That pressure is driving companies to action. Last year, Business Roundtable released a Statement on the Purpose of a Corporation signed by 181 CEOs who committed to leading their companies to benefit all stakeholders: customers, employees, suppliers, communities, and shareholders. The sentiment was echoed in a 2019 survey that found only 7 percent of Fortune 500 CEOs believe their companies should "mainly focus on making profits and not be distracted by social goals." 3 Last year, 90 percent of S&P 500 companies published reports on corporate social responsibility and related initiatives. That's up from just 20 percent in 2011, according to a 2020 report by Governance & Accountability Institute. 4 Yet many companies face an enormous gap. While contributing to society is a top priority for U.S. employees, for example, it's the focus of just 21 percent of purpose statements, according to a 2020 McKinsey survey. 5 Pulse research reveals that 35 percent of respondents report that some of their organization's projects have a negative social impact. And they execute a prompt mitigation plan always or most of the time on less than half of those projects. Failing to recognize and take action on social impact can devastate reputations instantly. In today's hyper-connected world, a single misstep can summon an unwanted glare of attention. "You have to bring value to society through your product and service, and if you don't?because we live in an age of transparency and social media?you will be called out for it, and people won't support you," Mroz says. The Deloitte study points to the reputational risk of not paying attention to social impact: Barely half of the millennials (51 percent) said business is a force for good, down from 55 percent last year and 76 percent just three years ago. And in a COVID-19 flash survey done five months later, only 4 in 10 millennials and Gen Zers agreed that business worldwide was positively impacting society. Turning Intent Into Action Simply wanting to do good is not enough. Organizations must move beyond the window dressing of a few token projects to accelerate broad and deep action. Project leaders must harness the passion for positive social impact with careful planning. Pulse research is clear: To achieve positive social impact, organizations must develop a deliberate strategy and action plan for projects. Yet that is often not how it unspools in the real world. While 88 percent of organizations believe they're outperforming their peers in completing assignments with positive social impact, only one-third incorporate social impact into most of their projects' planning. And only 35 percent of respondents report using methods to measure the social impact of their projects. Drawing up a social impact statement is one way to emphasize the strategic priority for teams. The document can serve as a touchstone for what the initiative intends to achieve and who will benefit from it. As part of crafting that statement, project leaders must first determine the desired impact, then map it. Brazil's Techint Engineering & Construction submit social impact reports

that outline its projects' scope, stakeholders, and benefits to regulatory bodies and the U.N. to illustrate how its projects align with SDGs. "For us, it's essential to consider our social impact on society and the environment," says Luciana Fabri, project manager, Techint, Pontal do Parana, Brazil. It also makes launching projects much more accessible: "As a result of our positive social impact and our reputation for transparency and responsibility in the communities where we operate, we can work throughout Brazil and the world without encountering stakeholder resistance." To prevent social impact from straying into the abstract, teams need to measure their efforts with complex data, whether the number of jobs created or the amount of water sanitized. The first step is determining what to measure, starting with existing environmental, social, and governance reporting. Ultimately, any efforts should be coordinated as part of and in alignment with a broader business strategy. Teams must also take a long look at potential negative impacts, such as lost jobs or contaminated water. How do project leaders do that? According to Pulse data, 69 percent of organizations that assess social impact rely partly on interviews or meetings with stakeholders, while 68 percent gather metrics through social listening and customer data. For example, Africa has 17 percent of the world's population but accounts for nearly 70 percent of the global population lacking power. That creates opportunities for Arman Kkl of GE Power. As the company launched projects in the region, teams estimated the number of people receiving electricity as part of a social impact assessment. Case in point: One project led by Kkl will build a facility to provide reliable, sustainable power to thousands of people by 2021. Project leaders must assess indirect social impact, too. For instance, when Mujeres TICs RD (Women in ICT Dominican Republic) runs projects to help young women develop careers in tech, founder Julissa Mateo Abad knows it's not just those women who benefit. Their communities also experience greater access to new tech-oriented products and services, creating new economic opportunities. So when her nonprofit measures impact, it multiplies the number of people affected by three or four. "Social impact must be measured not only by the people whose lives we change but also by their families," says Mateo Abad, IT service manager at Grupo Corripio, Santo Domingo, Dominican Republic, and a PMI Future 50 leader. Despite the growing awareness of the need to address social impact, project leaders often face "a culture of resistance," Kkl says. Almost 40 percent of Pulse respondents say their organizations face significant barriers to improving their social impact. Financial resources rank as the biggest obstacle (31 percent), followed by a lack of organizational commitment (23 percent) and a lack of the right skills (23 percent).

