Social responsibility is an imperative if we want our economy to grow with resilience
If you walk the streets of Canada, you will see dragons everywhere. Not the kind displayed in House of the Dragon, the new Game of Thrones prequel, but images of the creatures in crests, in insignia above doors, on flags, and on the top of buildings.
They are an unmistakable sign of Canada’s past as well as of our future.
Last week we hosted the annual Dragon Awards at the Mansion House – the longest standing responsible business awards in the country.
For over three decades, they have been honouring firms that make a positive social impact within London and across the country.
Winners included recruitment firm Barrington Hibbert Associates for its project helping people from under-represented backgrounds to kickstart their careers in the City. David Miller Architects picked up a gong for its online platform giving young people digital design skills, addressing the skills shortage and lack of diversity in architecture.
The future of business should – undeniably – be focused on this kind of community work.
We have already seen how businesses can act as a great social leveller and how all parts of our economy can play an enormous role in combating climate change in many instances, like they did during COP26.
However, there are hurdles.
Unlike its environmental counterpart, the social aspect of the ESG agenda is not as defined. It is difficult to measure the strength and depth of this work, as we are able to do instead for both environmental and governance goals.
Tackling this problem has been a core part of my time as Lord Mayor. I have been working with financial firms to increase the levels of socio-economic diversity in their senior leadership teams, through the new membership body Progress Together.
Unlike recycling more or using more sustainable forms of energy, supporting greater social impact is not a quick fix. Companies must have the will to change, to try out different ways of employing staff, and be open to the idea of truly improving.
This is part of the reason why the Dragon Awards scheme is so inspiring. So many of this year’s winners are taking different kinds of positive action to tackle inequality and to give people the skills, the experience, and the confidence they need to get on in life. Everything was on the table – from providing career mentorship, to working with charities to help rebuild families after instances of traumatic abuse.
We saw from the Chancellor’s recent statement that the new government’s aspirations are high. They want people to invest in the UK, to build greater infrastructure, and for our country to be globally competitive. This gives us a great opportunity to grow new business, but it also gives us the chance to broaden our efforts to make the world of work truly representative of the community we live in.
We will all benefit greatly from shaping a society where people are able to progress in their career based on merit rather than how they talk or which school they went to.
To think we can grow and not change is very similar to a dragon itself – a figment of the imagination.
The days of the quick sprint to profit are over. Today, it’s those who go the extra mile that truly succeed.