What is social good and why is it important?
Social good is the concept of creating positive impact on society through ethical and responsible actions. It can be achieved by individuals, organizations, or movements that aim to address social issues and improve the well-being of others.
Social good is important for businesses because it can help them gain a competitive edge, attract and retain talent, increase customer loyalty, and enhance their brand reputation. According to a study by PwC, 64% of CEOs consider corporate social responsibility essential for long-term business success. Moreover, stakeholders such as employees, consumers, investors, and the community at large are demanding that businesses take an active role in driving positive change.
How can businesses embrace social good?
One of the ways that businesses can embrace social good is by leveraging their strengths and expertise and designing a path that is aligned with their strategic priorities. Businesses should identify areas where they can create the most significant positive change while aligning with their core values and capabilities. For example, a financial company could leverage its expertise in finance to start its CSR journey by focusing on financial literacy programs for underserved communities.
Another way that businesses can embrace social good is by getting buy-in from their stakeholders. Businesses should engage with their employees, customers, investors, and partners to understand their needs, expectations, and feedback. Businesses should also communicate their vision, goals, and actions for social good and showcase their impact and achievements. By doing so, businesses can build trust, loyalty, and support from their stakeholders.
A third way that businesses can embrace social good is by adopting a visionary approach to building and learning for a socially responsible future. Businesses should not settle for the status quo or the minimum requirements but strive to innovate and excel in their social impact efforts. Businesses should also be open to learning from their successes and failures and adapting to the changing needs and challenges of society.
What are some examples of businesses that embrace social good?
There are many examples of businesses that embrace social good in different ways and sectors. Here are some of them:
- Patagonia: The outdoor clothing and gear company is known for its environmental activism and sustainability practices. Patagonia donates 1% of its sales to environmental organizations, supports grassroots campaigns, advocates for public lands protection, and encourages its customers to repair and reuse its products.
- TOMS: The footwear company is famous for its one-for-one model, where it donates a pair of shoes to a child in need for every pair sold. TOMS also supports various causes such as clean water, safe birth, eye care, and bullying prevention through its products and partnerships.
- Ben & Jerry’s: The ice cream company is renowned for its social mission and values-led approach. Ben & Jerry’s supports fair trade, animal welfare, climate justice, racial equity, LGBTQ+ rights, and democracy through its products, campaigns, advocacy, and philanthropy.
- Salesforce: The cloud computing company is recognized for its social impact and corporate citizenship. Salesforce commits 1% of its equity, product, and time to support nonprofits and communities. Salesforce also empowers its employees to volunteer, donate, and advocate for causes they care about.
Embracing social good is not only a moral imperative but a strategic necessity that leads to better business outcomes. Businesses that embrace social good can benefit from increased competitive advantage, talent attraction and retention, customer loyalty, and brand reputation. Businesses can embrace social good by leveraging their strengths, getting buy-in from stakeholders, and adopting a visionary approach.
