Blockchain technologies such as NFTs, cryptos, and Decentralized Finance (DeFi) are some of the most cutting-edge uses of computer technology in 2022, a report by the World Economic Forum shows.
However, according to the organization, the technologies are most accessible to well-off people who can access the sources of information and technical knowledge to participate. In this regard, the industry is deemed not accessible to the billions of poor people across the world who are struggling to better their lives.
Blockchain companies stand to gain by taking part in projects and activities that enhance the social and living conditions of the members of their larger society.
Often referred to as social impact, Camelia Ray of Kindly, a humanitarian-based crypto project, points out three key benefits that blockchain companies can gain through social impact:
1.) Attracting Talent
Many qualified and talented people in the job market are conscious of social impact and will prefer work environments that share that value.
According to Ray, companies should communicate stories of the social impact activities they are taking part in as these can help to humanize a company. The stories need to be about authentic and meaningful efforts to address social issues rather than just for show.
Moreover, a company that takes part in social impact is likely good at taking care of its employees by fostering positive work culture and life-work balance.
Finally, since some of the most innovative and hard-working people are in the blockchain industry, companies in the sector that focus on social impact are playing a significant role by giving opportunities to their employees to address some of the challenges that bedevil the world.
2.) Increase Customer Engagement and Loyalty
In the same way social impact draws talent, it also draws customers.
Just like employees, customers are conscious of the challenges affecting various people in the world and will be impressed by authentic attempts to make an impact.
In marketing terms, Camelia Ray says that by aligning your brand with a cause that matters to your customers, you create a deeper connection leading to increased customer loyalty.
Businesses are encouraged to conduct surveys using tools like Survey Monkey to gain a better understanding of the causes and issues that matter most to their customers. Businesses can also leverage sites like Tiktok and Instagram to conduct polls.
By seeking this information, the company will decide on the best action plans it can take and the given problems to contribute to. One of the key ways a company can get involved is by using its platform to raise awareness and support for its issue of choice.
3.) Retain Employees
Social impact programs are not only important for attracting talent, but are also necessary for retaining talent.
This is one way of bringing forth good feelings at the workplace and improves the relationships between staff and employers. This is elaborated by the PERMA model for positive psychological features among employees:
- Positive emotions (such as joy or gratitude)
- Engagement in activities that give you pleasure
- Relationships with people you care about
- Meaningful work
- Accomplishment and feeling proud of the tasks and projects you achieve
To achieve this, Camelia Ray asks companies to consider hosting monthly meet-ups at the workplace for employees and at venues outside of work for their customers.
During such occasions, employers are encouraged to learn more about their customers and staff to understand what social causes matter most to them.
Social impact can play an influential role in the growth and business of an organization. If you are carrying out research on which areas to focus on, the United Nations Sustainable Development Goals (SDGs) define 17 goals that humanity should achieve in the next 8 years to ensure prosperity for all.