Corporate social impact Bookmark has been added
Corporate social impact
Designing business strategies for social progress
Business success hinges on more than profits. Increasingly a brand’s relevance and appeal—for consumers and talent alike—is connected to its action on pressing social issues. As a result, companies face the growing challenges of prioritizing and organizing their social impact and sustainability activities to make measurable impact while aligning these activities with other business goals.
What we offer
Monitor Institute by Deloitte can work with a company to help it achieve alignment of its need for profit and for purpose. In our work, we balance the many inputs and demands a company faces, to shape an impact strategy specific to its market and stakeholder needs.
Particular areas of focus include:
- Establishing ways to measure success and evaluate results, beginning with how the organization prioritizes specific measures. Analyzing data to gauge the organization’s early progress in achieving its intended impact(s), offering recommendations on where adjustments could increase the organization’s impact
- Piloting/testing the chosen approach to refine the model and build evidence, engaging key stakeholders in the adoption and delivery of the new impact strategy
- Analyzing the capabilities and resources needed to implement an impact strategy and how to configure them most effectively. This may involve organizational design and developing the governance structure, and rationalizing existing activities around the new structure
- Working from a company’s culture and values to determine its appropriate path for greatest impact, whether that involves deciding a signature issue or structuring a portfolio of activities. May involve competitor research, social listening, and/or interviews with experts
Issue to impact: Helping a tech company determine its signature issue
The company had various corporate social responsibility and employee volunteerism activities and sought to unify social impact efforts around a signature initiative. Social impact efforts had been driven out of multiple centers of gravity across the company, and the company wanted to focus and enhance its social responsibility efforts to achieve greater impact and recognition in the market, both with talent and consumers.
We helped the organization move from identifying possible focus areas to aligning on one target population and issue area, which linked closely to the company’s brand promise. This focus was decided after understanding the company’s current social purpose positioning relative to peer organizations, existing portfolio of investments and initiatives, and the social aspirations of its people. The strategy that was determined was met with full support by the board and chief executive officer (CEO), and the CEO has publically engaged in activities related to the issue.
- Breaking out of the CSR box: How to build social impact into your whole business
- The board’s role in corporate social purpose
- Growth for good or good for growth?
- Investing for social and environmental impact