Business leaders and consultants at the ReThink HK expo share insights on driving sustainable change in their companies and sectors
Small and medium-sized enterprises (SMEs) form the backbone of Hong Kong’s economy, comprising more than 98 percent of all businesses and providing jobs for about 45 percent of the city’s private sector workforce. Yet, they are lagging when it comes to implementing environmental, social and governance (ESG) measures.
According to a survey conducted by the Hong Kong Social Entrepreneurship Forum last year, many small companies with fewer than 100 employees face challenges regarding profitability and limited resources when adopting CSV. CSV stands for “creating shared value,” a concept that suggests businesses can drive innovation, growth and societal benefits.
At ReThink HK, a two-day expo and forum about sustainable development for companies, business leaders and consultants shared tips on how companies can adopt more practices for social good at a panel moderated by Andrea Lo, executive editor of Tatler Hong Kong.
The panellists included Rachel Handley, director of communications at 2041 Hong Kong; Lawrence Leung, executive manager of the Hong Kong Social Entrepreneurship Forum; Viviene Iñiguez Ma, head of people and organization at UNIFi3D; and Sarah Jane Morphet, senior manager of regional transaction management at JLL Hong Kong.
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Identify a win-win opportunity
Leung, who manages the Hong Kong Social Entrepreneurship Forum, suggested that companies should seek out business opportunities that could kill two birds with one stone: helping the business and addressing social issues simultaneously.
He provided the example of Chengdu Longlive Pension Industry Development Co, a company that previously operated elderly homes in multiple cities in China. When the pandemic caused many people to leave its facilities and return home, it developed a technological solution to assess the needs of individuals who age at home and accordingly began offering solutions such as elderly-friendly home improvements. Now, the company has expanded its operations to 18 cities nationwide.
“You have to align the business with your vision and translate that to your strategy and actions,” he said.
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