NAIROBI, Kenya, Nov 1 – Safaricom helped create 845,846 jobs in Kenya through its activities. This is according to the company’s 2016 Sustainability Report.
The sustainability report looks at the business activities impact on the society and communities it operates viewed from an economic, environmental, social and governance impact perspective.
The report, which was produced in partnership with KPMG, places Safaricom’s true value at Sh413.8 billion, which is 10 times bigger than the Sh38 billion net profit for year to March 2016.
“For FY16, another element was also included in the calculation. This is the ‘Social Value of Jobs’, which considers all of the direct and indirect jobs created by the operations of Safaricom and values the social value – over and above their salaries – created for people whose employment is linked to Safaricom,” notes the report.
Safaricom CEO Bob Collymore said the company exists to transform lives, adding it is committed to build a company that performs well, creating a tangible difference in the lives of people.
“But we know that we cannot continue to transform lives if we are not commercially sustainable and equally, we are unlikely to be able to transform lives in a meaningful, lasting manner if we focus solely on profits and dividends,” said Collymore during the launch of the report.
The firm has heightened its ethics watch and as part of the drive for responsible business, at least 97 percent of our suppliers and partners have signed up to the Code of Ethics for business in Kenya.
Collymore said the company’s anti-corruption corrective measures have seen 18 employees let go of in the last 12 months compared to 58 sacked the previous year.
“This is by no means ideal, but we are progressively working towards bolstering the reputation of the company as we strengthen employee morale and engagement,” Collymore noted.
KPMG’s True Value methodology identifies the socio-economic and environmental impacts of the company and quantifies them in financial terms