Businesses are obliged by law to control their environmental impact and the effect their products may have on the physical health of their customers. But their social impact is rarely as high on the corporate agenda.

That is beginning to change, however. The concept of social sustainability—behaviours that promote the long-term health and happiness of communities—is gaining momentum as public awareness of the social impact of corporations grows.

In 2000, a group of oil and mining companies signed up to the Voluntary Principles on Security and Human Rights, a pioneering initiative designed to halt abuses by the industry’s security forces.

Since then, other industries have followed suit. The textile industry has been especially active, prompted by campaigns highlighting sweatshop conditions in suppliers’ factories. Apparel companies have launched monitoring initiatives and worker education programmes—although there is still much room for improvement.

Until relatively recently, the social impact of global corporations in the developing world was obscured from consumers in the West. But with a huge section of the world’s population poised to come online for the first time, thanks to mobile technology, that impact will become increasingly apparent, forcing companies to pay greater attention.

Closer to home, the social fallout from global financial crisis revealed the degree to which community wellbeing relies on the private sector. Businesses will therefore come under increasing pressure to give back to the communities from which they profit.

For the banking sector, this might mean helping customers improve their grasp of money management or developing financial products for underserved communities. For others, it could mean investing in training that helps young people or the unemployed to find jobs. Seismic demographic shifts will also force companies to think about their responsibility towards an aging workforce, whether that means allowing older employees to remain in work longer or helping them embark on a second career.

Some companies have made efforts to address these concerns, but they have typically been handled by distinct corporate social responsibility (CSR) departments. Now, though, companies are waking up to the benefits of embedding social sustainability into their day-to-day operations.

These benefits are harder to measure than those resulting from environmental programmes, where numbers can be put on the cost savings generated by increased energy efficiency or improved waste management. But they are no less real.

Social sustainability initiatives help companies boost their brand perception and build customer loyalty. And as a generation of socially conscious graduates moves into the workforce, being an organisation that has a genuinely positive impact on society is a trump card in the war for talent.

In this new world, companies need to build public trust in order to secure their “social licence to operate.” This means demonstrating a commitment to act responsibly towards everyone from the people who buy their cars and cell phones to the workers in their supply chains. And with digital technology ushering in a new era of transparency, companies that fail to meet their obligations to society will not escape attention for long.

How sustainable is your company. Join the discussion on the Future Realities LinkedIn group, sponsored by Dassault Systèmes.

The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views of The Economist Intelligence Unit Limited (EIU) or any other member of The Economist Group. The Economist Group (including the EIU) cannot accept any responsibility or liability for reliance by any person on this article or any of the information, opinions or conclusions set out in the article.