Customer Spotlight: Hydrock, now Stantec
The importance of social value and sustainability in businesses
As Environmental, Social, and Governance (ESG) issues become more important to customers, investors and regulators, companies are increasingly finding it imperative to develop robust strategies that prove their social and environmental credentials.
Most large organisations now report on their carbon footprint, and the most forward thinking companies are also trying to differentiate themselves from competitors by calculating and reporting on the social value generated by their activities.
Hydrock, now Stantec is an engineering design, energy and sustainability consultancy that has supported hundreds of companies to develop their social value and sustainability strategies.
We took some time to discuss this important emerging trend with Tilly Crowhurst, a social value and sustainability expert at Hydrock, now Stantec.
Tilly Crowhurst
Senior ESG & Social Value Consultant
Expectations around the ESG performance of businesses have risen sharply in recent years. Can you tell us a bit more about this?
ESG or CRS used to be a business ‘nice to have’, the ‘fluffy piece’ but in recent years, the benchmark has risen and organisations are doing more and more to ‘stand out’ in this space. The business case and regulatory space [for social value and sustainability] have changed and it is now more important to have a robust ESG strategy. The process of verifying claims to prevent ‘green-washing’ or, in the case of Social Value ‘value-washing’ is also moving rapidly.
Why is it important for businesses to build a robust social value strategy?
In its simplest form, social value means the value added to society. This could be from an organisation, asset, or specific project or investment. A robust social value strategy drives us to ensure that our contribution to society is a positive one; it allows us to methodically capture the value added; as well as leverage support from other organisations in the supply chain.
What would be your key ‘must haves’ in a social value strategy?
A social value strategy should consider what is truly material to an organisation. Ask yourself, what do we care about? And, what is within our scope to change? These will form the pillars of an organisational strategy. Some things will impact most organisations, for example, if your organisation employs or offers a service or product to people… (most of them, right?) there should be a people-focused pillar that would probably mention diversity, inclusion, health and wellbeing, and more.
How should organisations approach their social value activities so that they ‘add value’ where others can’t?
To really make a difference, we've found that Social Value (SV) needs to be tailored and place-based. That's why we've adopted a regional approach to driving SV. Regional social value specialists can be particularly useful for this. Each region sets its own yearly SV goals based on what matters most locally. We support them in setting these targets and offer guidance to help them maximise their impact.
For example at Hydrock, now Stantec, we recognise that one of our unique strengths lies in our technical expertise. That's why we encourage regions to focus on "expert volunteering" whenever possible - tasks that make the most of their specialised skills. This sets us apart from the typical volunteer activities you might come across, like painting walls or planting trees, which, of course, still bring value to both participants and communities. However, we also believe in adding value through our specialised knowledge and skills.
What skills can a CR&S apprentice bring to a business when creating a social value strategy?
I would encourage businesses to forget what they think an apprentice will be like.
An apprentice does not have to be a school leaver; it may be someone looking to reskill of any age; of any gender, background or discipline.
Corporate Responsibility and Sustainability apprentices are an ideal way to develop the skills within your teams to deliver a successful social value strategy. If you need a regional social value specialist the apprenticeship can give existing team members the relevant skills, or allow you to hire and train someone who really understands the needs of that specific region.
Apprentices can also allow you to better measure the impact of social value strategies. Collecting and understanding the relevant data and presenting it in a way that can be understood by all stakeholders. Therefore encouraging more buy in, as well as volunteering to support your strategy.
Apprenticeships are the ideal opportunity to think outside the box, to create new opportunities for existing employees, as well as encouraging people into the industry who might not have an ‘in’ otherwise.
Huge thank you to Tilly for taking the time to talk to us. To find out more about the Level 4 Corporate Responsibility and Sustainability apprenticeship, click below.