We’ve talked often about Environmental, Social, and Governance (ESG) issues and an organization’s responsibility and commitment to social impact overall. Social impact, the act of making a significant and positive change that influences and overcomes pressing social challenges, surrounds us. After all, isn’t that what we should all be doing each day—making a difference for the greater good?

Ethical stewardship aside, ESG and social impact also make good business sense. According to research conducted by PwC, ESG investing is predicted to grow by 84% to $34 trillion by the year 2026. Despite any pushback based on political or other motives, these numbers can logically lead us to conclude that the majority are doing the right thing when it comes to social impact. The issue we’re seeing now, however, is that leaders are becoming overwhelmed by it all. 

They know they are doing some social impact initiatives, but they don’t really understand how they’re working, who exactly is impacted, or the precise results. Often, they’re not even certain of the process. This is not for a lack of trying, though. There is simply too much to juggle in guiding an organization through a tumultuous economy and an even more complex web of societal expectations.  The question that plagues many leaders today is —How do we manage it all? And the answer is—social impact management. 

 

What is Social Impact Management

Social impact management is the practice of strategically and effectively managing the social and environmental impacts of organizations, initiatives, projects, and activities. With it, leaders proactively approach measuring and optimizing both the positive and the negative effects their organization or project has on society, communities, and the environment. It reminds them that it is not enough to put something positive in place, even with the best intentions, and then walk away. Social impact demands much more from us all. 

 

Social Impact Management Considerations

Social impact management involves several key activities and considerations, including developing assessments, engaging with stakeholders to address any concerns, measuring and evaluating impact, mitigating negative effects, promoting positive outcomes, reporting on performance, and continuously improving strategies for social change. By embracing these activities, organizations can effectively manage their social impact and work toward more intentional, positive societal outcomes. Three additional ways to manage social impact include:

1. Measure each activity.

Social impact success undoubtedly relies on clearly defined proper measurements—ensuring that the right efforts are in place and that they are aligned with the anticipated objectives. Simply, measurement is essential for building a successful strategy. Without it, there is considerable danger of prioritizing the wrong indicators, or perhaps having metrics that are misaligned to desired outcomes. This may not always be easy, but it is necessary.

According to an article in Forbes, “Social good is hard to measure and, therefore, manage. But it is possible if companies clearly define, goal-set, track and report their social-good commitments. For instance, it’s not about how many corporate dollars they give, but the tangible societal impact in terms of the people and places they help. This is easier when nonprofits adopt return-on-investment sensibilities and provide transparency on results for donor companies to meet their own ROI requirements.”

By incorporating measurement into the planning process, organizations can ensure that they are tracking the right data to make the most informed decisions. Measurement is a proactive approach to minimize inefficient efforts and waste while maximizing the potential for impactful social outcomes. There is perhaps no greater indicator of successful strategies, areas for improvement, and effective ways to achieve overarching goals.

2. Tell the story.

Telling the story of an organization’s social impact is crucial for conveying the meaningful work being done. Stories, regardless of the medium, are how people connect. And social impact is a story in which there is already a natural pull. Combining the two is logical. 

The leaders who clearly articulate the organization’s mission, vision, and values, identify the social issues being addressed and the desired impacts, and highlight stories that illustrate the positive changes made are the ones who thrive in storytelling. These stories evoke emotion by demonstrating tangible outcomes that inspire others to do more. 

Storytelling requires both quantitative data, including the number of beneficiaries reached, funds raised, and specific milestones achieved and qualitative data, including testimonials, feedback, and case studies that provide qualitative insights into the impact. While this may seem daunting, if measurements are already being made, the data that supports these claims will be readily available to fill in the details of those stories. 

3. Implement a social impact platform and/or hire a social impact manager.

Measuring, collecting data, and reporting effectively on that data takes time, energy, and effort. But leaders have resources that can alleviate some of this burden. One way in which to do so is using a social impact platform that facilitates meaningful connections between those seeking to help and those in need. Serving as a connecting hub to bring resources together, including nonprofits, charities, individuals, and businesses that are united in their mission to make a positive difference, the platform creates a space where individuals and organizations with a shared goal can come together to create a greater impact.

Another valuable resource is hiring (or promoting a current team member to) a social impact manager. This person is responsible for managing and responding to KPIS, metrics, the collection of data, the facilitation of storytelling, Request for Proposals (RFP), and Request for Information (RFI). They actively seek out community and industry partners to secure funding for initiatives and support global and enterprise partnerships focused on shared impact. This person plays a crucial part in driving collaboration and resource mobilization for social impact initiatives.

By integrating these social impact management practices, organizations can align their goals with societal needs, contribute to sustainable development, and create meaningful positive change in the communities they serve.

 

At The Win Woman, we focus on Environmental, Social, and Governance strategic development and policies for organizations of all sizes and funding opportunities for nonprofits. We work with boards and C-Suite executives to help develop the right solutions for their specific situation in their specific industry. For more information, please contact us.

 

Until next time, keep Building Your BADASSERY!