Companies can apply different types of gender-smart activities to unlock innovation: we’ve documented them here.
A1; Social innovation would require an organization being open to listen to employees’ opinion and innovation at the different levels , using a bottom up- approach, starting from junior employees since it has different meanings to employees. Businesses can therefore encourage social innovation by using data-driven decision making defined as the process of using facts to guide business strategy. By doing this a business:
Benefits
Talent development and retention
Focusing on social innovation is a fantastic way to attract, develop, engage and retain workforce talent. A significant amount of employees say their sense of purpose is defined by their work (70% of employees in a McKinsey research paper) and in the US 2 out of 3 employees said that the COVID-19 pandemic has caused them to reconsider their purpose. At YBI, where we focus on young entrepreneurs, we are seeing the emerging youth increasingly more and more focused on starting social impact focused businesses. Businesses that provide opportunities for employees to create positive societal impact will develop a workforce competitive advantage which again will translate to better business performance.
Other steps to move forward:
To be transformative, it is important for companies to Focus – ex. To choose 1 or 2 ODS to focus on; or a specific topic (coming back to option 1, ideally connected to the core business)
Benefits
Brand performance
The majority of consumers believe that corporations and businesses should do more for society. Businesses which commit to social innovation in a public and transparent way stand to enhance their brand reputation and build a broader customer base. Businesses that align their values and actions with societal needs, in an honest and accountable way, stand to benefit greatly.
Supply chain resilience
We have all seen how COVID-19 has wreaked havoc on global supply chains. Businesses that diversify their supply chains and work with and partner with social impact businesses stand to create more robust and sustainable supply chains.
I will echo a lot of the sentiments shared already. The value proposition of the business angle of the social innovation needs to be clearly understood and articulated across the board. Creating social impact with profit should be the mantra.
Benefits of Encouraging Social Innovation
Workforce competitiveness: Social Innovation can work as a powerful tool to attract, engage and retain great talent. In a recent McKinsey research about the role of purpose in organizations, 70% of employees said that their sense of purpose is defined by their work. Employees who have a sense of purpose at work are more dedicated and more capable to innovate.
Business Growth: Addressing social and environmental issues is not just good for society, but also for business. Business growth opportunities come especially in addressing new markets that need innovative solutions.
Strengthen the supply chain: By innovating in their supply chain, companies can get both social and financial gains. The World Economic Forum report is emphasizing the key benefits of social innovation in the corporate supply chain: ensuring robust and sustainable access to raw materials and enhanced reputation by actively responding to consumer needs.
Brand Value: Consumers are increasingly interested in supporting companies that have a positive impact on society and the environment.
Employee Engagement.
Another way a business can encourage social innovation is through employee engagement, once a business identifies key areas of social impact that will fit with its core mission, vision, strategy, services or operations. Then, it makes a commitment to deliver what it has promised, allocates its resources to the individual areas in order to achieve the milestones it has set and connects with a variety of stakeholders to accelerate the pace of change.
Businesses can encourage and support social innovation in several ways. Many of which have been/will be discussed here. But they apply differently depending of
Regarding the benefits, some different angles can be seen depending on the choosen approach or projects:
• More revenues and diversification of sources of revenues (new products and services, new targets…)
• This can be the missing piece of meaning for Talent, especially young generations
• By incorporating sustainability in your activities you are making your organization more resilient for the future
• Appealing for clients, that want to identify with practices of companies of the products or servies they buy
• Access to partners that can complement and challenge your organization
There are numerous businesses contributing to the social innovation already,
Soul UK is a clothing alteration and repair platform for brands, people, and the environment. This outdoor clothing company is known for its commitment to sustainability and corporate responsibility. They have implemented social innovation in its operations by using organic and recycled materials in its products, promoting fair labor practices in its supply chain, and encouraging customers to reduce, repair, and recycle their clothing.
