How the HR Scorecard Helps Organizations to Actualize Change Management Initiatives
Organizational Change Initiatives Often Entail Human Resource Changes Organizational Change Initiatives need the involvement of the Human Resources (HR) function to succeed since such change initiatives are almost always dependant on personnel and human resources changes as well. Indeed, with the advent of the services sector wherein firms in the technology and financial services space […]
Train the Trainers – Need for Training the Trainers
Train the trainer refers to upgrading existing knowledge and honing skills of individuals who further train people. Remember, there is no end to learning. No one is perfect and there is always a scope for improvement. Training people is no cake walk and you really need to be absolutely prepared to handle even the minutest […]
Building an Employer Brand
Organizations, today, are working towards talent optimization. They have come to realize that creating a standout employer brand is essential to have ‘people advantage’. Talent and marketing are the new sides of a branding coin. It has become essential for organizations to position themselves in an attractive way and communicate the company identity and work […]
What Experienced HR Managers Watch Out For When Recruiting Candidates
Introduction The Recruitment Process is an important aspect of the overall job responsibilities for HR (Human Resources) Managers. Given the fact that selecting the best candidate for the job and the right fit for the role determines the future trajectory of that candidate’s time in the organization as well as leads to gains for the […]
Importance of Employee Development
Employee development activities help in the growth and development of employees, who are the true assets of an organization. You need to respect your employees for them to feel motivated and develop a sense of loyalty and attachment towards the organization. Don’t forget your employees strive really hard for almost the entire day to accomplish […]
Social innovation is a very wide term that includes ideas, ways and means, strategies and even organizations that works out innovative solutions to meet the demands of the public, especially those who live at the bottom of the pyramid. It may include innovative fields in a wide variety of setups like education, healthcare, community development etc.
The micro credit scheme started by Mohammad Yunus in Bangladesh is a very good example of social innovation. Distance learning methodology similarly is a social innovation that enables people in far fetched areas to have access to quality education. The concept can still more be extended to open source techniques used in software development.
The idea of social innovation is not a recent one, though it may have been discussed more often recently. Benjamin Franklin, for example, made references of it in his writings as small modifications that may be brought about in the social structure to solve everyday problems.
Later on certain French workers made mention of the same in their writings. In the recent literature the term social innovation is frequently found in the writings of some management gurus like notably in those of Peter Drucker and Micheal Young. Some other noted sociologists like Karl Marx and Max Weber also worked extensively on social innovation for bringing about social change.
Of late Joseph Schumpeter incorporated it into his concept of creative destruction. He also extended his concept to defining entrepreneurship as a way of creating new product or service by combining the existing elements.
Organizations are globally being attracted to the idea of creating and marketing products and services for those at the bottom of the pyramid. As C.K Prahlad rightly notified us about the fortune at the bottom of the Pyramid, increasingly marketers are driven to the idea of tapping this potential hitherto undiscovered.
Nearly four billon people around the world make a living on about two U.S dollars a day and this is magnanimous not only in terms of a business opportunity but also in terms of a reciprocal relationship. Firms cater to the needs of these people and they in turn offer a huge profit opportunity that is dependent on the scalability of the same.
The operation may however not be as simple as it appears on paper. There are barriers not in production but in distribution because low income household markets are price sensitive and highly segmented.
Global FMCG giant P & G, for example, developed PUR (a water purification system) in partnership with US government which was meant for low income consumers. The product was meant to serve a social need which was to provide clean and hygienic water at places where the drinking water was unsafe. The product failed to serve well and after three years of launch, it was found out that the product was a failure!
It clearly appears that cost is not the only factor that acts a barrier to the success of a social innovation. There are yet other examples where out reach (ease of access), distribution channels were ignored and social innovations failed their purpose. The need is of building sustainable models that are operationally well laid out and successful in delivering the goods. Remember cost is not the only factor!
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