Setting Social Impact Expectations for 2024: 5 Pro Tips
As we near the end of the year, it's time to start reporting on your organization's impact in 2023. Follow these pro tips to make sure you capture everything.
In the past three to five years, enterprise companies' stakeholders have significantly raised their expectations for corporate social impact, and most legacy technology solutions simply haven't been keeping up. To show you’re ahead of the curve in 2024, your program and your software needs to be in harmony on several crucial points.
Here are five things you must consider when calculating your social impact in 2024.
5 Essential Considerations When Calculating Social Impact and Setting Expectations for 2024
1. Employee contributions should always come first
What does “your people are your greatest asset” really mean? Your organization wants to leave a positive mark on your employees’ communities, and engaging them in donating, volunteering, and skill-sharing turns that truism into a lived reality.
Of course, most legacy philanthropy software platforms will offer industry-standard financial capabilities, like donation matching and corporate grants. But in a rapidly-changing environment where flexibility and collective action is central, engaging your employees with a user-friendly platform can help you reach an estimated 78 percent of your team and go far beyond the status quo.
2. Your program must prioritize diversity and inclusion
Social impact technology can and should bring your entire community together, from your employees to your nonprofit partners and even your suppliers. It's not enough to speak to different demographics; consider investing in a wide range of nonprofits, as well.
At the heart of any impactful initiative lies a strong connection with the communities it serves. In 2024, shift your focus towards community-centric strategies that empower and uplift people. This involves not just addressing community needs but actively involving community members in the decision-making process.
Building trust is key. Establishing transparent communication channels, actively seeking feedback, and fostering collaboration are essential steps. By placing the community at the center of your efforts, you create a sense of ownership and shared responsibility, leading to more sustainable and meaningful change.
3. Optimize your efforts for ESG
Your investors are keeping environmental, social, and corporate governance factors top-of-mind, and so will your consumers (even if they don’t recognize that specific term!).
Sharing your organization’s purpose with the world gets a bit easier once you can actually prove that your community is all-in on ESG. How do you make it happen?
If you start by building genuine community around your organization’s core values, then reporting on what your people are doing gets a lot easier—you’ll just be transmitting all the wonderful stories going on around you.
4. Collect, study, and use your data
That said, you’ll need access to the right data at the right time to communicate your impact but also inform your day-to-day decisions. Real-time dashboards and in-depth reports help you make better, faster decisions that demonstrate the value of your hard work and maximize your impact.
In 2024, dive deep into the world of measurable metrics to gain a comprehensive understanding of your impact. From community engagement rates to eligible Community Reinvestment Act activities (if you’re a financial institution) to the Sustainable Development Goals, identifying and tracking key performance indicators is paramount.
Consider employing data analytics tools that provide real-time insights into your initiatives. This not only helps in assessing the effectiveness of your current strategies but also allows for agile adjustments based on data-driven feedback. By focusing on measurable metrics, you not only demonstrate accountability but also pave the way for continuous improvement.
5. Tell a compelling story of your impact
Privately and at industry conferences, more and more social impact professionals are asking each other how to craft a coherent, consistent narrative that resonates with investors and customers alike. This may be the greatest challenge facing purpose-driven business leaders today: to share with the market our ambitious vision for how the world is a better place with our companies in it.
In 2024, invest time in honing your storytelling skills. Share not only your successes but also the challenges you've faced and the lessons you've learned. Authenticity builds trust, and a well-told story can inspire action. Utilize social media platforms to amplify your narrative, creating a ripple effect that extends far beyond your immediate network.
One more thing: How to take your corporate impact further with Deed
From Airbnb to Tesla, the world’s most innovative companies trust Deed’s all-good-in-one social impact platform for everything from employee giving to corporate grants.
Deed is a workplace giving and volunteering platform that puts people first, because user experience shouldn’t stand between you and doing good. We help social impact and DEIB teams foster genuine human connection by empowering employees to support causes they care about together in-person and online, with the data and insights needed to drive engagement. Backed by PayPal and a solid infrastructure of trusted payment processors, our Fortune 500 partners support +2 million nonprofits with ease. And together, our community is doing more good deeds everyday at work, at home, in our neighborhoods, and all over the world.
To learn how Deed can take your corporate impact to the next level, book a demo with one of our social impact specialists today.