Embracing broad prosperity

Everyone used to think that economic growth was the only way to be successful, but things have changed and we are challenging that idea too. Today, the quest for prosperity goes beyond just making money. In our fast-paced and connected world, we believe that true prosperity means more than just economic success. At Elemental, we believe it is also about people's well-being and taking care of the environment. We call this broader perspective "broad prosperity", which recognises how economic, social and environmental factors all play a role in our overall success. This perspective is especially relevant as we celebrate B-corp month, which highlights the importance of companies making a positive contribution to society and the environment while pursuing their goals.

Social well-being encompasses a wide range of factors, from access to education and healthcare to affordable housing and opportunity for all. It goes beyond material wealth and reflects the overall quality of life for individuals and communities. In essence, it is about creating inclusive societies where everyone can thrive and make a meaningful contribution. At Elemental, we prioritise helping organisations incorporate these principles of broad prosperity into the way they work. This is how we guide them to embrace broad prosperity at the core of their operations:

Strategic Alignment: Elemental works closely with organisations to align their goals with broader societal goals (e.g. SDGs, B-Corp certificate. certificate. etc.). By helping companies recognise the importance of social wellbeing alongside economic success, we pave the way for more inclusive and sustainable business models.

Culture and Leadership: Fostering environments where values such as social responsibility, inclusiveness and sustainability are not only embraced but also embodied from the top down. By cultivating cultures in which empathy, diversity and ethical decision-making are paramount and by nurturing leaders who promote these values, organisations can have a lasting positive impact on society and work towards a future in which prosperity is determined not only by economic wealth, but by the well-being of all individuals and communities.

Capacity building: Because broad prosperity is a new way of looking at value, new expertise and guidance is needed to build organisational capacity to promote broad prosperity. This may involve training employees on diversity and inclusion, implementing ethical practices in the supply chain or promoting a culture of corporate social responsibility. With a wide network of experts and training skills within the organisation, Elemental can help build your sustainable organisation.

Innovation and collaboration: Innovation and collaboration are key drivers of social progress and core values within the Elemental way of working. By partnering with government agencies, non-profit organisations and academia, companies can benefit from collective expertise and resources to tackle complex social challenges more effectively.

Stakeholder engagement: In our consulting work, we facilitate meaningful engagement with stakeholders including employees, customers, communities and civil society organisations. By actively listening to different voices, companies can understand the social issues that matter most and together create solutions that address shared concerns.

In short, the pursuit of broad prosperity requires a concerted effort by organisations, governments, civil society organisations and individuals. To embrace broad prosperity in your organisation, you need to have clear social goals, embed them in your culture and leadership by building skills in diversity & inclusion and social responsibility, and create a way of working that embraces innovation and co-creation with the help of various stakeholders.

Do you want to embrace the social dimension of prosperity in your organisation? Elemental is happy to help you on your journey to become a force for good in business and strive for a more equitable, inclusive and sustainable future.