Corporation & Society: Social Strategy in Business

Subject: Strategy
Pages: 1
Words: 330
Reading time:
2 min
Study level: College

Ian Davis has opened up to one vital aspect for the success of large companies. The social issue surrounding the business environment has proved to be a bridge between production and consumption. Ian claims that social issues like environmental concerns affect the purchasing power of consumers through a psychological mindset. Environmental and governance from ESG are well structured and adhered to (Colock 2020). However, social aspects have been neglected, and it is the fundamental tool of gaining public confidence. As quoted from Colock (2020), “the pandemic has undoubtedly increased public sensitivity to social injustice, and companies have read this change in mood.” The pandemic has led to the realization of social injustices which go unseen, like in the case of George Floyd, where most companies stood to condemn the act (Colock 2020). Therefore, Ian’s claim on the integration of social strategy in business leadership help to bridge a gap existing between society and businesses. Additionally, Ian argues that by incorporating social strategy, new business opportunities can emerge that share common interests due to globalization.

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Ian strongly feels that real-time projections of future profits depend on how well related a company is to the labor unions and the government. The social aspect of involving employees and society during changes helps promote understanding. The need for social strategy has gained visibility during the COVID-19 pandemic since, previously, it was undermined and neglected (Colock 2020). The strategy will aim at improving the livelihood of the society by donating basic needs and essential services. Despite the indirect return of the strategy, the benefits associated are quite significant, as the provision of scholarship and labor compensations. As quoted from the article, Colock (2020) states that “We determine the balance between profit and social values.” Therefore, the main idea in Ian’s mind is to initiate a joint responsibility between relevant stakeholders in the entrepreneurial sector to become key contributors of embracing social responsibility and become active participants in the adoption of social strategy into business activities.

Reference

Colock, L. (2020). The role of the corporation in society. Financial Times. Web.