As we at Miramar Global Executive Search prepare to announce our chosen charity for 2018, we would like to draw attention to the business benefits of doing good, our thoughts on working for good and how leaders can get involved.
Total Societal Impact
In a data-driven talk presented at Ted@BCG in October 2017, Wendy Woods, Senior Partner and MD of the Boston Consulting Group (BCG) and Global Leader of BCG’s Social Impact practice, drew attention to not only the societal impact of working for good but the resulting impact on the profits of organisations who are doing so.
Wendy showed how, organisations in the Oil and Gas sector who are focusing on their societal impact are experiencing a 3.4% healthier profit margin and have a 19% increased valuation premium than those who don’t. Likewise, in the biopharmaceuticals sector it’s 6.7% and 12% respectively and in the Consumer Goods sector 4.8% and 11%. Similar positive results are showing in the retail banking sector too.
Not only are these corporations doing good for global human and environmental well-being, but by doing so they are also increasing the performance of their organisation.
Working with People We Like
At Miramar Global we are currently exploring the decision-making process surrounding how organisations choose who to work with and why we work with people we like, however, in this case the reasoning is evident. The corporations who are opting to work for good are more favourable to partners, clients and employees than those who aren’t.
Leaders must now be aware of how their brand is associated with societal impact as well as its general operations, meaning that everything from working to reduce their organisation’s carbon footprint to improving the well-being of their employees should be considered in order to continue to drive success.
Work for Good
Work for Good are an organisation who connect businesses to charities thus enabling organisations of all sizes to improve their societal impact or increase the impact they are already making.
Throughout 2017 Miramar Global supported Future for Heroes in partnership with Work for Good. Working on a pro-bono basis we successfully placed two board members, coached the CEO and aided their marketing.
Aside from the benefits felt by Future for Heroes, by working for good Miramar Global were able to increase employee satisfaction and consumer engagement.
Managing Partner of Miramar Global, Andrew Stoneham Knott has stated,
“We are in the fortunate position of being able to give something back, and doing so gives us great satisfaction. It strengthens our team and our clients’ positive experiences with Miramar and means Future for Heroes can grow to deliver their crucial work. It’s a win-win!”
Future for Leaders
As we are preparing to unveil our chosen charity we would urge business leaders to review the evidence and consider how their societal impact can improve not only the world around them but also the performance of their organisation.
You can also watch Wendy Wood’s Ted talk in full for more information.