The term ‘Stewardship‘ may not be as popular as the words ‘Sustainability’ or ‘Strategy’ in the current business ecosystem. The dictionary meaning of stewardship indicates that it is the job of supervising or taking care of something (such as an organization or property). But first, let us delve into the origins of the word ‘stewardship’ and its different contexts of usage.
The Origins and Nuances of the word ‘Steward’
The word Steward stems from the 17th Century English word – ‘Stiward’, which is derived from 2 root words – Stig (hall/house) and Weard (guard). In a royal or aristocratic household, the steward was one of the highest-ranking officers, together with the master of the household.
Over time, as the economy & businesses evolved from the medieval ages, ‘Stewardship’ evolved to encompass broader responsibilities, including the ethical management and care of resources, whether environmental, financial, corporate or even social responsibilities for that matter.
- Environmental perspective: Managing natural resources like water, land, and air to minimize environmental impact and promote sustainability.
- Corporate perspective: Implementing ethical business practices and corporate social responsibility (CSR) to ensure that business operations benefit all stakeholders and contribute positively to society.
- Financial perspective: Overseeing financial resources to ensure prudent management, investment, and protection of assets for long-term growth and stability.
In modern contexts of increasing relevance of ESG norms and the need for an integrated strategy to create sustainable value, stewardship implies a commitment to sustainable practices and the well-being of the greater community along with the stakeholders, reflecting a sense of duty and responsibility toward current and future generations.
Introducing ‘Strategic Stewardship’
Strategic stewardship is a form of strategic decision-making aimed at enhancing shareholder value while pursuing innovative, market-friendly strategies that generate shared value for all stakeholders. It embodies a commitment to ethical governance, sustainable resource management, and stakeholder engagement, ensuring that an organization thrives both now and in the future.
The Need for a Human-Centered Approach
Modern businesses and policymakers frequently can rely on quantitative data for more efficient decision-making. Eventhough the importance of data-driven analysis cannot be understated, but a narrow management & administrative focus primarily on the “bottom line”, influenced by rigid structures of power, often marginalizing the voices of the general public is against the idea of creating anything which will provide a sustainable value.
There is a possibility that knowledge creation in business and policy-making may be recycled between academics, policymakers, and corporate leaders, leaving out the lived experiences of ordinary people. Therefore, a shift towards a more holistic approach like ‘Design thinking‘ (which is not just limited to UX Designers & Product Managers) needs to be adopted in the strategic framework of managing and leading organizations.
To practice strategic stewardship, businesses must embrace understanding their overall impactable business ecosystem with empathy instead of authority. This involves developing the skill to unearth the unspoken needs of various stakeholders while keeping all the confirmation biases at bay. By fostering an inclusive environment where all voices are heard, businesses can create strategies that are not only innovative and market-friendly but also socially responsible and sustainable.
IIMB’s Executive Programme on Strategic Stewardship, which is designed in a workshop format, allows senior leaders to re-think, re-align, and adapt their organizational strategies and evolve themselves as strategic stewards of the industry.
This short-duration programme is directed by Prof. Prateek Raj from the Strategy Area of IIMB. For more details and the works of the professor click on this link.
Below is a short introduction by the programme director, on what to expect from the programme
For more details on this programme, click on the programme link below:
Here is something interesting to get started with the course. The programme director Prof. Prateek Raj has created a custom ChatGPT tailored to the course content. Do give it a try:
https://chatgpt.com/g/g-YjCtAeHQD-strategic-stewardship-assistant
The Strategic Stewardship Assistant GPT is designed to answer specific queries from my students and anyone interested in the topic. It provides insights into queries like what strategic stewardship is, its key lessons, and scenarios where its principles are applicable. This custom version leverages the lecture notes of the professor, articles, & case studies to provide detailed and context-specific answers to any questions learners may have about the topic.