50% make sustainability core strategy, but only 19% measure its financial impact: KPMG
Sustainability has become a core business priority for companies worldwide, with half of organizations now ...
Isabelle Parasram OBE: Effective application of social values to lead to wellbeing of everyone on planet
Isabelle Parasram, OBE, Chief Executive Officer of the Institute for Social Value, said effective application of social values will lead to the well-being of everyone on the planet.
Addressing the 15th Egypt CSR and Sustainable Development Forum (15th Egypt CSR Forum), she said equity makes the world a better place and this can be achieved through empowering people to make decisions.
She said the importance of social impact reports lies in benefiting from data to influence society.
Parasram emphasized that social impact helps organizations and companies understand how much the targeted beneficiaries gain from development projects. For example, if a company implements an educational project and finds the resulting impact is minimal, it will take that into account in its next project to achieve the aspired impact.
She said impact reports represent a guarantee for identifying potential risks that can be addressed through actions, such as consulting with target audience and relevant partners.
Preparing social impact reports facilitates knowing where money is spent, and answers the question: Where should we invest?
Parasram pointed out that global sustainability patterns include environmental and social dimensions.
Impact assessment is very challenging because social impact is assessed according to the effect on individuals and communities.
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