While tech and retail trends may be dominating conversations in your firm’s leadership, the truth is that there is something bigger happening on a global scale that needs your thorough consideration — corporate accountability.
Here are four reasons why corporate accountability should be on your firm’s radar.
1.Corporate accountability helps to make your brand stand-out.
More than ever, consumers are looking to do business with brands that make corporate accountability a pillar of their mission statement. It is well documented that millennials favor companies that have pro-social messages, as well as sustainable and ethical manufacturing methods and business standards.
They are even willing to spend more money on products that are produced by companies that manage their businesses in a sustainable and ethical manner.
By being ahead of the curve and ensuring that your business is prioritizing working towards the improvement of society and also being candid and honest about your endeavors to “make a difference,” you are more likely to stand out to consumers.
In other words, enhancing your corporate accountability and social responsibility will improve your firm’s public image and connection with purchasers.
2.Corporate accountability is a top priority of investors.
If you want investors to start or continue pouring money into your operations, then you need to get explicit about how you are managing your corporate accountability. After all, they want to know that their money is being put to good use.
More than just that, investors want to see that your firm is committed to your employees and customers, as well as to local and international causes and organizations. Show them that your organization is focused not just on profits, but also on creating some good in the world.
Investment companies in Dubai know that corporate accountability is important to consumers, which makes it essential to them. So, if it is vital to them, then it should also be to you.
3.Corporate accountability helps stop human trafficking and forced labor in the global supply chain.
Hopefully, for all of you involved in business, you can agree on the fact that human trafficking and forced labor is a business practice that needs to come to an end rapidly.
However, according to The Freedom Fund, in fishing fleets, sweatshops, mines and brothels, fields, and plantations around the world, an estimated 35.8 million people are currently in a state of modern slavery. Their research also shows that corporate accountability is the first step in ensuring that worldwide efforts to terminate human trafficking and forced labor are successful.
By prioritizing corporate accountability, your firm can help to make transparency in supply chains the standard for all businesses. Together, firms around the world can prove that it is possible to remain in business without exploiting workers and can confirm that this is the way of the future.
4.Corporate accountability forces you to consider long-term strategy.
At the end of the day, the choices you make surrounding corporate accountability are directly linked to the long-term growth of your company. Unlike some of the day-to-day decisions your team makes, and even some of the quarterly ones, thinking about the future of your firm regarding corporate accountability means considering how you are making the future of your operations sustainable.
This is crucial for all sized businesses as it forces you to look beyond the immediate financial predictions and consider what impact your current decisions are going to have on you, your firm, and the world many years from now.
As legal processes concerning corporate accountability become more standard around the world, you want to make sure that your firm is doing everything it can to be above board — otherwise, there is a high likelihood that you will be held accountable.
Is your firm focusing on corporate accountability? If so, what methods are you using to enhance it? If not, what roadblocks are you facing? Let us know in the comments below.