Working in partnership for mutual benefit
Prudential has a “value not volume” business strategy focussing on areas where it can make the most impact and its attitude to community work is identical. Rather than apply an ad-hoc approach to community investment Prudential works strategically and achieves long-term sustainable impacts in the community.
The company has built partnerships with community organisations such as Age UK. Partnerships are developed for the mutual benefit of Prudential, its partners and the beneficiaries of the initiatives.
For example, Call in Time is a telephone-befriending programme focussing on the issues older people face such as isolation, bereavement or loneliness. Eighty of Prudential’s employees spend up to half an hour a week talking on the telephone to older people identified by Age UK. The Prudential volunteers are trained by Age UK and then introduced to an older person in need of support through the Age UK referral process.
The programme is now in its second year. The volunteers say that the initiative has helped them develop important communication skills and has improved office morale. To date Prudential has invested the equivalent of more than £60,000 in time, skills sharing and donations. The company plans to increase the number of volunteers to 120 this year.
Quality Mark pfeg
The Personal Finance Education Group (pfeg) Quality Mark, funded by Prudential, is an accreditation system which helps raise the standard of personal finance education within schools. An independently assessed certification process is being rolled out across all pfeg consultants. pfeg aims to ensure that school leavers have a greater financial capability. The Quality Mark programme also helps to develop strong relationships with Government and other key stakeholders.
Employee engagement
Employee community activities are an important part of Prudential’s culture. Projects are an opportunity for staff development and engagement with stakeholders and the wider community.
Employee initiatives include:
- Berkshire Community Foundation - employees sit on the panel allocating grants to community organisations
- Schools Mentoring Programme – 40 employees have worked with a variety of schools teaching basic skills
- Reading Partners – employees working with young children to help them improve their reading abilities, so far, 5 schools are involved in Scotland and London, 7 students have increased their reading ability, 7 volunteers are role modes
- Prudential evaluates each of its programmes through feedback based surveys. Recent results have shown that nearly 50 per cent of employees who participated in a programme developed their skills even though they hadn’t volunteered with that in mind.
- Planning for the future
Prudential’s commitments over the next three years include:
- Sharing business skills with local communities by engaging 15 per cent of its employees in skill sharing programmes
- An annual review of community investment policies
- Using the Backing young Britain and BITC Work Inspiration campaign to benchmark its current offering
- Investigating a formal process of annual two way feedback with community partners
For details on other projects and community initiatives that led to Prudential achieving the CommunityMark, please visit www.livesure.co.uk
