The value of social responsibility in family businesses is nothing new; read the article

Teams across industries are turning their attention to people, planet and profit goals

The commitment to act in a socially responsible manner is nothing new for family businesses. However, issues of sustainability, climate risk, poverty and continued uncertainty in many parts of the world are now more prominent concerns on the agenda than they might have been for previous generations.

This is a general agenda which cannot be ignored and which is being exacerbated by recent geopolitical events. This requires a much broader strategic mindset, with decision making elevated to the corporate level.

Operating in a socially responsible manner creates real value for the environmentcreate works, contributes to the prosperity of the community and adds long-term value to both the family and the business. When it comes to ESG (environmental, social and corporate governance)), many family businesses are starting from a position of strength to further increase their social and environmental commitments.

Whether privately or publicly owned, companies are running out of choices in terms of sustainable operating practices, and senior leadership teams across industries are turning their attention to the goals of people, planet and profit.

The values-based characteristics and unique capabilities of family businesses have not changed. While the purpose and values ​​of family businesses often naturally draw them towards actions related to social responsibility, in the past many of these actions were not necessarily linked under a cohesive strategic umbrella.

Now, a more inclusive approach is becoming increasingly necessary to link the company’s environmental and social actions, help ensure that tangible goals are set and that there is clear accountability for the impact and results the company sets out to reach.

Increasingly, family businesses are adopting a new mindset of corporate responsibility in an effort to gain deeper insights into what matters most to customers, employees, and other stakeholders, and to consider how actions too can impact the business. It’s about connecting the dots to seeing the bigger picture and choosing where to focus family and business resources.

There is no right or wrong approach to developing a social responsibility strategy and there are many factors to consider within the company as well as rapidly changing external influences which can influence the priorities identified for action. 🇧🇷 THEY ARE, RESPECTIVELY, LEADER PARTNERS OF THE PRIVATE ENTERPRISE OF KPMG IN BRAZIL AND SOUTH AMERICA; AND DIRECTOR OF THE PRIVATE ENTERPRISE OF KPMG NO BRASIL

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Source: Terra

Camila

Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.