed or overstepped,” he said.
“But people tell us that they want, for example, the brands they rely on to tell hard truths about today’s society, to fill a void, to support culture and the arts.”
Young employees representing Generation Z want to make a difference in society, said Virendra Shelar, general manager of OMRON Corp., adding that companies must communicate its values to employees.
“If your business values don’t show ‘we want to make a difference’, if your business value is ‘we want to make money no matter what kind of behavior’ you show, we have big problems “, he said.
Environmental issues are also at the heart of concerns. A European Union (EU) official at the same event identified plastic waste management as an area of potential cooperation with the Philippines.
“If there is one thing that I find particularly important in our cooperation with the Philippines, in our future cooperation with the Philippines, it is how we approach this particular problem of plastic waste,” said the ambassador of the EU in the Philippines, Luc Veron.