The rise of the socially responsible business

Deloitte Global’s societal impact survey seeks to understand how the actions of the past few years are influencing companies’ social responsibility initiatives, and what that could mean for the immediate future. It asks the question “can long-term views on social impact coexist with short-term demands for financial performance?” How does this impact the societal impact strategies of businesses?

The survey reveals that business leaders wholeheartedly believe companies are more than mere employers (93 percent), they’re also stewards of society. It’s a role surveyed leaders embrace. They are planning to take bigger stances on societal-impact issues (95 percent) in the coming year and are devoting substantial resources to socially responsible initiatives. Currently, a majority (59 percent) devote between one percent and five percent of their revenues to programs with a purpose, with two-thirds recording increases in budgets devoted to these programs over the last two years.

Deloitte’s research suggests C-suites in 2019 will likely become even more vocal and action-oriented as the rise of socially responsible businesses advances purpose along with profit.