Case study: How Amplifon creates economic value for its stakeholders
Amplifon is a world leader in hearing solutions and services for skill, ability of customisation, and attention to the customer, relying on a network of over 9,300 points of sale and on the professionalism and passion of approximately 19,400 employees and collaborators in 25 countries in 5 continents. Through its business activities, Amplifon creates value for its main stakeholders (shareholders, employees, Public Administration, communities) and for anyone who has commercial relations with Amplifon (suppliers, providers of capital).
This case study is based on the 2022 Sustainability Report by Amplifon, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Through its work Amplifon generates shared economic value, contributing to improve the socio-economic context where it operates. Tweet This! In order to create economic value for its stakeholders Amplifon took action to:
- create economic value for employees
- create economic value for providers of capital
- create economic value for the public administration
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Amplifon has identified;
- How Amplifon proceeded with stakeholder engagement, and
- What actions were taken by Amplifon to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2022 Sustainability Report Amplifon identified a range of material issues, such as quality, reliability and safety of products and services, ethical and responsible business conduct, availability and accessibility to hearing care, innovation, digitalisation and personalisation of the customer experience. Among these, creating economic value for its stakeholders stands out as a key material issue for Amplifon.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Amplifon engages with:
| Stakeholder Group |
| Workforce |
| Hearing impaired and care givers |
| Franchisees and agents |
| Shareholders, providers of capital and financial community |
| Industry and consumer associations |
| Trade unions |
| Academia and medical class |
| Indirect suppliers and other value chain actors |
| Regulatory authorities and health care systems |
| Local and global communities |
| Media |
| Hearing aid manufacturers |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Amplifon engaged with its stakeholders through focus groups.
What actions were taken by Amplifon to create economic value for its stakeholders?
In its 2022 Sustainability Report Amplifon reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2022, Amplifon paid 699,549 thousand euros for employee wages and benefits.
- Creating economic value for providers of capital
- In 2022, Amplifon paid 76,532 thousand euros to providers of capital.
- Creating economic value for the public administration
- In 2022, Amplifon paid 75,160 thousand euros to the public administration.
- Creating economic value for communities
- In 2022, Amplifon spent 4,669 thousand euros in charitable donations and other activities in favour of communities.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
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References:
This case study is based on published information by Amplifon, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
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