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What is Socio-Economic Development?
Socio-Economic Development is any programme that creates sustainable access to the economy for its beneficiaries. This means that contributions should be providing sustainable benefit, to use the old saying SED projects teach people to fish rather than giving them a fish. If a company is not creating sustainable access to the economy for beneficiaries then they are not involved with SED.
Socio-economic development contributions should concentrate on two areas, namely imparting transferable skills, and enabling access to the workplace. Imparting transferable skills ensures that beneficiaries have lasting economic value to the economy. Enabling beneficiaries to access the workplace means that they accrue experience thus making them more valuable to the economy.
These above stated priorities ensure that socio-economic development is sustainable, and the result is better equipped, more valuable contributors to the economy.
Is there a difference between SED and Corporate Social Investment (CSI)?
Yes, there is a difference, all SED is CSI, but CSI does not necessarily promote sustainable access to the economy. Corporate Social Investment can also include contributions of a non-sustainable nature; non-sustainable contributions do not grow the economy, or provide beneficiaries with sustainable access to the economy.
If, for instance, a contributor sponsors a feeding scheme, does this promote sustainable access to the economy? No, as the beneficiary has no lasting benefit from the contribution. This is not to say that contributions towards the feeding scheme are unimportant, there is a need for pure corporate social development, however is sustainable access to the economy is not created through the contribution then that contribution is not socio-economic development.
For more information about socio-economic development have a look at our programmes or contact us by clicking here.
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