HOW TO SPOT A SHARED VALUE-READY COMPANY
The global peak body of shared value, Shared Value Initiative in the USA, recently published findings that suggested several conditions enable companies to successfully create and implement shared value strategies:
1. Culture of innovation
Without a culture of innovation, a company tends to play the risk aversion card, preferring traditional means of CSR to avoid being spotlighted in the media for an endeavour that doesn’t fit with their core purpose or communications. Companies that celebrate innovation and have thriving innovation teams are most likely to walk down the shared value path.
2. Supportive top management and engaged local management
It goes without saying that supportive top management and engaged local management enable any strategic plan to be well executed and shared value is no different. CEO-level support is crucial to re-orient a company’s core purpose but an engaged local team that prioritises and drives implementation is fundamental to the eventual success of a shared value initiative.
3. Cross-functional buy-in
This enables decisions to be made at pace by several company decision-makers, thereby reducing the risk of ideas being road blocked unnecessarily due to departmental budgets and/or personnel.
4. Focus on long term success
Lastly, companies that are successful in developing and implementing shared value initiatives tend to have a long-term horizon. These projects are often shielded from the pressures of quarterly updates for company performance and half-yearly budget reviews through a special projects team. Shared value projects have also been known to incubate within a non-profit partnership until initial financial benefits are felt and the social impacts begin to take shape.
As shared value continues to gain momentum in Australia and New Zealand, the smart money will be on those organisations that embrace shared value and use it as a means of maintaining relevance in an increasingly competitive and disrupted world. Start the conversation today.
Q Social Impact is a dedicated shared value and social impact firm.
© Q Social Impact P/L 2016