Shared Value: a new concept applied to tourism

How can tourism contribute to local economic development?
A new approach based on the concept of “shared value” could be the reply. Creating shared value means that companies develop practices that strengthen their competitiveness and at the same time improve the economic and social conditions in which they operate. The topic has been recently discussed on the occasion of the conference “Creating Shared Value Through Tourism” organized by the Responsible Tourism Partnership.
Tourism companies should put at the heart of their activities the economic benefits of communities. Local businesses should not act as charities but in a way that combines societal with companies needs. Putting societal issues at the core of tourism activities will contribute to increase job opportunities in local communities, improving local businesses in the tourism sector.
There are companies that have already started to apply the concept of “shared value” to their activities but not much is known on this principle in the tourism sector. Putting the needs of destinations at the heart of local businesses does not entail costs for companies if they invest on innovation and effective management approaches. Managers and leaders should develop new skills and competences to benefit from this challenge

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