Expanding your organisation to a shared value model
As stakeholders demand more from organisations, many executives across Australia and New Zealand are looking to shift their business approach to a shared value model. Shared value is a business approach that pursues profit generation while also addressing societal concerns. It goes beyond short-term gains and charitable work, aiming for sustained business success while positively influencing society.
Today, calls from stakeholders extend beyond mere quarterly profits, prompting a growing cohort of corporate leaders to embrace this shift. However, a considerable disconnect exists between the expectations of stakeholders. For example, employees value benefits beyond salary, such as flexibility, mentorship, career coaching, and mental health support, while consumers increasingly prioritise ethical and sustainable business practices. Embracing these shifts is further complicated by heightened scrutiny from regulators, necessitating adherence to corporate accountability measures.
Before taking action, boards must ask themselves: How can we ensure the shared values are correct when employees, employers and customers have such different ideas?
Leveraging data and technology becomes pivotal in this landscape, as they play a crucial role in identifying and addressing changing social concerns while future-proofing businesses, enabling the alignment of corporate strategies with stakeholder expectations to achieve shared value.
Data is imperative for your organisation to make informed decisions to bridge the gap and pivot in the right direction. Having the access to accurate and timely data is just the first step though, the capability to swiftly translate the data into a clear picture of how the organisations is going is vital.
Does your organisation need to upskill your team? Hire more people for business growth? Do you have a gap in risk management, cyber security or sustainability? With a clear picture, executive teams can extract actionable measures and make informed decisions to align shared values for all stakeholders.
With data transparency, organisations can drive the correct business decisions, share performance across shared value with stakeholders and hold themselves accountable.
Download our infographic today to see how ANZ boards are leveraging data to turn business insight into shared value.
