Social Impact: Why Doing Good is Good for Business

By Becky Doemland, Good Works Indy

Business is changing. It’s not enough anymore to run a good company, serve your customers and earn a respectable profit. That’s because stakeholders are demanding more from your business. Who are your stakeholders? They’re your customers, your current and future employees, your suppliers, investors and the community where you work and live. It’s everyone who has an impact on or is impacted by your business. 

Adopting an intentional social impact strategy – often referred to as corporate social responsibility (CSR) or community engagement – isn’t just a feel-good initiative: It’s a powerful driver of long-term business success. Here are some of the reasons why integrating social impact into your business strategy makes good business sense….

Reputation & Raving Fans

For most companies, competition is fierce and there’s not enough margin to compete solely on price anymore. But you can set yourself apart as a business that cares about more than making a profit. A thoughtful social impact strategy – often comprised of philanthropic giving, employee volunteerism, and community involvement – can enhance your brand and deepen your relationship with customers. 

When your brand is associated with doing good things, your stakeholders view your company differently. Loyal customers and proud employees become advocates for your business, telling their friends and sharing on social media about their positive experiences. Suppliers and partners seek alignment with you, so they enjoy the favorable blowback from your brand. And community leaders will seek your input and participation in programs, because they appreciate your contributions to the greater good. 

Integrity matters, though. When you develop and execute a social impact strategy, your actions need to align with your values. One-time platitudes and vague promises won’t cut it: Consistent action and transparent reporting are critical to develop trust from stakeholders. As well, your corporate leaders should demonstrate buy-in and support through their actions: Is your CEO volunteering alongside other team members? Are key leaders speaking up and supporting causes that matter in your community? A superficial attempt at social impact will fail to deliver meaningful results and might even backfire spectacularly. 

The New Age of Talent

Across most industries, the challenge to attract and retain good talent is increasingly difficult. Jobseekers aren’t just looking for a paycheck—they’re looking for purpose. According to a 2025 Deloitte survey, 89% of Gen Zs and 92% of millennials respond that purpose is important to their job satisfaction and well-being. And Glassdoor has reported that “73% of job seekers won’t apply to a company unless that company’s values align with their own.” 

A strong social impact program can be a differentiator not only in attracting and recruiting talent, but also in retaining current employees. Studies show that employees who feel proud of their companies’ community involvement and philanthropic giving are more likely to be engaged and express higher levels of job satisfaction. Businesses that share their social impact stories – and encourage their employees to join the conversation – usually achieve increased social following and enhanced employer brand as a result. 

Getting Started

If you’re wondering where to begin… I think it’s best to start where you are. Assess your current social impact tactics and preferences: Does your company regularly make charitable donations? Are there causes that align with your business or industry? Can you survey employees to discover organizations that match their interests? Use this information to identify funding and partnership pillars for your new strategy.

Then consider your resources: What do you have to contribute, and can you maintain those contributions through a long-term strategy? Monetary support is critical, but it’s not the only way to give back. Consider ways to mobilize your workforce through paid volunteer time and organized group volunteer activities. Encourage your educated and experienced employees to serve on nonprofit boards. And look for opportunities to make in-kind donations of products and services where appropriate. 

And finally, be realistic about the bandwidth required to execute a social impact strategy for maximum results. It’s not practical to expect someone to juggle this additional responsibility along with their current role. Even if they’re passionate about the work, they’ll struggle to balance the opportunities to drive engagement and share outcomes broadly. If your business doesn’t have a full-time community engagement manager, partner with a social impact consultant in your area to achieve positive outcomes from your vision. 

Becky Doemland is a social impact consultant based in Indianapolis, helping businesses throughout Central Indiana develop and implement their philanthropic and community involvement strategies. Learn more about partnering with Becky at www.GoodWorksIndy.com.