THE LAST WORD

Chamber president and ER Recruitment owner Eileen Richards MBE on the value of giving back to communities for businesses

Several ideas struck a chord as I listened to guests discussing corporate social responsibility during my first virtual President’s dinner. Here are four thoughts which kept me reflecting in the days after the event.

INTEGRATING CSR WITH ACCOUNTING PRINCIPLES

The first was Philip Webb’s observation that emerging social impact reporting trends will transform the way UK companies do business. Are our boards prepared for this? Are we ready for CSR activity to be logged on the balance sheet? Perhaps social impact measurement might be a practical measure for integrating the developing “Build Back Better” recovery agenda into business.

As we have seen during recent Chamber member forums and idea-sharing around recovery, now is a time to be thinking about how we emerge from the pandemic. In the meantime, a more immediate way for us to focus on business impact is through developing member-to-member opportunities. I’ve been speaking with David Pearson, the Chamber’s director of partnerships, about how we can take this forward.

Meanwhile, and going back to the point of social impact reporting, my second observation has been on the importance of social value. It’s not always about money. During the dinner, Dr Nik Kotecha stressed the hugely positive effect of strategic collaboration with charities. This is supported by research by Caroline Fiennes, the director of Giving Evidence, which advises organisations on how to be effective philanthropists.

As Dr Nik described, getting those business ideas and networks around the boardroom tables of small charities can be transformative in the work they deliver in their communities. An investment of executive time can have a huge effect on small non-profit organisations. This has been seen with Capital One’s work in Nottingham and it works both ways: it means business leaders can collaborate with a local cause that aligns with their organisational and employee values.

EMPLOYEE DEMANDS ARE CHANGING

That reflection of internal employee values was insight number three from the dinner. Workforces are changing. I wrote as much here last month, when I described how the boards I recruit for are increasingly interested in nonexecutive directors in tune with emerging external forces. It certainly makes sound business sense to be aware of such trends – and this includes internal themes.

Philip, for example, described millennial and Generation Z employees wanting to know what their organisations are doing about social challenges. Capital One’s Mick Halloran summarised how young people want purposeful employers. These young people aren’t solely activists. They aren’t simply customers or employees either. These are our leaders of the future. And, as such, it’s vital they be heard. It’s why I think the Chamber’s Generation Next network is so important. My first GN board meeting reiterated the vast human capital we have in the East Midlands. It’s so important for everyone that we take full advantage of the opportunity.

PROMOTING THE VALUE OF LOCAL

After considering emerging trends, impact and the expectations of future leaders I reach my final thought on CSR. It is the value of local. The successful freeport bid has shown how we can work together as region. In contrast, the CSR work done in the region shows that impact is often very effectively delivered in our own back yards. As Helen Donnellan described at the dinner, De Montfort University works within a framework of global objectives as it supports positive change for people in its locality. The young people want their time and energy to address global issues through local organisations.

My three presidential charities for 2021 are Chesterfield Samaritans, Nottinghamshire Hospice and Help the Homeless Leicester. Each has a huge impact in the community it serves. I’ve now spoken with each of them about how the Chamber can support their fundraising this year. I’m sure they would greatly appreciate a call from your organisation too.

FREEPORT OPPORTUNITY

There’s been so many words written about the successful freeport bid that there’s not a great deal for me to add (beyond reiterating, of course, that it will be transformational).

Last month, I described how the crossparty support of MPs in promoting the bid had caught my eye and left me feeling extremely positive about our region’s future.

Since then, we’ve had the freeport confirmed and, as our colleague Scott Knowles described earlier this month, a budget that was broadly business-friendly –at least for now.

The corporation tax increase is on the horizon but whether it actually happens is another matter.

In the meantime, we must remain focused on ensuring the levelling up agenda continues to benefit the East Midlands.

The freeport and the Towns Fund were fantastic gains. But let’s not lose sight of the prizes which remain up for discussion –and let’s start by getting the decision we want on the Eastern Leg of HS2.