Last year marked the dawn of stakeholder capitalism as the world’s largest, most powerful businesses acknowledged the vital importance of their employees, investors, suppliers and ecosystem partners.
These commitments are more important now than ever amid the COVID-19 crisis. Employees are turning to their employers for reliable, accurate information; the public is turning to American businesses to step up and address the crisis; and all stakeholders expect CEOs to stay highly engaged during these turbulent times.
As businesses continue to keep a close pulse on concerns, values and needs of their stakeholders, social impact will undoubtedly be at the top of every forward-looking company’s agenda. Crises like COVID-19 underscore how interconnected the world’s needs and the response to those needs are, which is why it is imperative for companies to boost their commitments to society — not only to help their communities but also to ensure their own corporate vitality, too.
Today, companies must fully integrate social impact into their long-term corporate strategy and ensure these efforts are clearly communicated to each and every stakeholder. Read the full article here.