Ben & Jerry’s, Netflix & Barclays: What is Social Impact?

Social impact is the positive or negative effects that a company’s actions have on individuals, communities and broader society. 

This goes beyond financial considerations to include wellbeing, social justice, ethical practices and community development. 

Directly, this can be impact on employees and customers and indirectly could focus on local communities and society at large. 

Ben & Jerry’s, for example, has spoken out on social issues from racial justice to democracy and dignity for refugees. 

In 2021 the company released an ice cream flavour called Change is Brewing, created to help transform the US’s approach to public safety to one that prioritises community needs and back The People’s Response Act legislation introduced by Congresswoman Cori Bush. 

Jabari Paul, previously US Activism Manager for Ben & Jerry's, said: "We've come to understand that public safety is also a matter of public health. 

“Congresswoman Bush's legislation begins to make that important link by creating a public safety division within the Department of Health and Human Services."

Key elements of social impact

To improve social impact internally, some companies use programmes focussed on workplace safety, equitable opportunities, diversity and employee wellbeing. 

Externally, companies could focus on ethical supply chains, NGO collaborations, contributions to local development and community investments. 

Measurable social impact allows companies to track their effects and realign strategies to enhance positive outcomes. 

Social impact KPIs could include employee engagement scores, workforce diversity, number of people helped, volunteer hours or health and safety incidents, for example. 

ISO 26000 helps to clarify what social responsibility is for businesses and was launched in 2010 following five years of negotiations between many different stakeholders across the world.

B Corp certification is awarded in part to companies that demonstrate “high social and environmental performance”. 

The facts and statistics behind social impact 

Just 21% of employees report being emotionally and cognitively engaged at work and 41% report experiencing “a lot of stress” according to Gallup’s State of the Global Workplace 2024 report.

Research from Chicago Booth says that corporate social impact improves employee morale and engagement, attracts talent and reduces turnover.

A report from Deloitte and the World Economic Forum (WEF) found that social impact initiatives often lead to the development of affordable, inclusive products that open new customer bases and build long-term loyalty.

A Harvard Business School report says that 77% of consumers feel motivated to buy from companies that are committed to making the world a better place.

Netflix’s social impact initiatives

The Netflix Fund for Creative Equity is one of the company’s efforts to improve its social impact.

It aims to help build new pathways for underrepresented communities in entertainment.

Netflix has also launched the ScreenCraft Pathway programme, designed to offer creative professionals in South Africa a paid, immersive and hands-on experience through a variety of Netflix production partners.

Shola Sanni, Netflix Director of Public Policy in Sub-Saharan Africa, said: “We’re excited to introduce the ScreenCraft Pathway programme to show how intentional we are about investing in local storytellers and creatives. 

“This initiative is not only a win for our members, but also for us at Netflix because this will help grow the talent pipeline so we can continue to entertain the world and bring more of the amazing local stories our members love.”

Netflix is also working to make its apps and devices accessible through features like assistive listening systems, brightness controls, keyboard shortcuts, screen readers and voice commands.

How Barclays approaches social impact 

Barclays aims to support social businesses to grow their impact with a range of initiatives.

It has dedicated social business managers and funding and uses its Eagle Labs to support startups and scaleups, including social businesses. 

In partnership with Ethical Angel, Barclays provides mentoring for social businesses alongside specialist support for franchising, international trade and digital engagement strategies. 

For example, EPIC Risk Management is a gambling harm minimisation consultancy that has received support from Barclays’ Scale-Up UK Programme.