We are constantly moving, changing, and progressing. Today, we are in the midst of a 4th industrial revolution. One of data and connection. So, we are in a position where everything in our lives can be quantified. Organizations are collecting and sifting through tons of data to understand us and meet our needs. Now, we can see significant change coming. We’re beginning to transition into a 5th industrial revolution. One based on social impact. So, that begs a few questions: what is the impact of social values on business? How should businesses equip themselves for this shift? And what areas of the business are changing already?
Let’s explore the 3 areas that Salesforce.org‘s SVP Pat McQueen says are changing as a result of the adoption of social impact in big business.
3 Areas of Business Impacted by Social Values
Now that we’re transitioning into values-based business spaces, we can see a wave of change in corporate philanthropy. There are 3 major areas, for example, that are changing based on the need for social impact in business models:
1. Workplace Culture
Now that Millennials and members of Gen Z are entering the workforce, workplace expectations are evolving. Many young employees are looking for much more than opportunities to move up the corporate ladder. They’re looking for a sense of purpose in the workplace. Not only do they want to work in businesses that are committed to doing good, but they also want to invest time in projects that allow them to realize their values in actionable ways.
2. Emphasis on Corporate Social Responsibility
Since more employees are choosing to work in spaces that value social impact, businesses are changing as a result. There’s a growing expectation that organizations are meant to engage socially with their customers AND employees. Not simply for the benefit of their employees, but on a macro-level as well. Businesses are being more intentional in their decision making to reflect the values of everyone they reach and are engaging in ethical marketing as a result.
3. Technology and Trust
About 90% of today’s data was created in the past two years. Although this influx of information is seemingly beneficial, we still don’t know what to do with a majority of the data we possess. So, as we continue to generate and collect data, especially in an effort to understand the wants and needs of others, businesses are experiencing a dramatic erosion of trust. At this moment in time, there’s a greater need to restore trust between customers and the organizations they’re engaging with.
Salesforce’s Interpretation of the Impact of Social Values on Business
As the impact of social values on business grows, it’s necessary for organizations to hone in on the values of their employees, customers, and business. And this need for value-based business models doesn’t exist in a vacuum. The results are tangible. If anything, now, impact-forward organizations produce almost 4% higher return than an organization that doesn’t talk about impact.
Catch a Recap of The Digital Wave and Values-Based Business
Watch Pat McQueen’s talk on the importance of values-based business presented at WE Prosper Summit 2019.