The world is demanding different. And the Shared Value Awards give us an opportunity to recognise the organisations and individuals who have responded by reorienting themselves around a greater purpose.
The Awards, supported by Shared Value Initiative Hong Kong and sponsored by PwC Australia, are a time to celebrate those who are using business to innovate new solutions to social or environmental challenges; and see this as a strategic imperative to building socio-economic prosperity.
If this sounds like you, a colleague or your organisation, then the Awards Selection Committee wants to hear from you. And, as the Shared Value Project team, we thought we’d impart some advice on how you might approach your application.
The creation of both societal and business value is integral to shared value – and is therefore explored in all award categories.
Societal value comes from vastly improving the conditions in which we live; advancing health outcomes, education, employment, financial or digital inclusion, service access and participation and/or helping to reduce our impact on the environment. Meanwhile, business value can range from increased revenue or market share to improved productivity, greater efficiency, reduced costs, improved quality, a more secure supply chain, or a more skilled or productive workforce.
Below we have provided two case study examples which use a format that may help you to tell both parts of the story with clarity and impact. We wish all award applicants the best of luck!
Cancer Aid Coach Program (AIA Australia & CancerAid)
Social issue:
40% of working age Australians diagnosed with cancer never return to work, due to secondary mental and physical health concerns triggered by cancer diagnosis
Business opportunity:
To increase the number of cancer survivors returning to work, reducing the time that people are in income protection claims and the need for total and disability claims
Shared value solution:
AIA Australia partnered with CancerAid to provide AIAA customers who are receiving cancer treatment with free access to digital tools, personal coaching and educational resources, in the aim of empowering these customers to adopt positive behavioural changes and engage in their own care.
Social impact:
- Improved wellbeing and quality of life scores
- Improved return to work rates, with increased feelings of productivity and self esteem
Business impact:
- 40% income protection claims returned to work earlier
- Improved customer satisfaction
- Total and disability claims projected to decline
No Lawyers (Forge Legal)
Social issue:
The lack of affordable access to family legal services, where self-representation in court has increased 33%
Business opportunity:
To create an online, self-service solution for navigating divorce at a nominal cost.
Shared value solution:
Forge Legal built a platform which enables Australians to divide assets and negotiate parenting when divorcing, without lawyers.
Social value creation:
- Reducing costs by around 99% on average
- Giving people a voice when they don’t have assistance by improving their ability to self-represent in court
- Reducing pressure on an under-resourced legal system
- Reduced family stress projected to decrease domestic violence
- Retaining generational wealth in the family unit
Business value creation:
- An innovative product meeting the needs of a large, underserved market with 60% of families now able to access affordable legal services
- In four months the platform has attracted 1,358 active users and is on track to 150,000
- An investment of $250,000 in creating the nolawyers.com.au platform
For more on the 2021 Awards, visit our Awards page.