Article by Paul Polizzotto, Forbes
Image by DICSON on Unsplash
The shift toward stakeholder capitalism, the race to zero carbon and the proliferation of purpose-driven mission statements illustrate the vast scale of society’s most pressing problems. Businesses are quickly realizing the detrimental consequences these issues can have on their bottom line, considering the climate crisis alone could put trillions of dollars at stake for companies by disrupting supply chains, causing unanticipated closures, interrupting production and an array of other unforeseen disturbances.
Aside from the economic repercussions, companies are scaling their social impact initiatives in response to demands from their key stakeholders. Employee activism is on the rise, many consumers are boycotting brands that don’t match their values, and many investors are taking a keen interest in sustainable investments.
In today’s climate, the pressure for businesses to step up their social impact strategies is growing exponentially. The urgency isn’t just because the future of our planet’s well-being depends on it but because business success does, too. Here’s how companies across every industry can enhance their social impact strategies to drive positive social change while gaining new business value.