The pressure to address widening inequalities within society is rising. Not only from those who feel left behind, but on a government keen to build back fairer and on businesses facing increasing scrutiny from customers, employees and investors. The instincts of these stakeholders are right – business, as a major employer, investor and job creator, has a key role to play in all the big challenges we face, from racial and gender inequality to regional levelling-up and, of course, climate change.
The question for business is how to address these issues in a way that rebuilds trust in society and protects our planet, while at the same time delivering value to all our stakeholders, including investors.
Or perhaps, as I believe, there is no dichotomy at all; addressing social inclusion can be a long-term driver of value as well as a moral and social imperative.
In our recent webinar The Leaders’ Perspective: What’s the role of business in achieving a truly inclusive society? I was joined by an esteemed panel drawn from government, business and not-for-profit organisations. The fact that we had over 2,500 attendees from 70 countries and across 20 sectors indicates that this subject is not only rising up the agenda – it is setting it.
My first takeaway is that there has never been a greater opportunity to act, even though it was created by the most devastating of events - the COVID-19 pandemic.
In relation to social inclusion, I believe the pandemic has brought two big shifts. Firstly, while it deepens existing inequalities – whether racial, income, regional or gender – it also shines a light on them. For example, we can see clearly how ethnic minorities are hit hardest and how home-schooling favours the already advantaged. Secondly, it focuses minds and turbo-charges collaboration, increasingly between business and government. Actions that historically would have taken years took just days and the public quickly saw what businesses ‘were for’, highlighting the value of purpose. We cannot waste this opportunity.