Our Community involvement strategy
Through the group’s companies and brands, we support local community projects which seek to help those living in deprived communities.
Our aim is to not only provide financial help but to get our staff involved in the projects too. This helps motivate and develop our staff and leverages the financial support we give so that even more is achieved.
Throughout the summer of 2016, we carried out a review of Provident Financial Group’s community investment strategy.
This work, which was undertaken with the help of Corporate Citizenship, involved reviewing our current community investment activities and the programmes in place within other companies, as well as assessing key trends in community investment.
The review also entailed conducting interviews with key individuals from across the group’s businesses and hosting a consultation roundtable with a range of external stakeholders to ensure that we took account of the views of people from inside and outside Provident Financial Group.
The review revealed six key findings:
- The community strategy should continue to be closely aligned to the group’s Social Purpose of financial inclusion for those who are not well served by mainstream credit products or who are excluded from them altogether;
- The community strategy should apply across the corporate office and all the operating businesses;
- Greater emphasis should be placed on measuring the social impacts that result from the group’s community investment work;
- The publication of the measurable social impacts that result from the community investment activities should be used to enhance the brands of our operating businesses which will help them to attract, retain and develop the best talent from the widest possible pool;
- The delivery of the strategy should be underpinned by appropriate governance structures which draw on expertise from inside and outside the business and focus on ensuring that all activities are strategically aligned; and
- Provident Financial Group should, wherever possible, work with accredited community intermediaries, such as Community Foundations, who can work with the group’s businesses to connect them with, support and invest in projects and initiatives.