Social Performance and Culture of Media General - Essay Example

? Social performance, assignment part Assignment Social performance, Part Introduction After reviewing the social performance and culture of Media General, Inc as the new CEO, I acknowledge that the company’s social performance is good, but some changes must be implemented in order to enable the company improve in its social performance. Media General is a leading provider of news, information, and entertainment across various broadcast televisions, digital and mobile platforms (Media General, 2013). The company mainly serves customers and advertisers in Southeastern United States. Some affiliated network-television stations include CBS, ABC and one CW. The company commands about 8 percent of the US TV households (Media General, 2013). The company donates funds to various community programs and helps in highlighting social problems through some of the documentaries (Media General, 2013). Accordingly, employees have an opportunity of volunteering their time in community service. The company is also committed to conserving the environment through recycling and limiting the use of natural resources like water and oil (Media General, 2013). However, the company must improve on the social performance through ensuring diversity in the workforce through recruiting more individuals from the minority ethnic groups in the society. In addition, Media General, Inc must allocate about 10 percent of its net income towards additional employment benefits and corporate social responsibility initiatives. There are several stakeholders in the organization. There are both primary and secondary stakeholders. The primary stakeholders have a direct and contractual relationship with the organization and include the shareholders, government, employees, customers, advertisers, business partners, and creditors (Kottler, 2012). The shareholders are the providers of capital while customers create demand for the company products. The creditors provide debt finance while the government provides for the legal framework for reinforcing the business contracts and security of organizational assets (Kottler, 2012). The advertisers provide revenues while business partners assist in various forms such as provision of telecommunication infrastructure and managerial expertise. The employees provide the human talent, skills and knowledge that are needed in executing the operations of the organization (Polonsky, 2005). The secondary stakeholders do not have a contractual and direct relationship with the company, but they desire the organization to adhere to certain social expectations. The secondary stakeholders include the public, the labor unions, academic and research institutions and special interest groups. The labor unions expect the organization to adhere to labor laws while special interest groups like minority groups expect the company to ensure diversity in the staff. Advocacy groups like environmental conservation groups expect the company to exert efforts in minimizing pollution, highlighting social problems like disasters and child labor (Polonsky, 2005). Academic and research institutions expect the organization to contribute towards creating employment while the general public members are interested in the long term existence of the company. There is a trade-off among the interests of various stakeholders in the organization. It is my duty as the CEO to harmonize the conflicting interests of stakeholders and ensure the organization meets its goals of improving the social performance (Kottler, 2012). For instance, the shareholders expect a higher than average rate of return on their investment in the company. The business partners and advertisers expect representation in decision-making. On the other hand, employees expect the company to adhere with their contractual agreements, pay high salaries and offer additional benefits (Kottler, 2012). The customers expect appealing news and continuous provision of new information. In this regard, the stakeholders can either facilitate or hinder the attainment of organizational goals depending on the social performance of the company. For instance, unionized employees can go on strike thus disrupting the normal programming and business activities (Polonsky, 2005). The customers and advertiser can demand for low pricing on advertisements or threaten to switch to competitors. The shareholders can sell their shares if they feel that managerial decisions do not aim at increasing the value of their investments. However, it is imperative for the company to increase its social performance (Kottler, 2012). Plan of forming a coalition of stakeholders to ensure attainment of higher social performance and meet the goals All stakeholders have unique interests in the organization thus a coalition is essential in meeting higher social performance. The initial step will entail highlighting the need for higher social performance through visualizing the negative future state of the organization if changes are not implemented (Craig & Campbell, 2012). As the CEO, I will call a meeting of all stakeholders and create urgency for the change that will ultimately contribute to higher social performance. I will encourage all stakeholders to offer suggestions and assist the stakeholders in harmonizing their interests in order to facilitate the attainment of shared organizational social goals (Craig & Campbell, 2012). I will illustrate the importance of cultural diversity in workforce, better remuneration and participation in community initiatives (Kottler, 2012). In this case, I will highlight how the organization will benefit from high employee retention, diversified attitudes and skills, high brand recognition and increased profitability. I will identity several members who are committed to high social performance among the stakeholder group and make them the opinion leaders who should steer the attainment of the goals. The next step will entail identifying and removing any resistance and creating short-term wins that will guide the overall goals. For instance, committing 5 percent towards paying out additional benefits and ensuring every new recruitment includes members from minority groups is a short-term win that is essential in guiding the overall social performance of the organization (Kottler, 2012). The next stage will entail building on the framework and continuous improvements through committing more and more resources towards social responsibility activities. The final stage will include anchoring the goals to the corporate culture through sharing success stories, rewarding high performance and including the shared values in all communication to the stakeholder (Kottler, 2012). Challenges anticipated and how to overcome them One of the greatest challenges anticipated is the conflicting interests of stakeholders since shareholders expect minimal commitment to social performance while employees expect better pay (Craig & Campbell, 2012). Customers expect low prices while advertisers expect minimal charges for advertising. Another challenge is the resistance by employees due to fear of restructuring the organizational structure, new roles, job losses and loss of power and prestige among the employees (Kottler, 2012). I will overcome the anticipated challenges through using the true leaders of each category of stakeholders in creating urgency for change (Craig & Campbell, 2012). I will explain the reasons for the change and anticipated benefits of higher social performance to the overall welfare of each stakeholder and organization. I will encourage performance reviews and feedback through implementing informal communication channels and pegging the compensation to performance of individual employee (Craig & Campbell, 2012). I will entrench the values and beliefs of higher social performance to the corporate culture and constantly keep communicating about the shared norms and values (Craig & Campbell, 2012). Conclusion As the CEO of Media General, Inc, the company must ensure a higher social performance in order to benefit from high brand recognition, diversified staff attitudes and high economic performance. Creating a powerful coalition among several leaders from each stakeholder category will lead to shared goals of social performance and less resistance to the change. I have to outline a strategy for the change and use short –term achievements in order to drive the ultimate social performance goals. References: Craig, T & Campbell, D. (2012). Organizations and the business environment. New York: Routledge. Kotter, J.P. (2012). Leading change. Boston: Harvard Busienss School Press. Media General. (2013). “About us” Retrieved on 1st August, 2013 from http://mediageneral.com/about/index.htm. Polonsky, M.J. (2005). Stakeholder thinking in marketing. Bradford: Emerald Group Publications. Read More