According to a fresh study released by Deloitte Insights, there’s a new metric being used to measure the success of an enterprise. Millennials and members of Gen-Z actively seek employers who are socially responsible. This means one of the primary and immediate benefits of going social and investing in human capital is that you’ll attract and retain better talent. Even better, this will be young talent poised to grow with your organization. 30% of these employees say they work more efficiently when they are employed by organizations that prioritize a social cause. This could lead to the next benefit.Businesses that invest in human capital and are moving towards socially responsible growth models may choose to give back through charitable donations. However, doing so does not mean they are following an inclusive growth model, according to data from Aston University. Instead, the move should be towards making business decisions in every area from product development to hiring to sales and marketing with a focus on ensuring that decisions made have the potential to have an environmental, economic, and social benefit to the community.
Now more than ever, successful enterprises will need to focus on human capital and social responsibility. Growth, success, and the ability to retain talent depends on them doing so.