Monthly views on the future of responsible business
NOVEMBER 2022
"We need to appreciate the power of theory. Well before we had quantum computing, starting in the 1970s, theorists conceptualized a new way to understand the very nature of information. They created a field called Quantum Information Science. It took many decades to turn that theoretical idea into one of the most important technologies in the decades ahead. We tend to focus on the latter part of it—what happens when everything is applied. But we tend to underrate the power of theory to bring new possibilities."
With the second highest turnout in 50 years (following 2018), yesterday's midterm elections in the United States proved that inflation pressure, rampant layoffs and hiring freezes, and fear of a coming recession will not discourage people from actively trying to make a positive impact in their communities.
And CFOs are turning out in their own way. A new pollof finance departments from OneStream shows that, despite economic uncertainty, nearly half of companies will invest more in ESG and DEIB initiatives (48 and 47 percent, respectively) in 2023 than they did this year.
Why is that? Compelling data on global companies social and environmental impact suggests a likely answer. Recent global analyses find that,"not only does improved ESG performance drive profit, but failing to meet ESG goals leads to an increase in operational and financial risk."
When an organization makes a snap decision that harms its ability to achieve its core mission, the damage to its reputation with investors, consumers, and employees alike could mean losing the long game.
But by doubling down on their work to drive meaningful social and environmental impact in a time of acute financial anxiety, the business community can display similar courage as millions did in the U.S. had this week.
Economic uncertainty and inflation pressure recently forced communications technology firm Twilio to lay off 11 percent of their staff, mostly on go-to-market teams. But Chief Social Impact Officer Erin Reilly argues that by holding her department to account for both profit and impact targets, they will weather the storm. "We only win when our nonprofit partners drive greater reach and positively impact more lives," Reilly said. Read her piece in Fast Company.
The CSR admin's guide to the galaxy
Engaging large teams, who work across departments and timezones, is no small challenge for social impact professionals trying to create a purpose-driven culture. In his new series, "Finding the Purpose Fit," Chad Haertling breaks down how CSR touches the day-to-day work of 10 departments to help you reach out and make the business case for all. Read the blog.
Unfollowed
Nervous Twitter users are registering en masse on a decentralized competitor platform called Mastadon. According to founder Eugen Rochko, "I have been working very, very hard to make this platform as accessible and as easy to use for everyone as possible. And to push the idea forward, that there is a better way to do social media than what the commercial companies like Twitter and Facebook allow." Read TIME's interview with Rochko.
Open happiness—then recycle it
Activist hedge fund Engine No. 1 is trying to broker a friendly deal between Coca Cola and Republic Services, the second-largest garbage collector in the U.S. They "found Coke the most receptive" of the many single-use consumer goods producers they had initially contacted (including rival Pepsi). Engine No. 1's recent success with pushing Exxon to curb its oil and gas business through similar means—winning board seats with only modest stakes—means they have a shot here. Read more in the first issue of WSJ vet Liz Hoffman's newsletter for breakout digital media site Semafor.
No desk, no problem
Well, except if your fulfillment center or sales floor staff feel disengaged. Volunteer events, fundraisers, and skill-sharing can simultaneously help non-desk employees—who make up over 80 percent of the workforce—feel more connected, while scaling your company's social and environmental impact. Read "How to Engage Non-Desk Employees."
📺 Watch: "GivingTuesday Turns 10: The Making of a Winning Campaign"
GivingTuesday is November 29—check out the recording from our live event with friends from Discord, Ripple, Pega, and Brooklyn Book Bodega.
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