HOW Fairness Fuels Business Success: Insights from Google, Salesforce, and More
Vivek Viswanathan
|Business Analyst|, |Product Manager|, |Global Transaction Banking|, |Wealth Management|, |Treasury & Capital Markets|, |Banking Operations|, |Credit|, |Risk Management|, |Trade Finance|, |Business Analysis|, |AI|
The way businesses work around the world is changing, especially when it comes to fairness and how workers are treated.
This is a big change in the basic rules that businesses follow. This change affects not only how organisations work on the inside, but also how customers act and how the market moves.
By looking closely at these changes and focusing on the benefits of being fair to others, we find several important results that show how important it is to treat others fairly as a core business strategy.
Increased Employee Motivation and Productivity:
For example, Gartner's study that found half of job seekers didn't know about internal job openings shows how important transparency is for boosting motivation and morale.
Google's Project Aristotle, a study on how well teams work, found that psychological safety, which includes fairness and equality, was very important for getting teams to work. Teams that felt safe and fair did better than others, showing more interest and output. These examples show how fairness can directly help a business succeed by encouraging teamwork and new ideas.
Higher Loyalty and Lower Turnover:
The fact that Cloudflare's CEO said that layoffs needed to be handled in a more personal way shows how important fairness is for keeping workers' trust and loyalty.
The way Salesforce dealt with the problem of the pay gap between men and women in its workforce shows how fairness can make employees loyal. The company did a full review of its employee pay in 2015 and made changes to wages to close the pay gap between men and women. This move not only built a culture of trust and fairness, but it also made Salesforce workers more loyal, showing that the company is serious about treating everyone equally.
Better image and Brand Image:
The story of Brittany Pietsch and Cloudflare shows how how people see a company's fairness can have a direct effect on its image.
Patagonia's dedication to protecting the environment and using fair labour methods has made its brand image much stronger. Making sure that its products are fair trade certified helps the company's image as a socially responsible brand and also supports fair manufacturing. This method has won over customers who care about rights and the environment.
Better Relationships with Stakeholders:
This case shows how equity considerations can help keep healthy stakeholder relationships.
The backlash against Volkswagen after the diesel emissions crisis in 2015 is a stark warning of how important it is to be fair and honest with stakeholders to keep their trust. Because the company wasn't honest and fair, it lost a lot of value for its shareholders and hurt its ties with regulators, customers, and the public in general.
Customer Loyalty and Satisfaction:
For example, Floridians are backing laws that would stop price gouging. This shows how important fair pricing is for keeping customers trusting and loyal.
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Some stores, like Lush Cosmetics, were praised for being fair to both workers and customers in the early days of the COVID-19 pandemic. Lush gave its employees more sick days and put a lot of emphasis on customer safety in its shops. These actions made customers more loyal and satisfied by showing that the company cared about fairness and the community.
Ethical Leadership and Social Responsibility:
People have long praised Ben & Jerry's for being an ethical leader and caring about social justice problems like fair trade and protecting the environment. These ideals are important to the company because they show ethical leadership and are also in line with what its customers value. This helps the brand's image and success in the market.
Fairness results in:
Studies have shown over and over that workers are more engaged and productive when they feel like they are valued and treated fairly. One example is that clear and fair distribution of resources and praise can greatly improve teamwork and results.
Loyalty and Turnover:
Reputation and Brand Image:
Stakeholder Relationships:
Customer Loyalty:
Ethical Leadership:
In conclusion: Recent events and studies that have been closely looked at show how important fairness is in the business world. The advantages of fair treatment are clear: it boosts employee motivation, boosts company reputation, and builds customer loyalty.
As companies continue to deal with the complicated business world of today, making fairness a central part of their processes will become not only the right thing to do, but also the smart thing to do. Not only does this method help individuals within the company, it also makes society more fair, showing that business success and social responsibility are linked.