367 | The Business Impact of Social Impact with Sona Khosla
Sona Khosla, Chief Impact Officer at Benevity, has worked with mission-driven organizations for over 15 years. As Chief Impact Officer, she is responsible for infusing impact into Benevity’s business and culture and overseeing the company’s own impact and inclusion initiatives. At the helm of Benevity Impact Labs, an incubator and resource hub, Sona and her team bring cutting-edge data, research, insights and best practices to help organizations and individuals maximize their impact and authentically live their purpose. As the host of Benevity's podcast, Speaking of Purpose, she interviews top ESG, impact, culture, DEI&B leaders who are focused on using business as a force for good.
This episode is sponsored by the coaching company of the host, Paul Zelizer. Consider a Strategy Session if you can use support growing your impact business.
Resources mentioned in this episode include:
Social Impact Business Interview Transcript with Sona Kholsa, Chief Impact Officer at Benevity
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You can read the full transcript of this episode here
Key Topics in Social Impact Business Interview with Sona Kholsa, Chief Impact Officer at Benevity
1. Introduction to the Podcast and Guest
Overview of the Awarepreneurs podcast’s mission
Request for listeners to subscribe and review
Introduction of Sona Khosla, Chief Impact Officer at Benevity
Summary of Sona’s background and expertise
2. Sona Khosla’s Professional Journey
Starting as a writer and career in marketing
Transition into impact measurement and data at Benevity
Role as Chief Impact Officer and head of Benevity Impact Labs
Insights from being a relative newcomer (neophyte perspective) to impact measurement
3. Benevity’s Role and Clientele
Explanation of Benevity as a software platform for enterprise corporate purpose programs
Examples of activities supported: grants, donation matching, volunteering, consumer giving
Scale: Fortune 1000 clients, 20 million employees, hundreds of millions of customers
Noted clients: Microsoft, Starbucks, and more
4. The Business Case for Measuring Social Impact
Historical context: Corporate social responsibility (CSR) as obligation vs. business driver
Demographic trends: Millennials and Gen Z prioritizing purpose in employment and purchases
Shift from moral imperative to business value driver
Investor demands and demographic shifts on boards and among shareholders
Link between purpose-driven actions and business resilience/survivability
5. Demonstrating Business Value Through Impact
Citing studies: Benevity’s research on employee engagement and turnover
Example from Cisco: Engagement in impact programs linked to promotion, recognition, bonuses
Broader market trends: Economic volatility, “great resignation,” quiet quitting
Need for ROI to justify ongoing investment in impact programs
6. The Importance and Challenges of Measuring Social Impact
Complexity vs. climate impact (single measure vs. nuanced outcomes)
Challenges in measuring diverse kinds of social impact (e.g., volunteering, supporting animals)
Distinction between quick marketing metrics and long-term impact assessment
Lack of standardized measures and the need for more robust methodologies
7. Approaches to Measuring Social Impact
Common models: Inputs, outputs, and outcomes
Examples of impact measurement:
Inputs: Dollars donated, volunteer hours, number of organizations supported
Outputs: Programs run, people served or trained
Outcomes: Final results, e.g., graduation rates, well-being, skills acquisition
Challenges with data collection: Manual processes, survey tools, software solutions (Benevity platform)
Efforts to standardize measurement and reduce nonprofit reporting burden
8. Innovations in Social Impact Measurement
Mention of Impact Genome Project: Standardization and verification of social outcomes
Benefits of standardization for both nonprofits and investors (benchmarking and transparency)
Nonprofit concerns about being measured solely by standardized outcomes
9. Trends in Nonprofit Mindset and Accountability
Advantages for nonprofits who adopt impact and accountability mindset (“tax status, not a mindset”)
Correlation between openness to measurement and nonprofit success
Generational shifts in how younger populations view nonprofit roles vs. government or business
10. The Evolving Role of Data in Storytelling and Organizational Strategies
Importance of telling authentic, data-driven stories for both nonprofits and businesses
Using impact data to attract and retain talent (employee-facing strategies)
Concrete benefits: Donation matching, volunteer time off, grants linked to participation
Cultural embedding: Onboarding, employee ambassadors, choice in causes supported
Using impact data to drive profitability (consumer-facing strategies)
The danger of greenwashing and need for consistency/trust
Long-term business value and risk management (ESG, resilience)
11. Navigating the Political and Cultural Landscape
Increased scrutiny and politicization of DEI and impact initiatives
Consequences of inconsistency or backlash (Target example, employee morale, consumer trust)
Staying true to values amidst political pressures
12. Overview of Benevity’s Resources and Community
Types of organizations that benefit from Benevity’s platform and expertise
Access to best practices, data, and research for organizations of all sizes
Information on Benevity’s podcast (“Speaking of Purpose”) and other resource hubs
13. Final Thoughts and Advice
Encouragement to stay values-driven in times of uncertainty or polarization
The critical link between social impact work and long-term business/societal resilience
Closing story reinforcing the importance of steadfastness and authenticity in impact-driven work