The coronavirus pandemic triggered the biggest global economic, health care and social crisis in centuries. Post-pandemic, the business landscape is complex and uncertain. With technological advancements, the widening gap between rich and poor, the rise in populism, and an increasingly crowded marketplace, businesses all over the world under pressure to reflect on their approaches and consider new ways of doing things.<\/p>\n\n\n\n
This debate is live in Hong Kong. While the belief that profit generation is the sole purpose of a business still prevails among the local business community, some businesses are beginning to co-create value with their employees, customers, suppliers or other key stakeholders based on shared interests and values. How that trend could be accelerated needed defining.<\/p>\n\n\n\n
Commissioned by the Hong Kong government\u2019s Social Innovation and Entrepreneurship Development Fund (SIE Fund), The Hong Kong Social Entrepreneurship Forum (HKSEF), Ernst & Young (EY), InnoFoco, and SIX came together to understand businesses\u2019 motivations for creating shared value and making recommendations on wider promotion of the business for a good concept.<\/p>\n\n\n\n
Our approach<\/strong> Recommendations<\/strong><\/p>\n\n\n\n Our recommendations were organised in 4 categories. <\/strong>Linking Business for Good to a company\u2019s core mission<\/p>\n\n\n\n Under each, we examined what should be done, how it could be done, and who should drive the process. This structure shows a clear role for governments in Hong Kong to enable and encourage more Business for Good <\/p>\n\n\n\n
Through a combinations of quantitative and qualitative research, we explored the motivations and push and pull factors in adopting a stakeholder-centric approach, and investigated whether the younger generation are playing an increasingly important role in influencing business behaviour. These insights helped us build recommendations on the wider promotion of the concept of \u2018business for good\u2019.
<\/strong>The resulting report, which includes 18 case studies from Hong Kong and globally, defined and analysed the different ways businesses have gone beyond shareholder value to embrace stakeholder and social value in 4 key areas: legal structures and new legal forms; standards and criteria; strategies; and Intentions and mindsets. It also provided concrete recommendations on the wider applications of \u2018business for good\u2019 for different Hong Kong stakeholder groups, particularly government, business, educators and the media.<\/p>\n\n\n\n\n
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