The role of business in society is rapidly changing, and the majority of company leaders are taking notice.

Results of a new survey conducted by Bain & Co., a global consultancy group, indicate 85 percent of CEOs view social issues as “urgent” concerns for their companies. When asked about the primary role of their business, 60 percent said either creating “positive outcomes for society” or “balancing the needs of all stakeholders.”

Customers are becoming one of the most influential groups leading the charge for change, Bain & Co. found, noting “they care about the social ramifications of their brand and product choices.”

Half of consumers globally say they are more likely to buy from a brand that commits to combating racism, according to a different survey by Bain, with more than 50 percent likely to buy from a brand that commits to human rights.

Regionally, the survey found that 82 percent of consumers in Europe, the Middle East and Africa are more likely to recommend a brand after learning it supports a social cause, and 86 percent of consumers in Latin America indicate it is important that companies contribute to improving society.

In the U.S., a third of Gen Z consumers say they would boycott a brand with bad labor practices, the survey found.

Social performance drives business outcomes in several ways, the executives surveyed said.

A self-assessment of executives at companies who lead on social issues perceive their companies to have higher revenue growth and EBIT growth than their peers who lag on social issues. They also perceived their companies to have better results in attracting customers and talent as well as raising capital.

“The companies that lead on social issues, such as DEI and socially responsible supply chain practices, don’t view these efforts solely as risk mitigation,” said Karthik Venkataraman, a partner in Bain’s Diversity, Equity, & Inclusion practice. “It’s the opposite, in fact. The leaders in this space have found ways to directly tie their social efforts to the commercial logic of their businesses, opening new opportunities for value creation by better serving all of their stakeholders. They see a symbiotic relationship between the concepts of ‘doing well’ and ‘doing good.'”

The survey explored four areas of opportunity for businesses that “translate action on social issues into economically sustainable business performance.”

The first involves improving social and economic conditions in local communities.

Communities are critical stakeholders for business where companies operate, the report noted.

“Some companies are looking at these stakeholders through a social lens and discovering how to materially improve conditions in their communities in ways that boost business performance,” the analysis found.

Businesses can also work to identify new sources of customer value.

“Applying a social lens to customers and markets can reveal opportunities to create value for whole new customer segments,” the report stated, “including in under served markets.”

Businesses can concentrate on attracting and retaining talent, according to the survey, shifting from being “talent takers” to “talent makers” by investing in employee learning and development.

Lastly, businesses can focus on building socially responsible supplier relationships to enhance supply chain resilience.