Phoenix Group has adopted the Social Value Portal measurement tool which will enable it to measure and manage the contribution that its business and supply chain makes to society.
The partnership with Social Value Portal will enable Phoenix Group to demonstrate the holistic financial and non-financial benefits of its community engagement programme.
Phoenix Group’s community engagement programme strives to generate chances for social mobility and address societal issues by fundraising for charity partners, boosting financial literacy in schools, and assisting local businesses and councils. Phoenix Group says it will be able to quantify the impact of these initiatives by utilising the Social Value Portal.
The Social Value Portal is an online application that assists organisations in measuring, managing and maximising community social value. It now helps over 150 public and private sector firms disclose both non-financial and financial data, rewarding them for improving the lives of those who live and work in the communities where they operate. It also gives you the skills you need to report on the social value outcomes in ways that are meaningful to important stakeholders.
Phoenix Life CEO and Phoenix Group director Andy Moss says: “As a purpose-led business, enhancing our social value is really important to us, creating that all-important ‘life of possibilities’ for our customers, colleagues and communities – that is our purpose. By measuring and reporting our progress through the Social Value Portal, we will be able to elevate our community engagement programme to ensure we are best serving the needs of society. The insights gathered from reporting social value will also help us to shape our future community engagement strategy.”
Social Value Portal chief executive Guy Battle says: “2022 marks ten years since the Social Value Act was passed and it is hugely rewarding for us to welcome our first financial services business to the Portal at this time. We look forward to working closely with Phoenix Group to show how the financial services industry can make the most of their community engagement programme, making good go further.”