Handing out funds as a philanthropist was not a sustainable way to create social impact. Companies should look beyond the bottomline to include social responsibility objectives. Policymakers have the ability to implement policies with the aim of bringing benefits to those most in need, and companies can partner with governments to help marginalised groups integrate into mainstream society.
There is a growing convergence with non-governmental organisations behaving more like businesses, while businesses took on more social responsibility. Integrating social responsibility projects could also be a way for businesses to attract and retain employees.
Corporates ought to adopt a wider vision of their businesses and mandates – to explore how they can improve people’s lives, and the environment. In situations where business models were reframed, social impact considerations could be introduced when making business decisions. Every company can be socially responsible without the need for separate and standalone corporate social responsibility programmes.