The frontiers of the social are expanding in the company

Forética analyzes the initiatives, actions and commitments linked to the integration of social S in organizations

Aspects such as human rights, prevention, health and safety, development and training, conciliation and social action have traditionally shaped social aspects within the sustainability strategies of organizations, and respond to immediate and close challenges of these. But this is changing, since different forces are acting on these elements that accelerate, expand and refocus them, giving greater responsibility to companies in the face of their social impact and expanding the borders of the S that integrates ESG criteria, in English (environmental, social and governance).

This is evidenced by the report The social factor of ESG. The role of the social taxonomy of the EU in the strategy of companies, developed within the framework of the Social Impact Cluster, led by Forética with the participation of 60 Spanish companies, among which is Grupo PRISA, publisher of Cinco Días, and presented at the DEI-Diversity, Equity and Inclusion Business Forum, organized by Forética. The report analyzes the most relevant initiatives, actions and commitments at a global level linked to the integration of social S from the business angle.

“The social S is in full transformation and acceleration,” said Germán Granda, general director of Forética, during the presentation of the study. “It is essential to articulate a more determined and strategic commitment of the business sector in areas such as inequality, decent work, the value chain or responsibility to consumers and users. Social taxonomy will serve as an instrument to channel these elements,” he added.

The future social taxonomy of the EU will define the role that companies should play

The forces acting on the social S are grouped in the report into three axes: -refocus-social crisis, in a changing context, guided by the 2030 Agenda and the Sustainable Development Goals, which places the person at the center; Prioritization-Direct Action, with legal or regulatory mechanisms that establish the mandatory action of companies in different social elements, and indirect impulse-action, with incentives that strengthen the mechanisms of action-competitiveness remuneration to promote business action in the face of certain social challenges and opportunities.

Impact measurement

The report highlights the important role that social impact measurement plays as one of the most important and difficult areas that companies face when building their social strategy. It also lists the accelerators that allow us to understand what the new frontiers of the S are: employees, consumers and users, investors and financiers, and the legislative and institutional impulse.

The proposal is structured in three areas: employment, users and communities

In this scenario of change, the future social taxonomy of the European Union stands out as one of the most innovative mechanisms when it comes to promoting new responses focused on understanding and improving social impact from a business point of view. Included within the legislative package on sustainable finance, and aligned with others such as the Green Deal or the Next Generation EU program, it will mean a new framework of action that defines the role that companies must play when contributing positively to their environment. The ultimate goal of this tool is to identify socially sustainable companies and products to facilitate the channeling of capital flows, both public and private, to these activities.

The social taxonomy proposal is structured around three main impact areas, where each impact area is connected to a specific objective: workers and decent employment, both in the company itself and in the value chain, and includes aspects such as adequate working conditions, the promotion of equality or the elimination of the wage gap; end-users and consumers, which includes aspects such as the development of healthy, safe, durable and repairable products and services, and communities, which includes aspects such as equality, respect for human rights or support for sustainable livelihoods.

Ricardo Trujillo, manager of Forética’s Social Impact Cluster, affirms that “social taxonomy is the most important mechanism that, in the near future, will mark the social commitments of companies and accountability in sustainability”. In his opinion, “a good focus on social S allows us to control the risks and impacts on human rights in the supply chain, minimize controversies, strengthen the legitimacy to operate and achieve a greater capacity for innovation and inclusion.”

SANTILLANA #VOYASER PROGRAM

The proposed EU taxonomy proposes an action structure focused on achieving inclusive and sustainable societies and communities. The Forética report highlights a good number of examples of business action, such as that carried out by Santillana, the leading educational company in Latin America, with more than 60 years of experience and active in 20 countries in the region. In 2020, the PRISA Group company created #PropósitoSantillana to boost its social commitment and contribution to the United Nations 2030 Agenda. Within the framework of this seal, it has launched #VoyaSer with which it intends to contribute to the fulfillment of SDGs 4, 5, 10 and 17.

#VoyaSer, by Santillana and Entreculturas-Fe y Alegría, is aimed at girls at risk of social exclusion in Latin America. Its goal is to help them complete their education and have more opportunities. For this, this program offers comprehensive aid: economic support to guarantee their educational, technological continuity to combat the digital and educational divide, with a course in digital skills and another in emotional intelligence. In addition, Santillana offers resources and pedagogical support during the course. In its 1st edition, nearly 100 indigenous girls in centers #VoyaSer helped in Guatemala and Peru.

Source: Five Days