Applying effective stewardship in business is key to its success. What does stewardship mean today for businesses? Since the Great Recession, executives are more aware of their trust roles. These days, there is greater protection for shareholders. But we have a long way to go before effective stewardship is widespread in businesses.
What Does Stewardship in Business Mean Today
What is stewardship? Stewardship is acting as a steward. Who is a steward? A steward is someone who gets responsibility and authority from an owner to look after the owner’s property in the owner’s best interest.
What does stewardship mean today for businesses? This will vary from firm to firm. These days, many boards of directors and executives see the need to be more accountable. They see this partly because of new government rules. However, executives know the cost of poor stewardship is huge. It hurts their brands. Greed filled executives in good years leading up to the Great Recession. During this time, many managers made decisions that caused major damage to their firms. (more…)