The Role of Design in Enabling Social Value Aspects of ESG Strategies

This paper proposes the role and direction of the design industry through a discussion of the context in which the ESG concept is expanding beyond the corporate management aspect for investment to the idea of social value. Through the literature review method, it was found that the pursuit of social value, which reflects the business management concept from the corporate perspective, is limited to the corporate competitive environment, such as CSR, CSV, and sustainable management strategies. This corporate-centred approach needs to be improved in addressing fundamental social issues. The insight is that CSR and CSV strategies are helpful in the areas related to sustainable management strategies. Still, social value strategies associated with identifying and solving social problems that are less relevant to companies require a new approach that reflects the concept of social innovation. In conclusion, we propose a social value strategy framework that evolves from traditional corporate management strategies to social value strategies. The intervention and role of design in the proposed framework emphasises the need for ‘System Design Thinking’ to look at the interconnectedness of all objects, rather than considering each element of ESG alone, to respond to social value change and drive sustainable economic innovation. It also suggests the importance of a design-led ESG strategy based on a ‘Design Thinking’ approach to identify experiences that reflect meaning and values among stakeholders in society.