As the trends and challenges leading to the rise of the social enterprise became, in 219, even more prominent, CEOs and business leaders around the globe will have to lead the social enterprise  Tweet This!, beyond just practicing corporate social responsibility or engaging in social impact programmes.

The social enterprise: creating value for stakeholders, not just shareholders

A social enterprise is an organisation that focuses not only on revenue growth and profit-making, but also on the need to respect and support its environment and stakeholders, listening to the trends that shape today’s world. It is an organisation that accepts its responsibility to be a good citizen, serves as a role model for its peers, and promotes multilevel collaboration. Accordingly, leading a social enterprise means recognising that businesses must not just generate a profit and deliver a return to shareholders, but also improve the lives of workers, customers, and the communities in which they operate.

Why reinvent?

The Fourth Industrial Revolution is bringing disruption to the political, economic, and social fabric, impacting work, workers, and employers. Income inequality, wages, and the role of businesses in society, are under widespread debate globally. Deloitte’s 219 Global Human Capital Trends survey highlights key workplace trends and issues, including the following:

• In 218, the United States experienced 2 major work stoppages involving 485, workers (the most since 27), while income inequality is growing in many developed economies, including the United States – where the bottom 9 percent of earners have only seen a 5% wage increase over the past 18 years.
• Eighty-five percent of employees globally are not engaged or are actively disengaged from their jobs. They are working more hours, and problems of financial and mental stress seem to prevail. In the United States, over 4 percent of the workforce now works on a contingent basis.

Social enterprises perform better financially

Deloitte’s 219 Global Human Capital Trends survey revealed trends and facts that confirm the rising significance of the social enterprise:

• When CEOs rated their most important measure of success in 219, the number-one issue they mentioned was “impact on society, including income inequality, diversity, and the environment,” showing the urgency of this issue.
• According to 56% of the survey’s respondents, the social enterprise will become more important to organisations over time.
• Survey respondents confirmed the social enterprise’s positive link to financial performance: 32% of more mature social enterprises (industry leaders) expected greater than 1% growth in 219, compared to 218.

Five human principles for the social enterprise

There are five key principles that frame the “human focus” for the social enterprise, against which any action or business decision affecting people can be measured:

• Purpose and meaning: Giving organisations and individuals a sense of purpose at work, moving beyond profit and focusing on doing good things for individuals, customers and society.
• Ethics and fairness: Using data, technology, and systems ethically and fairly.
• Growth and passion: Designing jobs, work, and organisational missions to cultivate passion and a sense of personal growth.
• Collaboration and personal relationships: Building and developing teams, focusing on personal relationships.
• Transparency and openness: Sharing information openly, discussing challenges and mistakes.

78% of the world’s 25 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

FBRH GRI Standards Certified and ISEP approved Sustainability Course | Venue: London LSE

By registering for the next 2-day FBRH GRI-Standards Certified and ISEP approved Course you will be taking the first step in gaining the many benefits of sustainability reporting.

References:

This article is based on published information by Deloitte. 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 publication’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www2.deloitte.com/insights/us/en/focus/human-capital-trends.html

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Blockchain is an emerging technology for authenticated data communication between different parties in a supply chain, without the intervention of a trusted central agency. Most importantly, by validating and adding data in real time, blockchain can increase transparency throughout a supply chain  Tweet This!.

Blockchain is, according to Bank of England, “a technology that allows people who don’t know each other to trust a shared record of events.”

A blockchain consists of a “chain” of information-storing “blocks,” with each block containing information such as transactions made, amounts, and parties involved. It is a technology that promotes data integrity, transparency, and a “trustless trust,” since participants don’t have to know or trust one another.

As blockchain attracts publicity, both large corporations and startups are inventing new uses of the technology. Provenance, a supply chain transparency startup, just completed a six-month pilot for tracking responsible sourcing of tuna in Indonesia through blockchain.

Benefits of using blockchain technology

Greater transparency, as well as reduced cost and risk across the supply chain are among the benefits of using blockchain, along with more accurate end-to-end tracking. As more and more consumers mention product traceability and transparency as a critical factor influencing their purchasing decisions, these advantages become increasingly important. In addition, companies can spend less time validating data and spend more time delivering goods and services, improving quality.

Increased traceability of material across a supply chain can, also, help build a reputation as a leader in responsible manufacturing and avoid public relations disasters stemming from, for example, unapproved subcontracting.

More specifically, the primary and secondary possible benefits of using blockchain, include:

• Primary possible benefits:
  • Increase traceability of material supply chain
  • Reduce losses from counterfeit/gray market trading
  • Improve visibility and compliance over outsourced contract manufacturing
  • Decrease paperwork and administrative costs

• Secondary possible benefits:
  • Strengthen company reputation by providing transparency of product materials
  • Increase credibility and public trust of data shared
  • Minimise possible public relations risk from supply chain malpractice
  • Engage and collaborate with stakeholders

Important quotes regarding blockchain

“Blockchains are at the heart of the fourth industrial revolution.”

Klaus Schwab, founder and executive chairman, World Economic Forum

“The blockchain is to trust as the Internet is to information. Like the original Internet, blockchain has the potential to transform everything.”

Joichi Ito, Director, MIT Media Lab

“If you work in business or government, you need to understand the blockchain revolution.”

Erik Brynjolfsson, Professor at MIT

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

FBRH GRI Standards Certified and ISEP approved Sustainability Course | Venue: London LSE

By registering for the next 2-day FBRH GRI-Standards Certified and ISEP approved Course you will be taking the first step in gaining the many benefits of sustainability reporting.

References:

This article is based on published information by Deloitte. 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 publication’s meaning. If you would like to quote these written sources from the original please revert to the following links:

www.deloitte.com

“Blockchain Revolution: How the technology behind bitcoin is changing money, business and the world” Don Tapscott & Alex Tapscott

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This case study is based on the 2015 Global Report by Deloitte published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate that CSR/ sustainability reporting done responsibly is achieved by identifying a company’s most important impacts on the environment and stakeholders and by measuring, managing and changing.

Companies that understand the importance of best practices in employment will enjoy a key competitive advantage. Many studies have demonstrated the significance of having well-tuned teams of professionals focused on delivering, time and time again, outstanding results.

Companies who invest in their workforce and enjoy low levels of employee turnover also invest in an important competitive advantage: the ability to continually deliver outstanding results to their clients through well-tuned teams of professionals.

Individuals who work for a company that makes every effort to increase engagement, reduce the training gap and increase job satisfaction, know that they are, in a competitive job market, professionals who possess a continually developing skill set.

Abstract

Deloitte’s vision is to develop, by providing an outstanding career experience and an inclusive, collaborative culture, purpose-led leaders committed to making an impact that matters. After measuring and setting targets, Deloitte took action to value, fund and cultivate new ideas, grow leadership skills at every level of the organization at Deloitte University – during FY2015  nearly 65,000 Deloitte professionals experienced Deloitte University –, promote on-the-job development, expose Deloitte professionals to new ideas and cultures by means of mobility and international experience programs and, also, help talented tech-minded students pursue a business career through “hackathon” events.

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