Creating Shared Value to get Social License to Operate in the Extractive Industry: A Framework for Managing and Achieving the Social License to Operate

Strategic decisions are crucial for an organization's success, and effectiveness is more important than efficiency. Creating Shared Value to get Social License to Operate in the Extractive Industry provides concepts and tools to make strategic decisions that determine the future direction and competitive position of extractive company enterprises.

Format: Hardback
Length: 216 pages
Publication date: 12 April 2021
Publisher: Emerald Publishing Limited

No matter how hard employees work, an organization is in real trouble if strategic decisions are not made effectively. Doing the right things (effectiveness) is more important than doing things right (efficiency).

Creating Shared Value to get Social License to Operate in the Extractive Industry showcases concepts and tools to make strategic decisions that determine the future direction and competitive position of extractive company enterprises to create shared value to earn SLO. Exploring a challenging and exciting keystone topic, Creating Shared Value to get Social License to Operate in the Extractive Industry presents techniques and models that will enable you to actually formulate, implement, and evaluate strategies to shared value to earn SLO.

The importance of strategic decision-making in organizations cannot be overstated. It is the foundation upon which successful organizations are built, and it is crucial for their survival and growth. However, making effective strategic decisions is not an easy task, and it requires a combination of analytical skills, creativity, and a deep understanding of the market and the organization's goals.

One of the key challenges facing organizations is the need to balance efficiency and effectiveness. While efficiency is important in terms of reducing costs and improving productivity, it is not enough to ensure long-term success. Effectiveness, on the other hand, refers to the ability to achieve desired outcomes by doing the right things. It involves focusing on the customer, understanding their needs and preferences, and delivering products and services that meet those needs in a sustainable and ethical manner.

In the extractive industry, where companies operate in complex and often challenging environments, the need for strategic decision-making is even more critical. The industry is characterized by a high level of risk, environmental concerns, and social and political complexities. Companies operating in this industry must balance the need to generate profits with the need to protect the environment, respect human rights, and contribute to the development of local communities.

One approach to making strategic decisions in the extractive industry is to create shared value. Shared value is a concept that recognizes that the interests of the company, its stakeholders, and the broader society are interconnected. It involves creating economic value, social value, and environmental value in a way that benefits all parties involved.

To create shared value in the extractive industry, companies need to adopt a holistic approach that considers the social, economic, and environmental impacts of their operations. This involves engaging with local communities, respecting human rights, and implementing sustainable practices that minimize the environmental footprint of their operations.

In addition to creating shared value, companies in the extractive industry need to be transparent and accountable to their stakeholders. This involves communicating effectively with stakeholders, including employees, shareholders, and local communities, and providing them with information about the company's operations and its impact on the environment and society.

Another important aspect of strategic decision-making in the extractive industry is the need to adapt to changing market conditions and technological advancements. The industry is constantly evolving, and companies must be able to adapt to new challenges and opportunities to remain competitive. This involves investing in research and development, and adopting new technologies and practices that improve efficiency and effectiveness.

In conclusion, strategic decision-making is a critical component of organizational success, and it is especially important in the extractive industry. By creating shared value, being transparent and accountable, and adapting to changing market conditions and technological advancements, companies in the extractive industry can achieve long-term success and contribute to the development of society.

Weight: 442g
Dimension: 158 x 238 x 18 (mm)
ISBN-13: 9781839099250