Social enterprises, businesses that combine revenue growth and profit-making with the need to respect and support their environment and stakeholder network, are on the rise. These organisations are not just ‘good citizens’ but integral players in society. They are developing new strategies to meet the needs of the workforce, investing in their employees’ well-being and job satisfaction, and creating an inclusive, diverse, and flexible work environment.
The rapid advancement of technology, changes in societal expectations, and the shift in personal values are influencing corporate strategies and business models, leading to the rise of social enterprises. This trend is not confined to a specific sector or region; it’s a global phenomenon, with businesses of all sizes recognising the need to redefine their roles in society.
A shift in leadership mindset is also crucial. Leaders need to focus on broader societal goals and take a more holistic view of their business. They must consider the impact of their decisions on all stakeholders, including employees, customers, and the communities in which they operate.
However, despite the rise of social enterprises, many businesses are not ready for this transformation. They lack the leadership, skills, and systems needed to make the shift. It’s a complex journey that requires a comprehensive and strategic approach, not just a series of tactical moves.