The Corporate Social Mind
research report | June 2020
Introduction
Conversations about the corporate role in societal change have been escalating for nine months. From the Business Roundtable in Washington, DC, to the World Economic Forum focus at Davos, the dialogue about business’ intersections with social issues and impact has been at the forefront of some promising work. Then, two historic moments shook the consciousness of companies globally: the COVID-19 pandemic changed our daily lives, and vast numbers of people took to the streets demanding police reform.
Research has long shown that consumers want companies to step up not just with words, but with actions. Here is that opportunity. And those that have visibly risen to the occasion – converting their machinery to produce ventilators and personal protective equipment, donating marketing dollars to local Black-owned businesses – may have started a new wave of responding to consumer expectations and impatience that may not ebb.
Some companies have exhibited a social mindset. Many companies, though, are still struggling to determine how to effectively match their core functions with concrete actions, practices and investments intended to address social issues in a way the public finds authentic and meaningful. What are the country’s expectations now that so many consumers have been personally touched by business’ capacity to address the challenges facing them as consumers and employees?
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Definitions
Social Mindset: A perspective that approaches decisions and actions with an understanding of their impact on society (e.g., police reform, hunger, discrimination, immigration).
Corporate Social Mind: A new book, The Corporate Social Mind: How Companies Lead Social Change From the Inside Out, delineates eight traits companies must develop to have a corporate social mindset: 1) decide with society in mind, 2) live the company’s values, 3) use resources for society’s benefit, 4) listen before acting, 5) have a social voice, 6) lead social collectives, 7) measure social impact and 8) innovate for social good.
Conjoint Analysis: A statistical technique used to determine what combination of attributes most influences a decision.
Purpose
This study examines the public’s expectations of business in a new era created by the pandemic (COVID-19) and intense focus on racial equity, how companies should approach the development of goods and services in the face of these expectations, and how a social mindset should be woven throughout every company. Ongoing analysis of these trends and shifting consumer expectations will occur throughout the year and during critical moments.
Methodology
A quantitative approach was taken with an online survey fielded Saturday, June 20, 2020, to collect data about attitudes and activities in the United States related to corporate involvement in social issues. The survey had 1,004 respondents from a nationally representative sample (Census projected), producing a 95% confidence interval with a 3% +/- margin of error. Note that categories may not total 100% due to non-answers, multiple-choice questions and rounding.
Research Team
Derrick Feldmann | Lead Researcher
Michael Alberg-Seberich |Research Advisor
Amy Thayer, Ph.D. | Researcher
Melissa Wall | Research Associate
Cindy Dashnaw | Copywriter
Tyler Hansen | Graphic Design