BCG on Social Impact

A recent BCG global survey of 11,000 workers found that 28% are at risk of leaving their current employer within the next year. Creating an inclusive workplace can significantly reduce this risk. To effectively foster an inclusive environment, companies must work to understand the specific and varied needs of their employee base. Discover how companies can build an inclusive work environment and leverage this for business success in the BCG article, "An Inclusive Workplace Is Good for Business" by Gabrielle Novacek: https://lnkd.in/eG6sknPD. Learn more about how companies are aligning their strategic objectives with societal needs in the new articles, "The Power of Socially Transformative Business," here: https://lnkd.in/ev_Z66tY.

In February 2023, Cyclone Gabriel, the worst storm New Zealand has experienced this century, hit Hawke’s Bay. The cyclone caused significant damage to New Zealand’s horticultural sector, a major contributor to the local economy. Following the storm, BCG teamed up with the Hawke’s Bay horticulture sector to examine Cyclone Gabriel’s impact. One year later, after the clear impact of the storm on the 2023 harvest, BCG has updated its assessment with revised recommendations. BCG’s new report, “Hawke’s Bay Horticultural Sector: Economic Recovery Update: A Year after Cyclone Gabrielle” by Phillip Benedetti and Kelly Newton, examines how collaboration between the public and private sectors can expedite economic recovery. Learn more here: https://lnkd.in/eUuTtKw2 Plus, read about the initial phase of the project here: https://lnkd.in/esJHx2dz

1 in 3 US adults hold a criminal record that creates great challenges when searching for a job. Despite these obstacles, many formerly incarcerated individuals prove to be model employees. Though hiring always involves risk, companies can help fair-chance hires develop by partnering with government agencies and nonprofits. In the newest episode of “The So What from BCG,” Georgie Frost sits down with Lina Bankert, MDP in BCG’s Chicago location, and Kathleen Caliento, Ph.D., President and CEO of Cara Collective to discuss how to set up fair-chance hires for success in the workplace. Listen now: https://lnkd.in/gFzB_ccs

About 25% of the world's adult population remains without a bank account, while 50% have limited access, making them underbanked. This presents a significant societal challenge, but also an opportunity for impact. Financial institutions can change this narrative for global populations, expanding their market reach and gaining competitive advantage in the process. Key areas to focus on include supporting financial journeys, innovating credit assessments, enhancing infrastructure, and building trust. The new BCG article, "To Expand Financial Inclusion, Embrace Innovation" by Kedra Newsom Reeves and Walter Diaz explores the strong business case for financial players to propel financial inclusion: https://lnkd.in/ey5qVmRs Learn more about how companies are aligning their strategic objectives with societal needs in the new articles, "The Power of Socially Transformative Business," here: https://lnkd.in/ev_Z66tY.

Health inequities between wealthy and non-wealthy nations persist, with more than 50% of major healthcare products lacking strategies for availability in low- and middle-income countries. But biopharmaceutical companies are starting to integrate health equity into their business strategies, ensuring their products are adapted to local contexts and accessible to underserved populations. By addressing health disparities, companies can tap into new markets and strengthen relationships with stakeholders while fostering employee engagement. In the new BCG article, "Biopharma Companies Can Expand Health Equity" by Johanna Benesty, learn how biopharma can bridge health equity gaps achieving sustainable business growth: https://lnkd.in/dXtrNKfT Learn more about how companies are aligning their strategic objectives with societal needs in the new article series, "The Power of Socially Transformative Business," here:

In our work to shape a sustainable future, climate action and progress on social equity must go hand in hand.   At London Climate Action Week 2024, BCGers Douglas Beal, Nadia S., and Rachana Kanakagiri explored this imperative alongside WBCSD – World Business Council for Sustainable Development-BCTi and Council for Inclusive Capitalism in the workshop, "Financing the 'Just' in Just Transition." The session kicked off with opening remarks from Mahmoud Mohieldin, UN Climate Change High-level Champion for Egypt (COP27), and was followed by two panel sessions, “Embedding just transition into capital markets“ and “Current perspectives from financial institutions“ before participants split into breakout groups.   Bringing together a diverse group of cross-sector stakeholders, this event explored efforts for funding the social aspects of climate transition. "Banks Can Ensure an Equitable Climate Transition" details how financial institutions can ensure equity in our shift to a net zero economy: https://lnkd.in/eTriA83M

Introducing this week's #Spotlight, Tiffany Uy, a Project Leader in our Manila Office! Tiffany works on projects across Southeast Asia with a focus on economic development, particularly in facilitating trade and investment in low- and middle-income countries. Tiffany is passionate about supporting strategic approaches to public sector challenges, whether in health, education, or climate adaptation and resilience. In 2022, Tiffany was selected for the Social Impact Immersion Program, in which she was able to deepen her engagement in social impact through work with bilateral and multilateral organizations to improve regional cooperation and accelerate action on key economic topics. Outside of her work, Tiffany enjoys rowing (in a studio), exploring new food joints and a long, strategic board game.  

Businesses don't need to compromise in order to deliver competitive advantage and social impact. This is the promise of a socially transformative business, achieved when companies pinpoint where their purpose, strategy, and business priorities converge with the capability to meet a crucial social need. Across the business value chain, companies have the power to execute strategic social impact initiatives that are built on a strong business case, whether it be increasing health equity and financial access or creating inclusive supply chains. In this new article collection, "The Power of Socially Transformative Business," BCG experts Gabrielle Novacek, Johanna Benesty, Kedra Newsom Reeves, Walter Diaz, Natasha Peacock, and Tim Mohin weigh in on how companies can become socially transformative, showcasing stories of companies who are seizing this opportunity: https://lnkd.in/eDiC8prA

Celebrating this week's #Spotlight, Aly-Khan Jamal from our Lagos, Nigeria office, who recently joined BCG as Managing Director and Partner! Aly-Khan is a core member of our Social Impact, Climate & Sustainability and Principal Investors & Private Equity practices. With a focus on bridging financing gaps in Africa, Aly-Khan strives to ensure long-term success and measurable impact for those across the continent. Aly-Khan brings over 15 years of consulting experience, including management roles in firms within the agriculture and food and beverages industry. Outside of his work, Aly-Khan enjoys engaging in a wide variety of sports, although somehow doesn't enjoy watching any of them. He also enjoys indulging his cat's love of going for a walk around the neighbourhood, confusing many dog owners. 

Local vaccine manufacturing is crucial for enhancing pandemic preparedness and addressing endemic diseases. In Africa, the conditions for vaccine production have never been more favorable. However, challenges remain in the continent's goal of locally manufacturing 60% of its vaccines. One significant obstacle is the need for African countries to create sufficient demand for purchasing these locally produced vaccines. The article, "Is Africa on Track to Achieve its Ambitious Goal of Producing 60% of its Vaccines Locally by 2040?," authored by Arthur Salaün, examines progress in transforming Africa's vaccine manufacturing capabilities.