How can you make socially responsible decisions in global business?

When doing business internationally a company may be oblivious to critical information about local stakeholders. In order to be socially responsible, mapping relevant actors is a must. Next, engaging business, social and environmental community leaders and associations in order to identify their needs and expectations and structure the company’s value offer accordingly. Finally, implementing metrics that track impact and communication strategies that highlight the company’s contributions to the local stakeholders.

Assuming that such decisions would be made by those who hold ‘Top Leadership’ roles and as such have access to capital. The simple things are always apparent I.e. if a company manufactures a product that meets highest standard at home state then they should not launch products that are inferior in quality just because a developing or least developed nation either does not have stringent norms or have none.

The decisions of functional level can be made by involving all strata. - make decision circles at all levels - involve even third party / vendors Above ensures sustainability of firm in given market

By having a clear, focused mission with unwavering ethical principles that instills good values, companies can point their ethics compass north by encouraging their employees to always choose to do the right thing for the customers they serve, as well as society at large.

Firms must have : - zero tolerance to any act that is not in line with local customs and practices - Cultural doctrine can be adopted without biases - practice of care for all communities irrespective of their economic condition.

Never stop learning and always seek out opportunities to continuously improve. Seek out and listen to others' unique perspectives when approaching a new problem. From the quietest voice can come solutions you might not have considered. This diversity of thought can drive powerful innovation.

An enterprise is a subset of a society it operates in. Often, unknowingly, people in the enterprise build four walls around them that adversely impact the ability to practice an 'outside-in' approach. It takes a greater learning agility to learn and observe changes happening in the society to deliver socially responsible decisions. One can enhance the learning by frequently visiting and interacting with the people and groups that the enterprise provides products and services to and build that outside in approach to inculcate the learning culture.

Put people first. Focus on your employees and the customers you serve. Regardless of what business school tells you, don't focus solely on measuring success by your bottom line. This behavior will erode and quickly destroy trust. Remember, profits will naturally follow if you focus on doing the right things consistently. Don't force things to satisfy shareholders in the short-term. Listen to your frontline employees. Their feedback is more valuable than gold.

Organization structure plays significant role in understanding the changes happening in the society. As business leader one must shift the ownership and decision making to the “edge” from the center. This brings the leadership closer to society and helps generating insights to take appropriate decisions.