Written by Terese Garcia
The concept of social impact has been around for decades, but national and global events of the past few years prompted organizations to take a closer look at how they can effect positive change for their stakeholders and communities. Amy Hook, Novogradac’s chief social impact officer, says that for both community and economic purposes, this is a crucial time for businesses to evaluate their social impact, which she defines as the positive or negative effects a company has on the planet and people.
“I think in 2020 we saw how linked social impact topics and the business world actually are,” said Hook. “Look at how COVID, a human health issue, has impacted the business world and our economy–and not just the short-term financial losses. We’re talking about something that potentially could forever change the way we view office work. The social unrest triggered by the killings of Breonna Taylor and George Floyd that left our communities and our citizens no choice but to speak out–to become politically active in a pandemic. Businesses were having conversations with their employees about their safety while protesting. These topics fall into the social impact realm, but have had a tremendous impact on business.”
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