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Effective Executive Magazine:
Building trust as an added value and as a competitiveness factor : The case of the CSR in M&A processes in the savings bank sector in Spain
 
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Companies are progressively investing in Corporate Social Responsibility (CSR) as it is a known fact that an assertive and efficacious CSR policy and its implementation is a powerful tool to build trust. Thus, the company's name is built up, and this strengthens the corporate reputation. But are we aware of the key elements we have to give a careful attention to? The European Centre for Reputation Studies (ECRS) shows that between 80 to 90% of a company's repute and character is moulded and set by economic point of view and not by the company's liaison with society. Above all else, trust building is the keystone for achieving success. A reliable and reputable corporate communication represents the very bedrock for a solid and credible reputation, along stakeholders, audits, social capital, and social impact assessment.

 
 
 

There are risks and opportunities when it comes to CSR. Both a given company and the organization lose the credibility and authenticity respectively as soon as communicational ways are only aimed at boosting social reputation as they will certainly be exposed to merely marketing devices. And neither marketing nor CSR must be misinterpreted or confused, one respect the other. This does not prevent marketing from being closely related to CSR and vice versa, in a healthy way, namely, marketing can in fact have a positive and creative effect on CSR as a channel through which advertise the company's name in a salubrious manner, both benefitting society and maximizing profits in the short term.

CSR stands for a great chance for a given company to smack in the business world. CSR is often regarded as the best replication to any demurrals and also a brilliant occasion to respond to challenges within the company. Interdepartmental communication, fostering teamwork, or identification with the company should be left unattended. And the first step is to identify how can a certain company build trust and this is definitely possible to accomplish by truly recognizing social needs. People are the most important stakeholders in any company and the decisive lever for successful CSR.

It is through a meticulous and careful attention to social needs that a solid trust should be built, apart from taking special care of stakeholders, as they are the very pillars of the company's success. Also annual reports on CSR gain a good name as they reflect the company's social work and concern about the environment, and its employees' welfare, among many aspects that are taken care of in it.

 
 
 

Effective Executive Magazine, CSR in M&A Processes, Savings Bank Sector, Corporate Social Responsibility, European Centre for Reputation Studies, Marketing Devices, Interdepartmental Communication, Business Environment, Spanish Financial Sector, Financial Market, Capital Markets, Spanish Savings Banks, Institutuional Protection Systems.