Transformation requires bold, intentional action
It is a critical element for economic growth and a more equitable society
For any transformation strategy to really work it must be rooted in a passion for one's sector and a commitment to strengthening equality and the growth of local businesses.
If a business still views this as an exercise in ticking boxes, it won’t work: bold steps must be taken.
Transformation must touch everything a company does – from how it invests in society to how it partners with businesses. It must be an intentional and deliberate value system that is encapsulated across the business and inspires changes to its culture and leadership. It needs to examine a company's ability to become more agile and adaptable to change.
A commitment to transformation – from an equality, diversity and inclusion perspective - not only enables business to stay competitive, but allows them meet customer needs, and attract and retain talent. Many companies still view it as merely part of their social responsibility strategy, but this is short-sighted.
If they want to make any real impact, transformation initiatives must incorporate women empowerment, employment equity, skills, supplier and enterprise development, and their environmental, social and governance framework.
This means taking transformation into the boardroom and being intentional. Without this, transformation as a concept will not have an impact on one's sector or the economy. By embracing transformation in its entirety, businesses can help create a more equitable and resilient society.
Compliance is one aspect here, but it shouldn't be viewed as a performance scorecard to eliminate disparities, but rather in a sustained manner to improve outcomes for everyone.
By embracing transformation in its entirety, businesses can help create a more equitable society
While many businesses are examining ways to improve their policies, practices, systems and structures, are they also examining and prioritising measurable change in the lives of their employees and those of society?
Are companies committed to finding ways to benefit future generations, while driving revenue growth?
Liberty Two Degrees (L2D) was recently awarded a level 1 BBBEE status and, while we are proud of this recognition, this status was achieved because we changed the narrative of the business, ensuring that everything we did was, and is, underpinned by diversity, equity and inclusion.
We also recognised that we could not do this alone. L2D has always believed that real change can only be undertaken when your team, partners and suppliers are united in challenging stereotypes and confronting bias.
All of which has meant making an active effort to promote, employ and encourage talent when we see it in our circles and in the property sector.
However, to really embrace transformation, social equity is just as important. Social equity doesn't just mean understanding what your corporate social investment strategy is, but operating in a socially responsible manner, where a business considers the impact of its actions on all stakeholders - including employees, customers, suppliers and the community.
We need to change the narrative of business, and the sectors in which we operate, to include a framework of equity and transformation that includes sustainable and inclusive economic growth.
The UN sustainable development goals (SDGs), which L2D has aligned itself with, speaks to how companies can contribute meaningfully towards real transformation and equity.
The SDGs recognise that ending poverty and other deprivations must go together with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change.
With an iconic portfolio of SA assets and as a business that continues to create experiential spaces to benefit future generations, L2D’s transformation strategy is rooted in a passion for property and a commitment to strengthening equality and the growth of local businesses in SA.
We will continue to take bold steps, walk a concerted transformation path and explore new opportunities that drive sustained transformation, inclusive economic participation and growth.
This article was sponsored by Liberty Two Degrees.