But the winds are changing. Pulse research reveals that 64 percent of organizations say their approach to social impact has improved over the past three years. This outcome is more vital among organizations that have taken deliberate actions: ? Among organizations that initiated at least some projects with a clear social impact statement, 77 percent improved their social impact outcomes. ? Among organizations with a task force or other entity responsible for identifying potential social impact, 79 percent improved their social impact outcomes. ? Among organizations with methods for measuring social impact, 80 percent improved their social impact outcomes.

Improving their approach to delivering projects with positive social impact requires organizational commitment. And actions vary by sector. Pulse research shows government, for example, initiates more tasks with a social impact statement (44 percent versus the global average of 33 percent). Yet respondents in the sector see more significant barriers to improving positive social impact (45 percent versus the international standard of 39 percent). Outlooks and outcomes also vary by industry. On average, 58 percent of respondents reported a positive social impact. Yet, that number jumped to 64 percent in construction?where eco-friendly initiatives are in high demand?and dropped to 50 percent in financial services. The Power of Positive Impact With careful planning and a clear commitment to measuring benefits, companies that emphasize social impact can generate long-term ROI for themselves and the world. The benefits of projects that deliver positive social impact extend far and wide, according to Pulse data: That doesn't mean a sacrifice to organizational performance. Done right, social impact efforts present a win-win for organizations?improving results across the enterprise, from the bottom line to the talent pipeline. For example, Fidelity International found that shares of companies that received top sustainability ratings outperformed the S&P 500 during the early weeks of the pandemic. Positive social impact can help companies retain top talent and attract new workers. According to Deloitte, 60 percent of millennials and Gen Zers say their employers' positive responses to the global pandemic make them want to stay with their employers longer. "When team members see projects aligned with purpose, they form a deeper connection with their organization, increasing retention, professional satisfaction, positive brand perception, and even their productivity," Techint's Fabri says. Mateo Abad of Mujeres agrees: "When you deliver social impact, you create opportunities and develop the people who might work for your organization. When you give, you receive."

Do Good, Do Well Do the right thing. Do the smart something. Here are three ways project leaders at forward- thinking organizations make positive social impact happen: 1. Discover a Competitive Edge Generating positive social impact improves the communities we live in and can help companies boost the bottom line and retain top talent. 2. Make It a Strategic Priority Emphasizing careful planning and securing stakeholder support from inside and outside the organization ensures that positive social impact is ingrained in the company's DNA. 3. Measure the Influence Like other intended benefits, positive social impact must be tracked and measured to ensure initiatives deliver their intended value. It's not all sunshine and rainbows: Teams must also anticipate and mitigate any negative social impact. Social Impact on The Project Economy Every project has an impact?and increasingly, it's up to project leaders to make it positive. The same strategic mindset behind the drive for bottom-line results must also be applied to ensure projects better world. Whether eradicating hunger or promoting economic growth, delivering social change through The Project Economy is the best way to move organizations?and the world?forward. Positive Forces In a world of wicked problems, social impact is taking center stage in projects. Here are the top 10 social good initiatives on PMI's 2020 list of Most Influential Projects: 1. UpLink The World Economic Forum teamed up with corporate heavyweights Salesforce, Deloitte, and LinkedIn to launch a digital platform to connect next-generation change makers and social entrepreneurs with the resources they need to deliver on the United Nations Sustainable Development Goals (SDGs). Rolled out at Davos in January, UpLink is already amplifying practical connections through a sprint focused on SDG 14: protecting marine ecosystems and reducing ocean pollution. 2. Inclusive Search Algorithm Looking to give more visibility to LGBTQ people and other underrepresented communities, Pexels updated the search algorithm on its stock photo and video platform. Released during Pride Month 2020, it began boosting images of same-sex relationships on search-bar entries such as "couple" or "wedding," for example.

