Rethinking Shared Value: Reflections from ReThink HK 2023
As a Content Partner of ReThink HK 2023, we curated the opening programme Rethinking Shared Value for the People and Purpose Theatre. For a half-day, 300+ participants challenged traditional notions of value and explored a new way of doing business, creating value for companies, the people, and the planet. Check out key takeaways from our panelists at the Shared Value Showcase moderated by our CEO Virginia Wilson.
Driving greener consumption
Veronica Sze, Nestlé Hong Kong Ltd., Director, Corporate Affairs, introduced Nestlé’s plant-based product portfolio as part of the group’s shared value strategy.
- Business value: Developing an extensive range of plant-based food and beverages is a way for Nestlé to meet growing consumer demand.
- Societal value: Nestlé contributes to reducing greenhouse gas emissions and providing healthier alternatives for consumers.
Veronica’s advice for creating shared value?
“Companies need internal alignment to create shared value. Some people may ask: why not do a simple business project? Everyone needs to understand the purpose of embracing shared value. Every team also needs to adjust the way of operation”.
Diversifying retail offerings
Olivia Wong, General Manager – Environmental & Social Responsibility of MTR Corporation, told us the story of LOUDER, an integrated online-to-offline (O2O) retail platform launched by MTR for local designers and young entrepreneurs to showcase their products in MTR malls and to promote creative industry in Hong Kong.
- Business value: LOUDER aims to support young entrepreneurs and sources a wide range of distinctive and exclusive offerings for customers to enjoy a one-stop shopping experience.
- Societal value: The group supports Hong Kong’s creative industry and crafts while allowing young intrapreneurs to grow within the group.
Olivia’s advice for creating shared value?
“Senior leader support is incredibly important. You need enlightened leaders who are willing to take a risk. Company culture has to enable teams to think and give them the freedom and resources to make that happen. Think about the upside if one of these designers was an unicorn!”
Bridging consumers and communities
Samuel Kwong, Chinachem Group, General Manager – ESG, walked us through the new membership program CCG Hearts which allows members to earn points and redeem rewards by participating in community services.
- Business value: The program aims to gather and foster a group of like-minded people and consumers who share the same value as Chinachem Group i.e. People, Prosperity and Planet. We believe by blending Quest(好心行動), ESG, and commercial elements into a single platform, we can develop a more sustainable future.
- Societal value: We are working with NGO partners to provide community service activities focusing on the elderly, youth, and the environment. Our business partners (which provide redemption from the membership points) also directly or indirectly support the community services and the NGOs. We are working using a number of community service hours as an interim KPI and are looking at translating it into meaningful benefits to the society.
Chinachem contributes to engaging consumers with the community and supporting non-profit organisations on the ground.
Samuel’s advice for creating shared value?
“Social impact must be set up into KPIs: understanding the needs and measuring the concrete results will make it possible to prioritise efforts and communicate achievements throughout the company“