Social impact is important to businesses for several reasons:
Consumer expectations: Modern consumers, especially younger demographics, prioritize purchasing from brands that align with their own values. They seek out companies committed to making a positive impact on society and the environment.
Reputation and brand value: Engaging in initiatives that have a positive social impact can enhance a company’s image, fostering trust and loyalty among customers, employees, partners, and other stakeholders.
Employee attraction and engagement: Many employees, particularly millennial and Gen Z employees, want to work for companies that have a broader purpose beyond just profit. Businesses with a focus on social impact and service can attract top talent and achieve higher rates of employee satisfaction and retention.