Posted: August 15th, 2022
Social Impact
Social impact
Summary of Key Points
As of 2019, investing in social impact became imperative for businesses for them to attract and retain the best talent for the company.
Companies’ are today more sensitive towards gender parity, empowerment and equal pay among other issues.
This is largely due to the new wave of potential recruits; mostly millennials, that first assess the companies’ social impact before agreeing to work with a company (Doerr, 2019).
Additionally, social impact is crucial towards the engagement of a rising number of stakeholders; who care deeply about the business.
This is by and large as a result of stiff competition that exists in the market for almost anything that causes a lot more consumers to purchase from companies that align with their values.
Furthermore, increasing social pressure, the need for transparency by customers as well as the growing attention to the current geopolitical environment saw a big trend in 2018 where big companies were exploiting social impact to inspire brand loyalty (Doerr, 2019).
Due to the lack of metrics that quantify the social impact of the business; the factor brings forth plenty of criticism.
However, the determination of the key measurements to be tracked, putting in place processes to track them, and collecting and analyzing data will alleviate this issue.
Moreover, adoption will also encourage the reaching of sustainability goals.
Analysis
I believe that companies will be able to improve their relationship with consumers once they implement social impact as part of their goals.
This is mainly because; the new age is more critical and impartial at looking at how the world can be made better.
Social impact will mostly bring forth positive outcomes to society especially concerning public policy matters based on the overall picture of the outcome; although it may lead to some cost implications that may appear negative to some organizations.
References
Doerr, P. (2019, January 14). Four Ways Social Impact Will Affect Businesses In 2019. Retrieved from https://www.forbes.com/sites/patsydoerr/2019/01/14/four-ways-social-impact-will-affect-businesses-in-2019/#5c1d7c556e71
Order | Check Discount
Sample Homework Assignments & Research Topics
Tags:
Social Impact
