The Protocol concludes with a call to companies and stakeholders to help mainstream social & human capital measurement and valuation both within their organizations and in the broader business community, by acting as advocates and continuing to share lessons, methods, and data to advance this important practice.
Appropriate interpretation and communication of results will ensure that the effort of measurement and valuation drives tangible, meaningful improvements in the way social & human capital is managed. Embedding the assessment into companies’ processes and systems will promote more integrated thinking, thereby aligning the consideration of social, environmental and financial issues to drive better decision-making and improve social & human capital performance management. Through the process of applying the Protocol it is certain that each company will encounter and overcome challenges related to classifying definitions, identifying fit-for-purpose indicators and metrics, and sourcing appropriate data. Sharing both challenges encountered and solutions found will help to advance, further harmonize and build the credibility of the field of social & human capital measurement and valuation for business.
Step 10. Apply results to key business decisions
Step 10 puts the results of social & human capital measurement and valuation into the context of business decision-making. It aims to help companies analyze, interpret, and communicate the results in a way that they can be used effectively by the target audiences identified in Step 4. In Step 10 companies should not only ask what do the results mean for your business, but also how reliable the results are.
Step 11. Integrate social & human capital into business processes
In Step 11, companies should debrief on the strengths and weaknesses of their current approach. With this, companies can identify opportunities for improvement and consider how they can integrate the process and results of measurement and valuation within the organization.
Step 12. Contribute to mainstreaming
In this final step of the Protocol, companies should revisit the outputs of Stage 1 to confirm the next priority area they will tackle to further expand and mainstream the measurement and valuation of social & human capital across the organization. They should seek to record and apply the lessons learned to date in applying the Protocol to improve and streamline the process, as well as re-engage the internal stakeholders who have been involved so far as advocates within the company.
At the end of Stage 4, companies should have:
- Communicated the results to the target internal and external audiences;
- Used the results to inform the business decisions as set out in the objectives;
- Clearly outlined the assumptions and limitations of the assessment and have an understanding of the sensitivity of the results to key assumptions;
- Identified opportunities for improvements that could be made to the assessment process in the future;
- Considered how the results of this, and future, assessment could be integrated into business strategy, decision-making and communications processes; and
- Considered sharing the results, challenges, tools, and data sources of the assessment with other organizations to contribute to advancing the capability of social & human capital measurement and valuation (e.g. through the Social & Human Capital Protocol).