Social Need and The Question of Profit

Is it wrong to make a profit from fulfilling a vital social need?

It's an interesting question that I feel has to be addressed by asking another: If an individual is generating profits by addressing such a need, what happens to those profits? Are they being reinvested into the community program in question (an eventuality that will typically occur in the case of government, not-for-profit or social enterprise interventions)? Or is the private enterprise capturing and pocketing that value?

On the surface, I don't have a problem with any of these, so maybe the question really needs to be changed to explore the matter of appropriateness. I think it would be a pity if someone is driving around in a Ferrari when the money that paid for it was generated via someone else's disadvantage. We all need to be aware of the issues and find solutions that don't enrich private individuals at the expense of those most in need.

So, our reflections become: Are we teaching commercial enterprise that has a conscience (i.e. a private enterprise culture founded on ethical behaviour and corporate social responsibility)? Additionally, does our curricula teach social enterprise and social entrepreneurship to empower individuals to build mission-based businesses? Certainly, within our Innovation & Enterprise Program we can answer 'yes' to both questions.

Author: Richard Seymour - Innovation and Enterprise Program Director

The War for Talent

The idea that companies have to strategically compete in order to attract top workplace talent has been around since the 1990s.

However, with emerging economies such as India, China and Brazil now having the ability to attract top workers on a global scale, the intensity of this talent war has increased markedly. For the adequately equipped graduate, this obviously means a plethora of lucrative employment opportunities. The question therefore becomes: how can the chances for frontline recruitment be maximised?

The answer lies in the broadening of cross-cultural capacity - a highly desirable asset for any potential employer. With the highly interconnected global economy now facilitating a rapid international flow of not only people, but also ideas and knowledge, many organisations are now struggling to administer and be amenable to people from different country contexts due to a lack of critical understanding. Graduates who can develop this understanding will be keenly fought for by these organisations.

When it comes to establishing this solid career foundation, the best thing any postgraduate student can do is sign up for a period of interesting, engaging and challenging work experience in a different country context. It’s this type of experience that will better enable graduates to not only operate in other countries, but also to effectively interact with foreign workers who come and work in Australian organisations. This ability will be the key to labour market competitiveness in the coming decades.

Of course, graduates need to be reasonably cautious when seeking an overseas appointment. They must be realistic about the prospects and opportunities offered by their potential destination before committing to any course of action. The checklist is simple:

• Can I get a visa?
• Will I be able to legally practice in the field that I’ve trained?
• Will I be able to integrate within the social-lifestyle aspect?

Destinations that satisfy all three criteria may well be ideal places in which to commence the transition to high priority workplace talent.

Author: Will Harvey – lecturer, University of Sydney Business School

Social Media and Common Marketing Mistakes

When it comes to social media utilisation, are you enabling a meaningful network that generates solid business results, or merely selling Tupperware at someone’s wedding?

What do I mean by this? Put simply, many people in business hold the view that, ‘if I build a Facebook page, they will come.’ As a result, many businesses are content to have their brand messages pop up surreptitiously on certain social media platforms in order to access people who may have gone to those sites for a completely different purpose – like accessing pictures from their best friend’s wedding in Fiji, for example. But with many consumers viewing this type of unwanted intrusion as a turn-off, it’s clearly a marketing model with serious shortcomings.

I’ve argued that social media has enormous potential for impacting business communication and accelerating brand engagement - but only if done correctly. In a nutshell, social media marketing success depends on provocative interaction. It’s about offering fun, meaningful, and interesting content that makes it worthwhile for people to participate with you. Consider the major pizza chain that enables customers to visit a Facebook page to design the perfect pizza. Or the prominent burger company with a Twitter feed that invites consumers to offer commentary on their meals. Both initiatives have proven tremendously successful.

With many businesses struggling with the challenge of creating meaningful social media networks, the key point of advice I’d offer is this: go back to basics. Ask yourself, ‘if I’m commercial, what is the start of my customer’s buying journey?’ With pizza, for instance, the first part of that journey is making people feel their hunger and fantasising about a tasty meal. Does your Facebook page instigate this process? And do you have a meaningful place that allows your end consumers to do what they need to do more effectively?

If the answer to both is ‘no’, you need to radically re-think your social media strategy.

Author: Ray Kloss - Head of Marketing, Australia & New Zealand - SAP Marketing
Follow Ray on twitter @ray_kloss or connect with Ray on LinkedIn