In most cases, stakeholders face difficulties in assessment in practice, because traditional indicators of financial sustainability measure only the companys direct contribution to the economy of the country (for example, taxes, number of created jobs at the enterprise). However, there are methodologies that allow for analysing not only the direct contribution of the company, but also its impact on suppliers and contractors (indirect contribution), as well as on consumers (indirect contribution).
The results of such an assessment contribute to more rational decisions, effective planning of investment resources, identifying the needs of stakeholders, improving the risk management system and reputation of the company. In addition, the results of such research can be used in communications with all stakeholders. A modern competitive environment requires the business to continuously change, which would meet high expectations of investors, state and society. It is impossible to meet the needs of key stakeholders without building a sustainable value chain. To assess a full impact of business on the countrys economy, society and environment, the concept of Total Value is increasingly used.
Total Value or total business contribution is an integral indicator of the impact of business that considers all significant performance results both direct and indirect effects.
The survey of a total value gives companies the opportunity to:
• talk about their positive contribution to the development of the country, citing specific figures and examples;
• negotiate with the government on supporting the development of the industry, emphasising its importance for the economy in terms of GDP, to ensure the employment of people, etc .;
• provide the public with reliable information on the contribution to employment, replenishment of local budgets, and social and environmental issues;
• present themselves to stakeholders as socially responsible organisations.
The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.
The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.
Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.
The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 180 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 81 countries worldwide, and 186 Russian public organizations, federal and legislative agencies, and federal subjects.
The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, Spanish – t.me/RoscongressEsp and Arabic t.me/RosCongressArabic. Official website and Information and Analytical System of the Roscongress Foundation:roscongress.org.