Simon Robinson, Director of LBG Australia & NZ shares an update on LBG’s new shared value measurement tool, and invites companies to pilot the use of the tool to measure their shared value initiatives as part of their broader community investment activities.
LBG is the international standard for measuring and benchmarking community investment used by companies around the world.
As such many shared value initiatives can be counted within LBG, verified and reported on as a part of a company’s broader community investment program. The LBG social impact methodology is also helping companies to identify opportunities for shared value by considering social needs that align to core business objectives.
There is a wide spectrum in how LBG members have innovated for shared value. Though it is fair to say even those embarking on shared value journeys are still focused on their broader CSR and CCI objectives as the foundation for being a responsible business. The potential for what shared value can return to society is significant, business has enormous power and influence to create social change especially if there can also be a financial return in the process. However to realise the opportunity fully it’ll be essential to measure and report on progress.
It’s been with that in mind that we have always sought to encourage and support the development of shared value and are proud to be a part of the Shared Value Project.
LBG have always sought to report on both business and community outputs and impacts and if both sides of the equation are there then value is shared – So together in partnership LBG Australia and the Shared Value Project have worked to evolve the LBG social impact methodology to be a tool to measure shared value.
The tool has been developed and tested over the last two years to support LBG members and their community partners to ensure community investments are aligned to business objectives and to understand their impact, report on it and better tell the all-important story of what is being achieved.
So the tried and tested tool is now ready to evolve further. We’d like to invite companies (LBG members or not) to pilot the tool to measure their shared value initiatives as part of their broader community investment activities.
To express an interest in participating in the pilot of the LBG shared value measurement tool or to find our more information, contact Simon Robinson via email@example.com or phone +61 3 9693 2210.
Image credit: The Guardian