However, 2024 continued to see consumers increasingly choosing to purchase from brands with impactful (and authentic) CSR credentials, so social impact is increasingly under the spotlight. Social impact relates to the positive effects that a company’s actions have on society (notably on its people and communities) and it should be embedded in companies’ CSR strategies. The social impact and the environmental responsibility of business should not be treated as separate entities - they are inextricably linked.
Considerable research has shown that companies perceived as ethical or responsible can increase their market value. According to research by Deloitte, over 80% of consumers would be willing to pay more if a brand raised its prices so as to be more environmentally and socially responsible. 15% of respondents said that they would be willing to pay over 25% more for items purchased from a socially responsible company.
In the eyes of investors and consumers, charitable donations made by companies will no longer suffice when it comes to giving back to society. Organisations are now increasingly expected to give back to their communities and… ultimately to help make a positive and lasting social impact. Integrating social impact strategies into operations can help increase employee and stakeholder engagement and drive lasting change within local communities. Well-executed social impact strategies seek to improve the lives of others through corporate time and resources.
When it comes to charitable giving, an increasing number of sizeable organisations have established charitable foundations. For example, there are now over 10,000 registered grant-making trusts and foundations in the UK (including ones operated by Boots, Cadbury and Rowntree's).
Foundations are often set up to help companies formalise their philanthropic strategies and to help drive social change. However, there is often skepticism from consumers about these organisations, as they can be perceived as having been established to achieve competitive gain or to take advantage of tax breaks. Much publicised high profile scandals (where foundations have allegedly misused funds) have further muddied the waters.
However, when established for the right reasons, for example to create a strategic approach to philanthropy, so as to make a real and lasting impact on society, foundations can provide invaluable benefits for those most in need. Bill & Melinda Gates have donated $59.5 billion to the Bill & Melinda Gates Foundation since its inception in 2000. The foundation supports projects to advance health research and technologies in the developing world and currently employs over 2,000 people.
As one of UP’s previous articles highlighted, not only are consumers increasingly scrutinising a brand’s ethical values, so too are employees and job seekers. People are increasingly opting to work for and to purchase from companies that give back to society. In 2024, the majority of organisations (including SME’s) now have a CSR strategy in place - often solely focusing on reducing their environmental credentials and pledges.
However, there’s now a pressing need to ensure that a company’s ‘social’ impact is known. The ‘S’ in CSR and ESG has long been overlooked. But now, times are changing.
UP’s recent Nobel Week Dialogue 2024 blog highlighted how our connections to one another, as well as to our environment, is the fabric of our health. Our world and our shared challenges (including climate change, pandemic preparedness, and food insecurity) affect us all, regardless of where we live.
Social impact initiatives must have credibility and be long-term commitments designed to give back to society. An example of this is the growing number of companies playing an active role in upskilling and employing refugees and displaced people. The not-for-profit organisation The Tent Partnership for Refugees, works with over 400 major multi-national companies (including TOMS, Tony's Chocolonely, Ben & Jerry’s and Google) committed to hiring refugees and helping them to rebuild their lives.
"Once a refugee gets a job, that’s the moment they stop being a refugee."
Hamdi Ulukaya, Founder of the Tent Partnership for Refugees
Social impact also applies internally - how do a company’s actions benefit and support its employees? I’m going to use our organisation - UP as an example. Firstly, leadership teams need to be committed to social impact…. and ours certainly is.
Examples of our commitment to positive social impact include:
Hamzah Ismail is one of UP’s current interns who within months of joining led UP’s annual holiday season campaign. Hamzah is a graduate of the DP24 class at Sigtunaskolan Humanistiska Läroverket.
"UP has given me the chance to take on real responsibility from day one. I’ve had the opportunity to work on a variety of projects, gaining invaluable experience and learning so much along the way."
Work-life balance: UP’s foundation was built on this concept and to this day we offer our team members the flexibility to make their work flex around their lives. Our members create their own schedule and work where and when suits them best (and there’s far less commuting compared to our traditional agency counterparts).
How does UP give back to society?
Everyone at UP is asked to allocate 5% of their time to charitable or Not-For-Profit organisations on a pro bono basis. We believe that the more we give the more society benefits.
Examples of our commitment and sponsorship include supporting the following programmes and initiatives:
One highlight I'd like to share is how UP provides pro-bono PR services to SWEDA - a charity supporting people living with eating disorders across the South and West of England. The charity undertakes invaluable work focusing on preventing the escalation of disordered eating before people become seriously ill, improving the likelihood of a sustained recovery. UP raised awareness of SWEDA’s Christmas 2024 Fundraising Appeal.
"Until recently, SWEDA hadn’t received professional PR support. However, Bethany's expert advice has boosted our local press coverage, expanded our networks and raised our profile. We’re incredibly fortunate to have her dynamism and expertise and we’re excited to see what’s next."
Deborah Xavier, Head of Fundraising at SWEDA
To wrap up this story, take a look at our 2024 Season's Greetings campaign - This highlights how our global community contributes meaningfully to society and helps spread joy. From volunteering at food banks to supporting underfunded non-profits through pro bono work, the campaign showcased the tangible impact that the UP community is making to society. Click here to learn more about the campaign and members’ charitable actions including supporting initiatives such as community centres and youth theatres, whilst members’ volunteering efforts see them partner with charities, churches and hospitals.
Contact UP to learn how your company can make a positive and lasting social impact.