What Is a Social Impact Bond (SIB)? A social impact bond (SIB) is a contract with the public sector or governing authority, whereby it pays for better social outcomes in certain areas and passes on part of the savings achieved to investors. A social impact bond is not a bond, per se, since repayment and
What Is a Social Impact Statement? A social impact statement—also known as corporate social responsibility (CSR) statement—is a report or press release issued by a company that outlines the steps it has taken to improve the social and environmental standards of its business operations. Many companies will issue these statements once per year, releasing them
What Is Socialism? Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs. In contrast to capitalism, whereby business owners control the means of
What Is Social Justice? Social justice refers to a fair and equitable division of resources, opportunities, and privileges in society. Originally a religious concept, it has come to be conceptualized more loosely as the just organization of social institutions that deliver access to economic benefits. It is sometimes referred to as “distributive justice.” Social justice
With over 80% of consumers reporting that social media—especially influencer content—significantly impacts buying decisions, marketers across industries are driving the evolution of social media marketing (SMM) from a stand-alone tool to a multipronged source of marketing intelligence on an increasingly important—and growing—audience. Within 18 years, from 2004 (when MySpace became the first social media site
What Is Social Networking? The term social networking refers to the use of internet-based social media sites to stay connected with friends, family, colleagues, or customers. Social networking can have a social purpose, a business purpose, or both, through sites like Facebook, Twitter, Instagram, and Pinterest. Social networking is also a significant opportunity for marketers
What Is Social Responsibility? Social responsibility means that businesses, in addition to maximizing shareholder value, must act in a manner benefiting society, not just the bottom line. Social responsibility has become increasingly important to investors and consumers who seek investments that not only are profitable but also contribute to the welfare of society and the
What Is Social Science? Social science is the study of how people interact with one another. The branches of social science include anthropology, economics, political science, psychology, and sociology. Social scientists study how societies work, exploring everything from the triggers of economic growth and the causes of unemployment to what makes people happy. Their findings
What Is Social Security? “Social Security” is the term used for the Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States, which is run by the Social Security Administration (SSA), a federal agency. Though it is best known for retirement benefits, it also provides survivor benefits and income for workers who become disabled.
What Is the Social Security Act? The Social Security Act established benefits for old-age retirees and the jobless, as well as aid for dependent mothers and children, victims of work-related accidents, people who are blind, and those who have physical disabilities. It was signed into law in 1935 during the administration of President Franklin D.