3. Face-Blurring Tool With the promise of end-to-end encryption across messaging apps, Signal saw record downloads as protests surged worldwide. To better help on-the-street organizers communicate safely and privately, the company released a new tool for shared photos that automatically detects, and blurs faces, allowing users to conceal other features they wish to hide manually. 4. Black Lives Matter Mural In response to the anti-racism and Black Lives Matter movements refueled by the death of George Floyd in May, the mayor of Washington, D.C., USA, authorized local artists and public works crews to paint "Black Lives Matter" across two city blocks of asphalt. The yellow letters were so massive that they could be seen from space. The artwork proved contentious?and influential, sparking similar murals on the streets of other U.S. cities. 5. Lego Braille Bricks Lego Group and its philanthropic arm developed a new take on the company's iconic toy bricks?this one aimed at helping kids learn Braille. The bricks retain their signature shape, but the typical knobs atop them are repurposed as Braille alphabet dots. A 2019 pilot tested the Braille Bricks in multiple languages, and the Danish toy company expects to distribute the bricks to partner schools and educators next year. 6. Facta To help parse fact from fiction about the pandemic, the Italian political fact-checking organization Pagella Politica developed Facta, a site focused on viral hoaxes and coronavirus misinformation. In April, the organization also received a grant to invest in a chatbot to field coronavirus queries. 7. Love Notes U.S. consumer products giant Kellogg partnered with nonprofit Autism Speaks last year to create sensory Love Notes on wrappers of Rice Krispies Treats. Explicitly designed for autistic children? who respond positively to tactile experiences?the heart-shaped stickers feature different textures, like fleece, faux fur, satin, and velour. 8. BigUp.AI Language affects how people are perceived? and women often choose wording that makes them sound passive. So U.K. agency AnalogFolk developed a tool that uses natural language processing and machine learning to analyze blocks of text and offer users more powerful wording. 9. Beyond Plastic E-commerce startup Grove Collaborative is out to make itself completely plastic-free by 2025. To get there, the household cleaning and personal care retailer launched a five-year project to reduce and reimagine its packaging, offer refills for many products, and incorporate more alternative materials. 10. Bandages for All

As discussions over diversity and inclusion dominated, Johnson & Johnson's Band-Aid brand revisited an old project and released a new line of bandages representing skin tones other than white. The century-old brand released a range of applications for multiple skin tones in 2005 but discontinued them three years later. Many companies stepped in to fill the gap, but the new project is a powerful statement from a major U.S. brand.

% of Organizations How Social Impact Is Measured That Have Methods for Measuring Social Impact Interviews or meetings with stakeholders 69% Social listening/voice of the customer data 68% 35% Survey or quantitative 65% assessment Health, social welfare or economic data 59% Physical testing/indicators (air, water, etc.) 38% Other method 4%Improved public health (Health care) 86% 27% 53% Improved environment (Energy) 33% 53% Improved access to affordable clean energy (Energy) 18% Improved gender equality (Financial Services) 45% 31% Improved basic infrastructure (Government) 42% 31% 24% Reduced poverty, income inequality (Government) Top sector 15% Global averageIncreased job opportunities 50% Improved environment (climate, air, water, land) 33% Improved basic infrastructure (roads, sanitation, transportation) 31% Improved gender equality 31% Improved public health 27% Improved access to education 27%