Question

In: Accounting

Analyse Scotiabank-Kabbage Partnership’ approach to Shared Value and stakeholder management from an ethical perspective.

Expert Solution

Scotiabank icustomers iin iCanada iand iMexico iwill inow ibe iable ito iapply ifor ia ismall ibusiness iloan iup ito i$100,000 iafter ia ipartnership iwith iAtlanta-based iKabbage.

Kabbage iautomates ifunding ito ismall ibusinesses iby ianalyzing iactivity ilike iaccounting idata, ionline isales, iand ishipping. iThe iprocess iof iapplying ifor iloans iwill ireportedly itake iless ithan iseven iminutes, iand ithe icompany isaid ithat iit iwill icombine ithe iconvenience iof isix ior i12-month iloans iwith ithe iflexibility iof ia iline iof icredit.

iScotiabank iis islowly iphasing iin ithe ilending iprogram iin iCanada iand iMexico. iIt iwill ibegin ipiloting ithe iservice ito iat ileast i100,000 icurrent inon-borrowing ismall ibusiness icustomers iin ithese itwo ilaunch imarkets.

Shared ivalue

Shared ivalue iis ia ibusiness istrategy idesigned ito isolve isocial iissues iprofitably.

It idoes ithis iby ileveraging ithe iresources iand iinnovation iof ithe iprivate isector ito icreate inew isolutions ito isome iof isociety’s imost ipressing iissues. iIn idoing iso, iit icreates ia imore iprosperous ienvironment iin iwhich ito ioperate, imaking ibusiness imore isustainable iand iresilient.

iShared ivalue ipolicies iand iprinciples ican ibe iadopted iby iGovernment iand inot-for-profits itoo; iboth iof iwhich ican iserve ias ivaluable ipartners iin idelivering ireliable iand imeaningful ichange iat iscale.

There iare ithree ikey iways ithat ishared ivalue iis iachieved:

· Reconceiving iproducts iand imarkets

· Redefining iproductivity iin ithe ivalue ichain

· Enabling ilocal icluster idevelopment

Improving ithe ilocal ioperating ienvironment iby isupporting iskill-development iand icapacity-building

The ibenefits iof ishared ivalue

The ieconomic ibenefits iafforded iby ishared ivalue iare ialso inumerous, iand iinclude, ibut iare inot ilimited ito:

· Self-sustaining ipurpose iand iprofitability

· Stronger ibrand iequity iand imarketability

· Increased icustomer ipreference iand iloyalty

· Higher iadvocacy, iretention iand iproductivity iamong iemployees

· Resilience iagainst iexternal ibusiness ithreats

· Regained icredibility iamong ia idisillusioned ipublic

· Enhanced ior isustained iinterest ifrom ilike-minded ishareholders iand iinvestors

Stakeholder iManagement

Stakeholder imanagement iis ithe iprocess iby iwhich iyou iorganise, imonitor iand iimprove iyour irelationships iwith iyour istakeholders.

It iinvolves isystematically iidentifying istakeholder; ianalysing itheir ineeds iand iexpectations; iand iplanning iand iimplementing ivarious itasks ito iengage iwith ithem.

Most idefinitions iof istakeholder imanagement itend ito ifocus iaround ithe iidea ithat iyou ican i“manage iyour istakeholders i(in iorder ito iget ithem ito ido iwhat iyou iwant)”. iThe iemphasis iis iplaced ion icreating ia istakeholder imanagement iplan ithat imaps ithe ilevel iof iinterest iand iinfluence iof istakeholders iand ilist ivarious ilevels iof iengagement ifor ithe idifferent igroups. iA iplan ithat iis iusually icreated iat ithe istart iof ithe iproject iand ithen ifiled iaway ito igather idust.

Benefits iof iStakeholder iManagement

iUnderstanding istakeholder iconcerns iand iinterests ican ilead ito iideas ifor iproducts ior iservices ithat iwill iaddress istakeholder ineeds; iand iallow ithe icompany ito ireduce icosts iand imaximise ivalue.

· Reputation

· Competitive iadvantage

· Corporate igovernance

· Risk imanagement

· Social ilicense ito ioperate

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