For regions and countries to develop, social infrastructure has to improve. This article will highlight how businesses can help in this mission, what steps should be taken, and how collaborations from different stakeholders are important in ensuring these improvements come to fruition.
Social Infrastructure, Social Development
When it comes to social problems such as poverty in certain regions, gender inequality, lack of access to healthcare, unemployment, and more, communities need more than government support in order to develop new solutions that will offer them a better life. Public and private companies are encouraged to collaborate with community members to come up with creative solutions to solve these problems while mitigating the unemployment and skills underdevelopment challenges. Let’s take a look at some of the sectors that are contributing to social infrastructure development.
Local Businesses
By the end of the 2020/2021 financial year, many countries’ GDPs (especially in Africa) had reflected that local businesses are significantly contributing to the betterment of these countries. It was, and still is, evident that local businesses not only offer convenience and products/services to their people but also work in ensuring the communities they are living in are developed. This is done through employment opportunities, donating to causes that help communities and following sustainable business models that help them stay the lifeline of these communities. Local businesses understand that social infrastructure development can be achieved through collaboration more than competition because if you are servicing the same communities, then you may understand the struggles they have, recognise your power, and then offer help where you can while another business does the same.
Skills Development
Another way we can ensure the social responsibility of business is through skills development. While it is great to offer local community members the jobs that are created through businesses, many people cannot qualify for these jobs due to a lack of skills. Skills development is another factor that helps businesses help social infrastructure development. Many people in impoverished regions in Africa and the world have a huge problem due to the lack of education and skills. When businesses invest in skills development, it becomes better for community members and creates an investment that will ensure that these communities are developed and function towards better goals.
Sustainability
Many people are now buying consciously and ensuring that the products they use are sustainable and do not cause harm to the environment. Local businesses understand this demand and work hand in hand with one another to offer consumers sustainable products and services that retain their lives and aren’t harmful to the environment. Many underdeveloped regions often suffer dire consequences due to climate change, and infrastructure development can help mitigate these risks.
Investments From Large Corporations Can And Do Help
Local businesses understand that it is important to keep revenue flowing in order to not only achieve business goals but social impact goals too. Through collaborating with one another, and asking for government support and funding from large corporations, it becomes easier to curb the challenges these communities face. The Development Bank of Southern Africa was established as a financial institution with the role of procuring financial and other resources for various developmental projects in South Africa and neighbouring countries. It is our primary focus to promote economic growth and human resource development through project funds. These funds are created in collaboration with industry partners in the national and international private and public sectors.
Final Thoughts
In an effort to develop countries, it is important to understand that we can start small. It is the responsibility of all stakeholders and government facilities to ensure that the lack of social development is highlighted in stats, reports and surveys constantly so that local and global businesses and investors gain an understanding of which sectors to develop and where their investments will go. Together we can help communities shape their economy, evidently shaping the economies of the countries they live in. Together we can.