Shared value helping Australian organisations become purpose-driven


30191967971_012e4107f1_zthe c word is delighted to be working closely with the Shared Value Project in Australia. Last week we were in Sydney for the announcement of their inaugural Shared Value Awards and inspired by the incredible work that was recognised.

The Shared Value Project provides a framework that creates new opportunities for companies. It brings together leaders to build a strong and engaged global community around shared value, knowledge and practice. The concept has grown rapidly from a global idea to a form of business practicing at its best, adopted by leading global and Australasian companies.

Becoming purpose-driven is now becoming the norm.

What is shared value?

The shared value concept was defined in ‘Creating Shared Value’, an article by Prof Michael Porter and Mark Kramer in the Harvard Business Review (January/February 2011).

In this article they outline the need for organisations, and governments to leverage the power of market-based competition in addressing social problems.

The New York Times recently wrote a piece that helps to illustrate shared value in practice. Neil Irwin implies that if companies like Walmart spend more to pay and train their workers, it could create gains for the economy – and ultimately better for the businesses that make the investment.

Who won the 2016 Shared Value Awards?

The Shared Value Awards, presented annually by the Shared Value Project and media partner AFR BOSS, recognise new or existing efforts to address complex social challenges impacting society while creating measurable economic benefits and enhancing competitiveness.

They also recognise the adoption of shared value as a broader business strategy, and leaders who are championing this way of doing business.

Last week Australia’s Foreign Minister, the Hon Julie Bishop MP was named the inaugural Shared Value Champion, while IAG was named as the corporate organisation leading through shared value. The awards recognise commitment to the concept of shared value and leadership in Australia encouraging businesses, government and community organisations to work together to solve key social issues.

Chair of the Shared Value Project Peter Yates AM said shared value and the organisations in Australia pursuing a shared value strategy continue to benefit from the support of great leaders such as Minister Bishop and the leadership of companies such as IAG and others recognised through the awards.

“The continued adoption of shared value by organisations across Australia is in no small part due to champions such as the Hon Julie Bishop MP, and I recognise the important role each of them play in helping advance the shared value movement in our region,” Mr Yates said.

For more information visit the Shared Value Project website or follow them on Twitter @sharedvalueaust

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