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Why social issues are business issues

Social issues matter to businesses - people in the streets, UK

Let’s be frank: when we talk about ESG, the natural focus tends to be the E and the G (that goes for the budget, too). While we don’t dispute their natural right to take up space in businesses’ hearts, there’s a middle sibling who’s often neglected. Yet, the Social aspect of ESG is just as important for the success of the business.

The consequences of neglecting the S could create a big headache for businesses: difficulty recruiting a skilled and diverse workforce; impact on staff productivity; and a less buoyant economy. These are just some of the business consequences of social issues such as inequality — including in access to education —, poor physical and mental wellbeing, and limited financial education. Moreover, the S is able to weave together environmental and governance concerns, ensuring any ESG strategy is a united front working for better business, a better society, and a better planet.

Here’s why your company should be paying more attention to social impact:

Infographic: Education Matters to Business; • 9 million UK adults have low levels of literacy or numeracy • 75% of 16-65-year-olds don’t know enough maths to compare prices and do household budgets effectively

Infographic: Skilling up the population matters to business. Equipping students with commercial skills could result in an extra £125 billion a year for the UK economy; The skills gap could cost the UK £140 billion in lost GDP by 2028.

Infographic: Health matters to business. The UK loses £7.4 billion annually due to physical inactivity; Poor mental health costs the UK economy £118+ billion a year (that’s 5% of the GDP)

Want to address the social issues that affect your business?

Invest in your community through educational programmes.

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