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LSBR Blog: Trends & Perspectives: Corporate Obligation in Times of Crisis

Trends & Perspectives: Corporate Obligation in Times of Crisis

Revenue isn’t the sole consideration when it comes to the success of a corporation. It has been established by recent studies and reviews that people demand more transparency from the corporations they work with. Customer and consumers want to know what a company represents, as well as what they (the consumers) stand for.

Trends & Perspectives: Corporate Obligation in Times of Crisis

Studies and reviews found that:
  • 60% of citizens hope that businesses will promote social and environmental changes in the slightest absence of governmental regulation
  • 78% of citizens want corporations to address major social justice issues
  • 76% of citizens will withdraw their patronage of a company’s products or services if the company supports an issue that is contrary to their beliefs

What happens when an event damages the public opinion of a corporation?

It requires a great deal of consistent hard work and dedication to build a good reputation for a corporation. When a corporation becomes magnified in public, they must carefully and quickly respond to alarming issues. However, it’s critical and important to learn what it takes to respond effectively and responsibly in times of crisis for any aspiring entrepreneurial, intrapreneurial, or an executive.

This article digs into strategies for corporations’ responsibilities in times of crisis and how online courses can help polish your abilities to handle crises as they arise.

The complexity of handling a corporate crisis

Mass shooting and gun control is a popular topic in today’s social politics. The issue also provides an example of citizens looking for corporations to make remarkable social changes without government regulations.

In the wake of recent mass shootings, members of the public are increasingly calling upon the Gun-shops to stop selling firearms. According to CNN, Rifleman Fire Arms and UK best Gun shop are recorded as one of the highest sellers of guns and ammunition in the United Kingdom.  While in response to public demands, these companies have added restrictions to gun sales in the past, announcing that it had no plan to change the current company’s policy with regards to selling weapons at their stores. Instead, they have instructed their staff to take down signs that display or could incite violence, and also movies and videos that had reference gun violence. However, this did not sit well with the public, and a lot of federations threatened to stop shopping at the stores. Following the announcement, within days on Twitter, a representative of the company announced it would stop selling ammunition used in assault rifles, discouraging shoppers from carrying guns openly in its store and supported congressional actions towards gun control.

Another gun store found itself in a similar situation following the mass shooting at a high school in the walls of London. Upon the incident, which killed 17 people, customers reacted by calling for a ban on guns. In response to these demands, the store ended the sales of semi-automatic, assault rifles, and related magazines. This gun store also raised the age for purchasing weapons and ammunition from 18 to 21 and took a hit to their revenue by removing items from their inventory list, and their public perception was improved. This move could result in the wider pull of loyal customers, foot soldiers, ambassadors spreading positive remarks about the company’s business.

The success of a corporation encompasses how they respond to pressing social issues, how the public accepts the response, how an action is taken, their short-term goals, their long-term goal, and how the complexity of corporate responsibilities in handled in times of crisis.

Learning the skills needed in handling crisis

A corporation’s response to crisis accounts for many layers of its business. Will your response affect your business? Will your feedback have an impact on your reputation? Will your response promote the social or environmental cause? Will your response affect your business (short or long term)? It is not easy to come to terms with this scenario. However, a handful of skills you obtain from online courses at the London School of Business Research, UK (LSBR) can help you through any crisis.

 

Trends & Perspectives: Corporate Obligation in Times of Crisis

 

Leadership for Cohesiveness

The most important component of crisis response is a unified front. Ensure that everyone on your team joins together to stand behind whatever decision that would be taken. A crack in the team shows weakness, disunity and disorganisation and can worsen the crisis. The MBA program is a great place to build and nurture skills like teamwork communication and empowerment. These skills are very necessary in times of business crisis. The program helps to advance your understanding of effective communication, master and learn new ways and hints of building a strong, inspired team. Consequently, you have a stronger and effective line of defence as you tackle whatever crisis that may arise.

Design for innovation

An effective response to a crisis is not a game of checkers; it’s more complex than a game of chess. There is a grey area when it comes to effectively responding to crisis and pressures appropriately without being overreactive. It is very critical to avoid being short-sighted while responding to a crisis. Learning the right approach to solving complex situations and problems is important even before you are faced with a crisis. While getting your MBA at LSBR, you tend to unlock new strategies of tackling a problem through design thinking. Design thinking is a concept that is rooted in the principles that humans comes before business for better results; this aligns well with a long-term strategy for any crisis.

Corporate Responsibility

LSBR offers specialised training in corporate responsibility. It covers curriculum such as;

  • Overseeing Human Rights in Business.                        
  • Advanced Models and strategies for business
  • Creating shared value
  • Designing professional models that work in financial industries
  • Negotiations and Conflict Resolution

In conjunction with this curriculum, you can also take an interest in independent studies, projects, and events that focus more on corporate responsibility and sustainability to heighten your understanding even further.

Learn from the best

Experience is supreme. During the online course program at LSBR, students get to work with experienced professors who have been battled-tested and accredited in corporate responsibility technique.

This program presents you with a chance to work with prominent persons and experts in integrating design, critical & systems thinking skills for framing and solving problems in multi-disciplinary teams.

Are you ready to acquire the working skills necessary for advancing into top-notch entrepreneurial and intrapreneurial or an executive position? You can learn to become a professional business executive who can handle it all.  Apply for an online Course Now.

📌  Checkout our blog post on the 16 Advantages of an MBA

Reach out

Prepping for your MBA program is a thrilling time. Keep in mind that your MBA application is complete, and your letters of recommendation are a part of the success story. For more details about the Importance of Online MBA and online education, or what to do when you’re ready to apply, feel free to reach out to our Admissions office today:

Enrol in an Online MBA program at LSBR today

This article on “Trends & Perspectives: Corporate Obligation in Times of Crisis” has been compiled by Ansh Kumar Farshwal, London School of Business and Research, UK

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