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Attention to the role of social impact in the corporate world continues to grow. In response, organizations are consciously changing their business practices to have a positive social impact by aligning their goals and operations to ensure actions and assets have a positive impact on society. This trend will likely only grow in importance as studies like The 2015 Deloitte Millennial survey show that globally, more than seven in 10 (73 percent) millennials believe businesses have a positive impact on wider society.
- 93 percent of executive respondents report success in achieving business goals when corporate citizenship efforts are supported for four or more years. – Boston College Center for Corporate Citizenship at 2014 State of Corporate Citizenship
- Companies that dedicate at least four years toward corporate citizenship are three times more likely to improve risk management than those that commit to an effort for less than a year. – Boston College Center for Corporate Citizenship 2014 State of Corporate Citizenship
- 54 percent of employees who were proud of their company’s contributions to society are engaged. – Dale Carnegie Employee Engagement Study
- Companies where corporate citizenship is integrated are 2.3 times more likely to report employee retention success than those without. – Boston College Center for Corporate Citizenship 2014 State of Corporate Citizenship
- When comparing purpose (what businesses should do) versus impact (what they are doing) millennials consider business to be underperforming by 10 points at improving livelihoods, and underperforming by 12 points on social/environmental benefit. – The 2015 Deloitte Millennial survey
- Similarly, the Boston College Center for Corporate Citizenship 2014 State of Corporate Citizenship found a divergence between social issues that executives believe their organization should be responsible for addressing and those that concern customers the most. This dissonance is why social impact needs to align well with overall business strategies, which includes knowing your stakeholders and their expectations and needs.
Corporations, investors and other stakeholders are closely watching and measuring social impact’s growing importance. Hopefully these statistics will help you to showcase that in your own organization. For more detail about the need to align social impact strategy with business strategy, download our white paper “Creating Positive Social Impact: Mitigating Risk by Aligning Social Impact with Business Strategy.”