Prompted by global trends, organisations are rethinking the notion of private sector, public sector and civil society as separate constituents. Forward-thinking private sector organisations are increasingly considering social impact as a main part of business strategy. Public sectors organisations are increasingly looking to the private sector as a partner to deliver sustainable development.
We see the beginnings of a convergence of private and public sector social and economic vision. We call this environment the impact economy, a highly integrated ecosystem of important players focused on dramatically and fundamentally redefining sustainable value across varied constituencies. This new economy is marked by the blurring of the line between social and commercial interests. Organisations that are conscious of their impact will widen their definition of stakeholders and search for sustainable positive outcomes, financial and otherwise, for everyone involved.
The impact economy sounds utopian, but it is at its core distinctly practical. Organisations that make a conscious decision to create positive impact for their customers, their employees, their suppliers, and their communities are setting themselves up for sustainable economic prosperity. Forward-looking organisations have already begun to make headway, and it is only a matter of time before momentum builds. Palladium is taking a leadership role in the impact economy.