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Home Management Leadership Growth Strategies Corporate Social Responsibility

Social concerns are a serious worry for CEOs

FutureCIO Editors by FutureCIO Editors
July 10, 2023
Photo by Susanne Jutzeler, suju-foto : https://www.pexels.com/photo/white-and-black-signage-on-top-of-a-wooden-table-3040631/

Photo by Susanne Jutzeler, suju-foto : https://www.pexels.com/photo/white-and-black-signage-on-top-of-a-wooden-table-3040631/

A Bain & Company survey of nearly 300 global CEOs reveals that 85% of business leaders view social issues as “urgent” concerns for their companies. When asked about the primary role of their business, 60% said either creating “positive outcomes for society” or “balancing the needs of all stakeholders.”

“The companies that lead on social issues, such as DEI and socially responsible supply chain practices, don’t view these efforts solely as risk mitigation,” said Karthik Venkataraman, a partner in Bain’s Diversity, Equity, & Inclusion practice.

He pointed out that it is the opposite, in fact. "The leaders in this space have found ways to directly tie their social efforts to the commercial logic of their businesses, opening new opportunities for value creation by better serving all of their stakeholders. They see a symbiotic relationship between the concepts of ‘doing well’ and ‘doing good’,” he explained.

Influencer stakeholder change agent

One of the most influential stakeholder groups in the charge for change: customers. Customers have made it clear that they care about the social ramifications of their brand and product choices. A Bain survey found that half of consumers globally say they are more likely to buy from a brand that commits to combatting racism, and more than half are more likely to buy from a brand that commits to human rights.

Surveyed executives said social performance drives business outcomes in several ways. A self-assessment of executives at companies who lead on social issues perceive their companies to have higher revenue growth and EBIT growth than their peers who lag on social issues.

They also perceived their companies to have better results in attracting customers and talent as well as raising capital.

“When it comes to engaging in social issues, the challenge for many executives lies in figuring out how exactly to transform action on these issues into economically sustainable business performance,” said Jenny Davis-Peccoud, a partner at Bain and global head of the firm’s Sustainability & Responsibility practice.

Jenny Davis-Peccoud

“The ‘S’ in ESG comprises a wide range of issues, which vary by organisation. We recommend starting with a focus on four critical groups of stakeholders—local communities, customers, employees, and suppliers—and identifying actions that both address social issues for these groups and deliver results for the business.”

Jenny David-Peccoud

Translate action on social issues into economically sustainable business performance:

Improving social and economic conditions in local communities. Communities, where companies operate, are increasingly critical stakeholders for business. Some companies are looking at these stakeholders through a social lens and discovering how to materially improve conditions in their communities in ways that boost business performance.

Identifying new sources of customer value. Applying a social lens to customers and markets can reveal opportunities to create value for whole new customer segments, including in underserved markets.

Investing in the current and future workforces. Given the challenges companies now face in attracting and retaining the right talent, businesses can shift from being “talent takers” to “talent makers” by investing in employee learning and development.

Enhancing supply chain resilience by building socially responsible supplier relationships. By examining their supply chains through a social lens, companies can work effectively with suppliers to ensure fair and equitable practices while also making their end-to-end supply chains more resilient.

Related:  Carbon emissions to drive cloud purchase says Gartner
Tags: BainESGsocial responsibility
FutureCIO Editors

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