Shared Value is a concept used in business to create Corporate Social Responsibility. It is instilled in the core values of a business’s practices.
The Inaugural African Shared Value Summit has been hosted to introduce the idea into South Africa as a new way to do business. While many large companies have used this business model for decades, it is still a new concept to the African continent.
Companies such as Nando’s, Woolworths and Nestle have used the business model since their companies were founded. The Summit aims to introduce the idea to new business’s and long standing companies.
Woolworths uses the concept in its day to day production, for example they only source produce that has been responsibly farmed, they invest in woman who sew their reusable bags thus uplifting female run households and also implementing environmental care by reducing their use of plastic bags.
Nando’s uses the concept by uplifting their staff, offering a programme for people to further their education. Making sure the health of each employee is maintained by offering a medical aid programme. They also promote African artists. Each and every branch across the world has curated art pieces from local artists. The light fixture are uniquely designed in South Africa by local artists and exported to the relevant branch world wide.
These are just a few examples of how shared value is implemented in business strategy. Often shared value is confused with Corporate Social Investment (CSI). CSI concepts are usually implemented as a programme rather than part of a companies every day process.
“Shared value is not social responsibility, philanthropy, or sustainability, but a new way for companies to achieve economic success.” – Michael E. Porter and Mark Kramer, “Creating Shared Value”, Harvard Business Review
The Africa Shared Value Summit
The Summit was hosted at the Sandton Convention centre. It was very well attended and had a dynamic range of speakers all sharing the way their companies have used Shared Value and how it has benefited them. The inaugural 2017 Africa Shared Value Summit is modeled on the successful Shared Value Leadership Summit held annually in New York.
The aim of the 2017 Africa Shared Value Summit is to raise awareness and advocate for the success of the strategic implementation of the Shared Value business model which brings about social change while positively impacting profit.
Shift Social Development, the team of women behind the summit, aim to create an annual platform where Shared Value practitioners can share their stories and influence businesses and brands in the creation of Shared Value. Thus embodying their mantra, profit with purpose.
The Summit has been a great success! For more information about the Summit check out their website, this is where they will update about the 2018 Summit.
by 