Backing success by being 'fair'

In Andrew Mawson's book The Social Entrepreneur, he uses the example of how investors backing science projects did not back those that were researching the most importance subjects (e.g. cancer in children), but rather the best researchers.

By backing the best researchers their investments would ultimately be used the most effectively for the public.

This approach is perhaps not the most democratic way to decide on what projects or communities to invest in, but it does mean that those who can make the most significant difference will be invested in.

It is, after all, people rather than structures and governance that make the difference.

In order to be successful in addressing our social issues, we need to invest in our people, not just in our ideas.

This is what I call a fair approach, when the investment is made in the people first.


Mike.

Salaries must be paid at market rates

The best businesses have the best staff. The best staff need to be paid salaries at market rates.

This is the seventh of the ten key principles of social business.

In order to compete effectively and be the best at what you do, you need to make your organisation a great place to work, which includes remunerating staff at the levels their skill and responsibility deserves.

This does not mean that staff need to be paid corporate-style seven figure annual bonuses; but rather salaries that reflect their market value.

There are a variety of ways to determine what market rates are for the positions within your organisation. Recruitment agencies can give you an idea of what these are, but if you are looking for a more accurate figure then salary benchmarking firms, like Celre in the United Kingdom, can provide this information for you, normally at a fee.


Mike.