The Oxford Poverty and Human Development Initiative (OPHI) researchers launched a multidimensional poverty index, the Business Multidimensional Poverty Index (bMPI).
OPHI decided to spin out University of Oxford's first social enterprise to handle the bMPI program, called sOPHIa Oxford. The social enterprise aims to bring OPHI's multidimensional poverty-fighting approach to businesses to help efforts in tackling, measuring, and responding to poverty.
sOPHIa Oxford will also provide companies the ability to be audited in order to meet the standards in the implementation of the bMPI and other programs that tackle employee poverty.
John Hammock, Co-Founder of OPHI, Chair of sOPHIa Oxford, notes that the bMPI is modeled on the pilot program in Costa Rica. Their local partner, Horizonte Positivo, is now working with 42 businesses in total, where results show that the business that measures employee poverty and takes action, ends up with better outcomes and more effective employees.
sOPHIa Oxford is now expanding from Costa Rica to other countries. The goal is to have the Business Multidimensional Poverty Index become standard operating procedure for businesses.
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While philanthropy, social responsibility and corporate governance all already play a role, we will probably see more powerful contributions when companies embed social innovation into their core business strategies and operations.
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