The Rise of the Socially Responsible Business – The Wall Street Journal

Business leaders increasingly view societal impact programs as helpful to both society and their bottom lines.

During 2018, a growing number of CEOs took public positions to encourage their companies—and those of other business leaders—to define their organizational purpose and work toward making a positive societal impact on topics ranging from diversity and inclusion and education to climate change and voting.

Such a shift suggests that a new, purpose-driven mindset has moved to the forefront of C-suite agendas and become an important element of integrated business strategies. A new global survey of 350 business leaders conducted by Deloitte Global and Forbes Insights¹ seems to confirm this shift, with 93 percent of respondents believing companies are more than mere employers; they are societal stewards. Currently, 59 percent of respondents devote between 1 and 5 percent of their revenues to programs with a purpose, according to the survey, with two-thirds of them reporting increased budgets for such programs over the past two years. Ninety-five percent of respondents are planning to take bigger stands on social issues in the coming year.

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By Geena Munroe
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