As the practice of measuring social impact evolves and gains momentum, companies are increasingly calling for a harmonized approach for businesses to measure and value their interactions with people and society. A new publication by the World Business Council for Sustainable Development (WBCSD) demonstrates the significant strides made in advancing this initiative, as part of the Council’s efforts toward aligning tools, frameworks and standards in order to develop a Social Capital Protocol.
The new publication, Building the Social Capital Protocol: Insights into employment, skills and safety, provides insight into the work of 15 WBCSD member companies: Accenture, AkzoNobel, BASF, BMW Group, DSM, Deloitte, EY, Evonik, KPMG, LafargeHolcim, Nestlé, PWC, SCA, Siemens and Solvay. These companies have been sharing and exchanging their internal measurement and valuation approaches, focusing on three initial subjects which are core to every business regardless of industry or sector: skills, employment and safety. These best practice examples are captured in the publication, in alignment with the three components of the Social Capital Protocol described below.
About the Social Capital Protocol
The Social Capital Protocol seeks to help companies measure and value their interactions with society to inform decision-making and reporting. This includes how companies both impact and depend on social capital and the value of this to the company and society.
The Social Capital Protocol consists of three complementary components:
- A set of principles that underpin the Protocol and guide the assessment
- A consistent process which provides the backbone of the Social Capital Protocol
- Methodologies, tools and guidelines needed for its practical implementation.
The Protocol toolkit will evolve over time. The WBCSD aims to release the first version of the Protocol focusing on employment, skills and safety by the end of 2016. This will lay the foundation for raising awareness, building momentum, and tackling additional subjects going forward.
- Download the publication Building the Social Capital Protocol: Insights into employment, skills and safety