In today’s world, it’s no longer enough for businesses to view their social contributions through the lens of traditional corporate social responsibility. Increasingly, they are challenged to do more. That’s why we developed total societal impact.
Governments, the public, employees, and investors are looking for evidence that corporations and private capital are committed to building a more sustainable and inclusive economy that meets the basic needs of all.
It’s not just a social challenge; it’s an enormous business opportunity. According to one estimate, the initiatives necessary to achieve the 2030 Sustainable Development Goals (SDGs) represent a $12 trillion business opportunity. Companies don’t have to choose between total shareholder return and reaching the SDGs—investing in one can complement the success of the other.
The Future of the Corporation
Doing well by doing good is real, and its strategic implications are more important than ever before.
Learn how to rethink the role of business and society
In response to these trends, we are working with private sector clients to make social impact an integral part of their corporate and business strategies. The goal: to maximize a company’s positive societal impact, an objective that we believe is as important to future business success as traditional financial metrics such as total shareholder return (TSR).
Total societal impact (TSI) is a collection of measures and assessments of the positive and negative economic, social, and environmental effects a company has on the world. A company’s TSI goes beyond traditional initiatives for corporate social responsibility, sustainability, or corporate philanthropy and also includes the impact of its products, services, and operations. The focus is on mobilizing the full scale of a company’s assets, resources, and people to create business innovations that deliver comprehensive and systemic solutions to the world’s biggest challenges.
When discussing social innovation, efforts by the public and social sectors are top of mind for most. But social innovation is most effective when businesses get involved, too.
The private sector can play a pivotal role in social innovation by sharing resources; partnering with the public and social sectors, as well as other companies; using their existing business models to address the SDGs; or creating a social business.