One world: David Miliband, CEO of the International Rescue Committee, challenges businesspeople to acknowledge that refugees are their workers, neighbours and family. Picture: BLOOMBERG
In spite of this, we are still seeing corporate failures, bloated executive pay, destruction of value and neglect of social and environmental responsibilities. Why does this still occur? When business is chasing profits, and by doing so is making a positive effect, scalability is only limited by the pace of growth. The greater the success of the business, the more society benefits. This is shared value in its true sense. Corporate social investment funding is in itself limited and small relative to the demand for social support.
Business can also act collectively and collaboratively with the government and other stakeholders to effect change. We have seen the establishment of the Joint Education Trust and the Business Trust, collective business contributions to tackle difficult social challenges. The Youth Empowerment Service initiative is an example of a collective business response, in partnership with the government, to expose unemployed youth to the world of work.
The field has shifted over the years from an initial phase of grant-making, where the focus was on selective giving rather than on outcomes, efficiency and impact. Most programmes now have strategies in place that align CSI spending to their businesses, and are investing in demonstrating outcomes .
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