An inclusive workplace is good for employees and for the company, but organizations still struggle to create such an environment. Here’s how to do it.
The real question is how companies can turn that promise into a reality. In our work with clients, we find that the most successful companies identify where their purpose, strategy, and material business needs align and overlap with the ability to address a critical social need.
This alignment can occur across the business value chain. Some companies find that new products and services can benefit society—for example, increasing health equity or financial access—while also helping their business thrive. Other businesses find new talent pools in disadvantaged populations, providing economic opportunities and improving outcomes for those communities—and in doing so, they see increases in employee retention and productivity.
Others create inclusive supply chains, reducing their business risk and enhancing their reputation while helping ensure global human rights and improving the lives of communities in need. These are socially transformative businesses—companies with strategic social-impact initiatives that are built on a solid business case and executed at scale.
How to Become a Socially Transformative Business
We spoke with several BCG experts about how companies can seize the opportunity to become socially transformative. They showcased success stories involving nearly all aspects of the corporate business model, including the customers served, the markets in which a company operates, and the way the supply chain is managed.
Certainly, the details of the social impact delivered, and the competitive advantage gained, vary by industry and company. Yet these examples all underscore the same truth: a powerful business case has emerged for strategic social impact.
Article
June 27, 2024
Health disparities remain wide both across and within countries. Biopharma companies that embed health equity into their strategy can address the problem and position themselves for growth.
Article
June 27, 2024
One-quarter of adults globally do not have a bank account. That’s a missed opportunity for people and businesses—but new approaches can narrow the gap.
Article
June 27, 2024
New regulations will require business to play a larger role in protecting human rights. Here’s how companies can create the necessary transparency throughout their supply chains.
Explore More Insights
Article
May 25, 2023
Done right, ESG can drive positive social impact that reinforces a business’s competitive advantage and contributes to a better world.
Article
November 27, 2023
To identify how your company can lead authentically on environmental and societal impact, find the intersection of capability, conviction, and opportunity.
Article
April 25, 2024
BCG collaborated with Mastercard and Nubank to analyze consumer data and insights across the Brazilian market to map the financial inclusion journey and provide a framework for financial inclusion.
Article
September 11, 2023
Companies can advance the SDGs while simultaneously expanding their business, bolstering the bottom line, and managing risk. It’s time to double down on the opportunity.
Video
June 12, 2023
Companies Still Need ESG—But They Must Do It Right
BCG’s Rich Hutchinson talks about
socially transformative businesses and how they can create competitive advantage while making a positive impact on the world.
Video
June 12, 2023
How Can Health Care Be Socially Transformative?
BCG’s Johanna Benesty explains that, while businesses in every sector have the potential to be socially transformative, the opportunity in healthcare is particularly great.
Video
June 12, 2023
How Can Financial Institutions Be Socially Transformative?
BCG’s Douglas Beal discusses how organizations can invest for impact—and in the process, create not only value but also a better world.
Meet Our Experts
