Social Impact is the impact of an organization or individual’s actions. It can include a company’s people (justice, equity, diversity and inclusion or JEDI), products (what’s the environmental footprint and materiality of what they sell), or partnerships (non-profits or other types of impact partners or suppliers).
Companies that prioritize their social and environmental impacts have a competitive advantage in today’s world. They can attract top talent, boost employee retention and improve their bottom line. This is a huge win for everyone involved, including society as a whole.
While there is no definitive definition of social impact, it is generally accepted that the term is a broad one and covers anything from charity work to corporate responsibility initiatives. For many businesses, a good starting point is to look at what their direct impact is and how they can improve it.
For example, Anne Lewis Strategies, a digital marketing agency, is focused on using its expertise to promote social change by helping organizations raise money online. It has a number of clients that it works with to raise awareness for their initiatives, and its work has helped raise over $320 million in online donations.
The company also uses its technology platform to track the progress of community-building projects and connect employees with their local communities. It helps them keep their social impact goals in front of employees and customers while empowering them to contribute their own time and resources to the company’s efforts. It’s a great way to foster a sense of belonging among employees, while also showing that the company is invested in making a positive impact on society.
Having a strong social impact strategy is important to your business because it can help you stand out from competitors, attract and retain employees, and attract investors. In addition, it can help you make better decisions about how to use your business’s resources and profits.
As more people care about the way their dollars are spent, more companies are recognizing that they can make a difference and committing to do so. This is a good thing, as more people are working together to build a better world.
However, many businesses are still struggling to implement a meaningful and impactful social impact strategy. This is because it can be difficult to balance a business’s social and financial goals. It is also important to remember that a business cannot be sustainable in the long run if it only focuses on short-term gains. This is why it is so crucial to have a well-thought-out and comprehensive social impact strategy in place. Ultimately, the goal is to create a more thriving and equitable society.