Corporate social responsibility (CSR) has become an integral part of corporate culture. However, on the heels of CSR is the social impact strategy.
While CSR strategies often focus on well-meaning political gestures like carbon offsetting, one-time donations, and eco-friendly product switches, social impact strategies are more deeply embedded in the fabric of a company. company.
In many cases, CSR is reactive, and social impact strategies are not. Fundamentally, while CSR is not for profit, a social impact strategy aims to build a brand’s integrity by focusing on the effect it has on specific everyday social concerns. And, of course, a stronger, more trusted brand identity leads to more customers.
So where does the Metaverse fit into all of this? The metaverse provides a new ecosystem to develop and foster social impact strategies. From sponsored training to diverse talent pools, the possibilities are enormous and, above all, adaptable.
The Metaverse Charitable Foundation Model
One Metaverse organization that has developed a model for social good is the Metaverse Charity Foundation. While not focused on growing businesses, the nonprofit foundation uses strategies and techniques, such as skills building and education, to level the economic playing field, which businesses could use in tailored social impact strategies.
Based in Hong Kong, the Metaverse Charity Foundation aims to support the social mobility of disadvantaged and underrepresented people in the region. Mechanisms it intends to implement include free training sessions on developing and marketing NFTs, software training for critical technologies enabling metaverse and job matching, so students can use their new skills to support local Metaverse projects.
Since the focus is on the opportunities the metaverse can open up, all activities are concentrated and often conducted in virtual environments. Although the project is region-specific, companies around the world can easily replicate the model.
In the metaverse, global boundaries are dissipating, providing many opportunities for companies looking to expand and develop social impact strategies. For example, technology organizations could focus software development training on specific regions where the local consumer base suffers from lower economic stability rather than other areas where the technology is used.
Beyond that, makers could work alongside sustainability projects that use the metaverse to help address real-world climate issues. Perhaps a Metaverse platform that educates users about pollutants in the ocean could tap into its supporter base to fund ocean cleanup efforts. In this case, a company that uses excess plastics could help support the project inside the metaverse and contribute to real-world cleanup steps.
Of course, social impact strategies should be about continuous improvements and commitments. To that end, the Metaverse provides opportunities to create academies where users can train on industry-specific Metaverse-related topics. This model allows companies to offer a lasting solution to socio-economic disparities.
Finally, companies could use Metaverse recruiting to ensure an unbiased and faceless hiring process. While this opens up the possibility of a more diverse skills bank in your organization, it also aligns well with social impact strategy goals if this is an area where you think your business could do better.
This article originally appeared in Kieron Allen’s My Metaverse Minute newsletter, which is sent out every Sunday. Subscribe to the newsletter today – just enter your email in the sign up form on the right side of this page – to get exclusive sneak peeks at content like this in the future.
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