Seventh Generation: This company produces eco-friendly household and personal care products. Seventh Generation has implemented social innovation by prioritizing sustainability in its product design, packaging, and manufacturing processes. The company also advocates for policies that protect the environment and promote social justice, and it donates a percentage of its sales to charitable organizations.
Barner: This eyewear company has disrupted the traditional eyeglass industry by offering affordable and stylish eyewear online and through its brick-and-mortar stores. Barner also donates a portion of its sales to environmental causes and advocates for environmental policy changes
I want to discuss the different kinds of benefits that are possible; this is what we found in our research, and again these are all documented here.
Benefits to the business: increased sales, increased ability to attract new or existing investors & investment dollars, brand loyalty, improved workplace culture, commitment to gender inclusivity, etc.
Benefits to the stakeholder group: increased income, improved self-confidence, improved knowledge and skills, improved mental health, increased pride for the company, increased social capital (network), etc.
Hi everyone, I am Himanshi. I am Young UN SDG innovator and Unleash SDG Global lab winner of 2022 for business plan called Localizing the global goals through social innovation labs. The plan was showcased on sidelines of UN General Assembly 2021.
You can find me here: https://www.linkedin.com/in/himanshi-singh-509a0610b
Social innovation is actually trying to solve problems from their root cause. Businesses should acknowledge the business opportunity in creating solutions for these problems, a business may need to ask the 5 whys analysis to identify the gaps in business culture associated with social innovation. This may include;
In addition we need to set up better structures to measure or evaluate the results of social innovation
Providing training structures are also important
Collaboration and partnership is key as this cannot be in isolation
Benefits
It can help define and reinforce company structure
Adding value to the rest of the world
It ensures long term success as stakeholders are increasingly demanding that coys pursue sustainability
This is a really important point - businesses often operate on a sort of hierarchy in decision-making when these matters need to be approached by everyone everywhere. This reminded me of an earlier exploration by Business Fights Poverty where businesses found that the most wisdom and insight was gained by farmers situated at the bottom of the supply chain, thereby creating a more sustainable supply chain for both the business and the environment.
Businesses can encourage and support social innovation by creating a culture that fosters creativity, collaboration, and risk-taking. This involves creating an environment that encourages employees to come up with innovative solutions to social and environmental challenges. Business leaders can also support social innovation by providing resources and funding for research and development. Another important aspect is to involve stakeholders, including employees, customers, and communities, in the decision-making process to ensure that social innovation initiatives are aligned with their needs and expectations.
The benefits of social innovation for businesses are numerous. Firstly, it can enhance their reputation and improve their relationships with stakeholders, including customers and communities. It can also lead to cost savings by improving operational efficiency and reducing waste. Social innovation can also create new market opportunities, especially in the growing market for sustainable products and services. Lastly, it can attract and retain talent, as employees are increasingly looking for organizations that are committed to making a positive impact on society and the environment.
Writing from a business school, on the “encouragement” side, I must advocate for the value in partnering with researchers of social innovation that can study and also build new projects that can tackle societal challenges. Social Innovation is a new area of research and here at Nova, thanks to the EU we now have the Era Chair in Social Innovation https://socialinnova-chair.com/
Social innovations provide long term sustainability to the businesses. As they say humans have the solution to everything, where technology stops, human intervention goes above and beyond.
Supporting social innovation improves company culture. It is critical that businesses helps in shaping communities and societies of present and future.
There are various ways businesses encourage and support social innovations.
By encouraging employees to support/volunteer not for profit of their choice and linking their KPIs with the same.
Promote social innovation within business supply chain. Businesses engaged in textiles, fashion, construction, manufacturing have many stages in the supply chain where social innovation can be incorporated as a part of business.
The benefits are unending of supporting social innovation:
Tackling of social challenges can only be addressed by using socially responsible solutions.
Treating social innovation as a natural way of running a business enables companies to establish and maintain a responsible corporate image and through this encourage clients to buy their products and services.
***Our second question of the session:
Q2. What are some good examples of businesses that have implemented social innovation in their operations? ***
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