Growing pressures from consumers, supply chains, governments, and action groups, has meant that businesses can no longer sidestep or ignore the calls for reform, and to integrate their operations with the social values that drive individuals’ behaviours, whole economies, and all communities.
The old expression “People buy from people” is as true today as ever before, and no amount of technology can replace this statement.
Consumers and supply chains, are now demanding action from companies, to join with the global agenda, to reform working practices, disconnect every action from that of pure profit, and to show leadership in values, to determine success.
Let’s break that down:
Firstly, the consumer, whose voice is heard by the spend patterns they establish. Following and buying from those businesses, who can demonstrate and reliably report on ESG principles, connecting with their stakeholders, community, and planet
Around 80% of Millennial generations, that is everyone of 40 years old and younger, are aligned as never before, with the issues of sustainability; relating to environment, waste, wildlife, energy, child labour, product origin, carbon footprint, to that of our communities, charities, not-for-profits, to rebalance our society to be inclusive, embracing, and values driven
Companies that do not show leadership and show their espouse values, will be shunned in the years ahead, in favour of those that do.
Secondly, the rapidly shifting of requirement within SUPPLY chains. As with the GDPR regulations, where customers insisted on demonstrable compliance to remain as a supplier, so will this manifest in due course with Social Impact reporting, and values
Already we have seen the UK Social Value Act being amended in January 2021, to compel public sector procurement to assess suppliers for the social impact, awarding at least 10% of the supplier score to this aspect.
This will accelerate throughout supply chains in 2021, to compel companies to showcase their position in a transparent way – systems and measurements will be needed, and visibility will be high in public forums for those who do not comply.
Engaging early on will provide an advantage for companies and harnessing the collective power of employees will create a trust-based space for resultant higher productivity and profit.
From top line revenue to bottom line profit, your Social Values can drive performance
For more information about measurement, strategy, marketing, and or starting the shift needed to demonstrate Transparency, Authenticity and Trust, contact me philip.webb@investorsincommunity.org or my team info@investorsincommunity.org