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During the Covid-19 virus, many businesses took a hard look at how they do business and realized they needed to do more to attract and retain top talent, Forbes reports.
According to a report from the nonprofit Impact Investment Exchange, companies like Ford, Bank of America, and Infosys made changes to their cultures, hiring more women, offering more vacation time, and more.
But it wasn't just about changing the way they do business.
"The act of measuring their impact has to go beyond 'check boxes,' and the top-down ESG approach," IIX's founder,Durreen Shahnaz, says.
"They also need to embrace impact toolkits that measure the impact of their business across the wide spectrum of stakeholders from the bottom up."
For example, IIX has developed toolkits for companies to use to measure the impact their businesses are having on the communities in which they do business.
In the wake of the Covid-19 virus, companies need to " pivot their businesses so they're able to adapt and thrive in the new norm," Shahnaz says.
"The key for businesses to adapt to the new norm is to create a deep positive impact both inside and outside the company."
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Spotlight
Philanthropy as Key Enabler to Work on ‘Wicked Problems’
Australia’s Melbourne City Mission Chief Executive Officer Ric Holland writes how philanthropy can act as an enabler on many levels.