Page 5: The benefits of a stakeholder focus
Businesses do not work in isolation. They affect the lives of people in the global community in many ways. RELX Group believes it must be accountable to communities and give something back. Through employee community work, for example, its people not only make a difference to local communities around the world, they also demonstrate publicly RELX Group’s’s values.
‘Valuing People’ is a stakeholder focus which is important to RELX Group. This focus provides benefits in the form of motivated and loyal employees. Challenges, opportunities and rewards for all workers are part of RELX Group’s’s approach to supporting its people. This results in employees feeling encouraged, involved and motivated – which leads to improved efficiency and in turn reduces costs, increases sales and improves revenues – which contribute to higher profitability. Attracting and keeping good employees means the business will achieve its objectives and meet the expectations of customers.
Customers want good quality products and services that are value for money. RELX Group listens to its customers and meets their needs with innovative ideas that create cost-effective and convenient solutions to their business challenges. For example, RELX Group’s online services provide customers with the opportunity to cross-link, cross-reference and search for information. This has helped to ensure that 66% of revenues now come from online products and services.
RELX Group’s CR activities focus on doing what is relevant for the business and its stakeholders. Some decisions may not generate immediate return on investment. However, long term, they can benefit the company by attracting investors looking for ethical companies, greater employee retention and higher quality services which meet the needs of consumers.