How can my company foster social impact?

How can my company foster social impact? A guide to the first steps in ensuring your business is seen positively in the communities it impacts. 

Today’s businesses are increasingly recognising the importance of making an impact on communities. This is more than simply a philanthropic gesture. It is part of a good company strategy, which can enhance the organisation’s reputation and build better brand loyalty. This guide will explore how organisations can engage with communities to foster social impact. 

This makes sense, not only in terms of social justice but in terms of business strategy, and it’s been the case for some time.

Even before the pandemic, a joint Deloitte and Forbes Insights survey showed that 93% of businesses agreed they were more than “mere employers” but “stewards of society”. 95% were planning to take a bigger stance on societal-impact issues.

• There is a need to understand different audiences within the community 
• Messaging should be tailored to their needs
• Investments can be made in education and skill development within the community
• Employee volunteering plays a critical role in engaging the community
• Communications should be consistent and aim for transparency and accountability

Business leaders can start by thinking about the core values which motivate them. What are the social and environmental issues they care about? 

Commitment to such social responsibility should be embedded within the business. This may mean creating ethical supply chains or confronting human rights issues. 

The rest of the guide will consider what can be done about these categories.

Companies need to understand the needs of the communities in which they operate. Each community will be unique, with its own dynamics and concerns around social and environmental issues. Engaging in open dialogue and conducting research with community members can improve the organisation’s understanding of stakeholder groups. 

Establishing partnerships with local organisations such as NGOs and actively listening to their concerns is a significant step forward in this area. This will allow your organisation to pursue social impact initiatives, prioritising the most pressing needs.

Another area to focus on is investing in education and skill development programs. These empower individuals and, in doing so, also contribute to the development of the community. 

This could include creating sponsorship programs or providing resources for schools. Offering vocational training opportunities and apprenticeships is worth considering. Exploring skills your organisation already has in-house that could be used in community service can be other great ways to make an impact. For example, a technology company could collaborate with schools to introduce coding skills, which would be helpful to students in the future job market.

The environment has become a critical aspect of becoming a more socially responsible business, and organisations can engage the community in various eco-friendly initiatives. 

If you want to go down this road, consider activities such as tree planting campaigns or waste reduction programs which enhance your organisation’s green credentials and help raise awareness around environmental issues.

These essentially encourage employees to dedicate a certain amount of time to volunteering activities during the year. Not only does this benefit the community, but it also helps boost morale and creates a sense of purpose among the workforce, leading to greater engagement. 

Common examples include community cleanups or educational workshops – the kinds of things that foster a sense of shared responsibility. 

Most employees believe that employee volunteerism provides an increased sense of purpose. Corporate blogs can also be a powerful platform for organisations to advocate for social change.

Your impact might not go far without the right communication; that’s why transparent communication channels with the community should be in place for initiatives to be most successful. This will allow for the timely communication of social impact initiatives. 

Accountability is crucial here, and organisations should be willing to discuss their strategies based on feedback from the community. This requires regular reporting and feedback mechanisms, which can help build trust and ensure that initiatives align with the community’s needs. 

Creating shared value is crucial when it comes to engaging communities. To thrive long-term, businesses must create economic value for shareholders and societal value for the community. This way, aligning business strategy with societal needs makes good business sense. 

An example might be a food production company investing in sustainable farming. This will ensure the long-term supply of high-quality materials and help promote socially responsible agriculture in the community.

As in many other sectors, technology can also be leveraged for social impact. This can allow for innovative ways for corporations to engage with communities. Using data analytics to identify community needs could be one example, along with developing mobile applications which facilitate better community participation. 

Corporations can harness social media to raise awareness about initiatives and encourage community involvement. Technology can allow organisations to amplify their positive impact and reach out to a broader audience.

When asking “how can my company foster social impact?”, your answer will inevitably come down to flexibility.

Organisations must approach initiatives with a sustainable mindset and realise that meaningful change can take time, so establishing continuous dialogue helps organisations adapt to evolving needs. 

This flexibility must be built into programs since community dynamics may change. 

So, engaging with the community is not just about social responsibility but also makes good business sense. There are numerous ways to get involved, such as investing in education, supporting local enterprises, promoting employee volunteerism, and leveraging technology. By being involved in such projects, organisations create a positive feedback loop, which will, in turn, enhance their brand and long-term sustainability. 

Time should be taken to assess strengths and consider how these can best be leveraged. For example, consider creating financial literacy programs for the community if your organisation is a financial services company. 

Engaging the community effectively demands that organisations act reactively to reduce negative impact and proactively think about societal and environmental issues. Consumers today want to see purpose-driven companies. 

So, offering your employees a chance to get involved in programs which increase social good can create a powerful force for change. However, organisations can also bring in outside expertise temporarily where this is required. 

Success will not be overnight, but organisations can show their commitment to long-term goals by taking small steps and adapting.