Navigating New Horizons: The 2024 Social Impact Forecast
As we transition into 2024, the social impact landscape is set to undergo significant transformations. Last year’s events, from groundbreaking AI developments to a historic U.S. Supreme Court ruling, have laid the groundwork for this change. Now, as we anticipate crucial elections in major global economies, the urgency for deep, systemic change becomes more apparent in addressing the pressing challenges of our time: economic inequality, health disparities, and climate change.
1. The Rise of Corporate Changemakers
2024 will witness the emergence of corporate changemakers as pivotal in driving social impact. Despite the challenges posed by policy rollbacks and economic pressures, these individuals will be instrumental in maintaining the momentum of purpose-driven companies. Nikhil Bumb of FSG emphasizes the need for these changemakers to be adept at internal navigation and strategic storytelling to effect lasting change.
2. Refocusing on Job Quality
The future of work is now a critical conversation, spurred on by historic labor strikes and negotiations that go beyond wages to address overall job quality. Kimberly Shin from Talent Rewire anticipates a stronger employer focus on creating a sense of belonging and dignity at work. Additionally, the implementation of major U.S. legislation will reshape local economies, making community benefit agreements a necessity for sustainable and equitable growth.
3. Embracing Place-Based Philanthropy
A growing trend in philanthropy is the shift towards place-based giving. This approach involves direct investments in specific communities, acknowledging their unique histories and needs. Fay Hanleybrown of FSG notes that this method allows for more effective and equitable solutions by involving local stakeholders in the decision-making process.
4. Climate Action through Regulation and Innovation
The impending climate disclosure mandates in the U.S. and E.U. present an opportunity for businesses to transition from viewing environmental, social, and governance (ESG) metrics as mere compliance to a strategy for shared value creation. Rishi Agarwal of FSG Asia highlights this as a potential competitive advantage for companies. Additionally, the role of philanthropy in supporting climate justice and equitable implementation of climate initiatives will be paramount.
5. Sustaining Health Equity Momentum
Post-pandemic, the challenge will be to maintain the focus on health equity. This will involve integrating health equity into the core commercial strategies of companies. Nikhil Bumb points out the necessity for businesses to move beyond research and development and philanthropy to improve patient access and quality of care. Moreover, the need for philanthropy to invest in upstream solutions, particularly in mental health, is emphasized by Abigail Ridgway of FSG.
As we look ahead, John Harper, incoming CEO at FSG, reminds us of the complexity and interconnectedness of current global challenges. It is clear that the path forward requires a collaborative effort, leveraging the collective power and resources of both the philanthropic and private sectors. The year 2024 promises to be a pivotal one in the journey towards impactful social change.
This summary was done based on the article posted in December 2023 on https://www.fsg.org/blog/future-of-social-impact-2024/
