HR Leaders Urged to Integrate Social Value into Business Strategy for Employee and Community Benefits

What's Happening?

HR leaders are being encouraged to integrate social value activities into their business strategies to benefit employees, communities, and the business itself. The concept of social value has evolved significantly over the past two decades, moving from a box-ticking exercise to a strategic asset that can create tangible impacts. By aligning social value initiatives with internal business goals, companies can enhance employee engagement, retention, recruitment, and overall business growth. For instance, a program designed with Landsec showed that 100% of volunteers felt the activity improved their perception of their employer and helped them develop key skills. However, the challenge for HR leaders lies in moving from intention to implementation, requiring a strategic approach that includes inclusivity and a clear understanding of success metrics.

Why It's Important?

The integration of social value into business strategies is crucial as it can lead to significant benefits for both employees and the community. By embedding social value activities within existing training structures, companies can scale initiatives over time and tailor them to meet evolving business and community needs. This approach not only enhances employee skills and engagement but also improves the company's reputation and attractiveness as an employer. Moreover, involving employees in the co-design of social value programs can build a network of social value champions across all levels of the business, ensuring momentum and overcoming internal barriers. This strategic alignment can transform social value partnerships into win-win-win solutions for businesses, employees, and communities.

What's Next?

HR leaders are advised to take stock of existing initiatives and consider relevant policies and processes before launching new social value programs. Clear promotion, simple booking systems, and volunteering policies are essential to ensure high participation rates. Companies are encouraged to involve employees in the co-design of social value programs to build advocacy and overcome internal challenges. By using existing networks such as employee engagement groups, companies can quickly launch effective social value initiatives. The focus should be on designing and delivering programs that are well-briefed, measurable, and reputationally sound, ensuring they create a positive impact for all stakeholders involved.

Beyond the Headlines

The shift towards integrating social value into business strategies reflects a broader trend of companies recognizing their role in contributing to societal well-being. This approach not only enhances corporate social responsibility but also aligns with the growing demand from employees and consumers for businesses to act ethically and sustainably. By prioritizing social value, companies can differentiate themselves in the market, attract top talent, and build stronger relationships with their communities. This long-term shift could lead to a more sustainable and inclusive business environment, where companies are seen as partners in societal development.