CORPORATE INTEGRIT
Quality credentials
Rajiv Meewakkala
Q: How important are awards in contributing to an organisation’s credibility and reputation – locally as well as internationally – in your assessment?
A: The main aspect is that an organisation shouldn’t be driven or motivated by the sole purpose of winning awards.
Instead, it must do what’s right to grow the business in a sustainable trajectory with a long-term perspective in mind. And in doing so, if the organisation is recognised, this will act as a motivational lever by fostering pride among employees and enhancing its corporate reputation.
What organisations should avoid is adopting a mentality whereby actions are superficially showcased to win accolades that are short term and unsustainable. Such practices lead to a loss of credibility for both the businesses and awarding institutions.
Awarding bodies must also exercise care and caution in the selection process, emphasising transparency and integrity, as these are the most important facets. Failing to do so leads to a loss of credibility, which potentially damages the reputation of such institutions.
Q: In your view, in what ways does the recognition that comes from awards and accolades lead to increased sales or business?
A: It undoubtedly has a significant impact on enhancing reputation among shareholders, consumers, employees, future employees and many other stakeholders. Once again, I emphasise that this can be achieved only if the credibility and stature of the awarding institution is impeccable.
Today, we have reached a point where multiple bodies are presenting awards, and everyone claims to be the best both locally and internationally. This results in a loss of value of the awards and recognitions received.
Q: What should awarding institutions do to maintain the high standards that lead to the recognition of organisations by way of awards and accolades, in your view?
A: Strict criteria on which organisations can participate, and an open, transparent and independent selection process, are essential to maintaining standards.
The awarding institution must first and foremost maintain a very high standard, and awards shouldn’t be bestowed on any organisation that doesn’t meet the standards and criteria that have been stipulated.
It’s the stature and perception of the credibility of the awarding institution that will matter in the end. It must never be done solely as a revenue generating exercise as awards can be bought for money these days.
Q: How do you measure the long-term impact of winning awards on an organisation’s financial performance?
A: I don’t believe that it’s possible to measure the impact on financial performance precisely but receiving awards will undoubtedly enhance the award winner’s corporate reputation among all stakeholders.
This in turn is likely to lead to better financial results. Attempting to quantify the extent of this impact would be challenging, if not impossible.
Q: And likewise, in what ways do awards impact a company’s or brand’s credentials in the long run?
A: Consumer perceptions will certainly improve as they gain a better understanding of the organisation behind the brand. This enhanced understanding tends to foster loyalty and advocacy to a great extent.
Quality credentials – which are a crucial aspect of purchase consideration – will be positively influenced.
Q: And finally, how should award winners manage the expectations that come with being an award winning organisation – both in the internal and external context?
A: It’s very simple – the essence lies in the notion that organisations shouldn’t engage in activities solely for the purpose of winning awards. Instead, recognition should stem from the sustainable and progressive business practices that businesses adopt.
If recognition is garnered by way of awards, it must be shared and celebrated with all employees – especially the team that serves as the pivot around which performance is meshed.
