Community-centered Leadership as a Publicly Traded Company
Written by Iggy Domagalski, CEO at Wajax
The business world is emerging from a long season in which financial performance was the North Star for evaluating overall success. Today’s stakeholders expect more, and companies are being measured by their broader impact, including how they engage with the communities in which they operate.
Companies that want to succeed in this new season can benefit significantly from embracing community-centered leadership. A community-centered approach to business results in decisions that build trust, strengthen relationships and create long-term value. By prioritizing the well-being of the people and environments in their local community, businesses chart a course that leads to sustainable success.
The elements of community-centered leadership
Community-centered leadership involves placing the needs, values, and aspirations of the community where the company operates in the middle of the decision-making process. To practice this, leaders must go beyond simply managing operations. Community-centered leaders engage with the people affected by their operations, taking steps to ensure community voices are integrated into the process. It fosters genuine partnerships that benefit everyone.
In industries like mining, community-centered leadership is essential for long-term success. It fosters a high level of transparency that builds trust and prioritizes sustainable outcomes. It also leverages collaboration with the people who live in the community to ensure economic progress and community well-being go hand-in-hand.
At Wajax, we aim to empower people to build a better tomorrow. Community-centered leadership helps us achieve that by empowering us to create an environment where the organization and the community can thrive together. By aligning our actions with our purpose, community-centered leadership ensures that all of our decisions are informed by the question, “How can we help build a better tomorrow, not just for Wajax, but for the communities we are part of?”
Community-centered leadership with publicly traded companies
Meeting shareholder expectations and delivering financial results are constant pressures for all businesses, especially publicly traded companies. Balancing that need with those of the communities in which the company operates can be especially challenging. The pressure to prioritize profitability can make it difficult to justify long-term community-focused initiatives.
Fostering open dialogue with all stakeholders is one step that can help to align expectations. Involving stakeholders in developing and implementing community-focused initiatives can help build trust and ownership. Open dialogue also increases transparency, which can help shareholders understand and appreciate the strategic importance of community-focused projects.
Wajax strives to keep its community focus aligned with its corporate values, empowering us to balance delivering value to shareholders and creating meaningful and lasting change in communities. For example, we are committed to the safety and well-being of both our employees and the communities in which we operate. We are also committed to continuous improvement, which drives us to constantly adapt our practices to better serve our shareholders and the community members impacted by our operations alike.
Steps to implement a community-centered approach
Implementing a community-centered approach is a process. Companies should start by understanding that it involves a long-term commitment that promises long-term returns. Companies that think of business as a sprint must commit to practices more suited for a marathon.
Empathy and understanding are foundational to community-centered leadership. Leaders must develop a genuine concern for and connection to the communities they desire to work with. To show empathy, leaders must listen to those in the community, understand and appreciate their needs, and make addressing them a key business goal.
To build the trust necessary for effective community-centered leadership, leaders must commit to increasing transparency and accountability. Communication must include both the positive and the negative if those in the community are to feel they are being treated as partners. As leaders follow through on commitments and their own outcomes, partnerships grow stronger.
At Wajax, we have found we can play a supportive role in the communities where we work by bringing expertise that serves community goals. For example, many companies in Canada’s mining industry face increasing pressure to adopt greener practices that support the local environment. Wajax offers energy-efficient solutions like electric-powered mining equipment and advanced fuel-saving technologies to help companies with those efforts. Our equipment helps companies reduce their carbon footprint while maintaining productivity, benefiting both the mining company and its community.
The business benefits of community-centered leadership
Because Wajax has a history of engaging in community-centered leadership, we have seen and enjoyed the benefits it can bring to publicly traded companies. For example, our reputation and brand loyalty have been greatly enhanced by our strong community presence. Customers recognize us as a responsible corporate citizen, which helps set us apart in the market.
Enhanced employee engagement and retention are other significant benefits we’ve seen at Wajax. When employees see Wajax giving back, it strengthens their connection to the company’s values. This has led to higher morale and greater satisfaction. Our efforts in this area have been acknowledged with awards such as the Canadian Mental Health Association Workplace Excellence Award, the Women Building Futures Employer of Choice Award, and the Excellence Canada Mental Health Platinum Award.
From a shareholder perspective, community-centered leadership has allowed us to identify and focus on opportunities that drive long-term success. Our shareholders have seen how the community-based partnerships we’ve fostered benefit them and the community by creating environments that support sustainable, long-term growth.
Community-centered leadership demands a forward-looking approach. Rather than focusing on quick wins, it must establish sustainable practices that benefit both the community and the company over the long term. Community-centered leadership invests in initiatives that promote the health of the company and the prosperity of the community.
About Iggy Domagalski
Iggy Domagalski, President & CEO of Wajax, is a professional passionate about creating and growing businesses, nurturing leadership, and building communities. Coming from a finance and industrial equipment background, Iggy finds joy in the thrill of progress and creativity. Being part of Wajax, a player in Canada’s history for more than a century, signifies more than just machinery and technology; it represents individuals who bring their vision to life. Through his guidance, Iggy is committed to driving transformations and impacting the lives of others.
About Wajax
Founded in 1858, Wajax is one of Canada’s longest standing and most diversified industrial products and services providers. The corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities and oil and gas.