Capitalism with a conscience. The purpose-driven economy. Social entrepreneurship. By whatever name you choose to call it, a new corporate model is emerging that expands the role of business to include serving as an agent of social change while at the same time turning a profit. Large and small, these companies are attracting the attention of the business world and, more importantly, the loyalty of consumers and employees.

Unlike social marketing or corporate philanthropy, this new model goes beyond corporate sponsorships or parsing out a share of profits to benefit good causes. As noted by the analysts at Global Trends, the purpose-driven economy "is not about fighting for a certain cause but more about finding a way of living and working where the purpose of what you are doing is an important driver shaping your decisions, actions and ways of working."

Hampered by the financial crisis and political stalemates, governments have less revenue and lack consensus to tackle large, systemic problems like poverty, hunger and environmental degradation. Nonprofits, too, have experienced a decline in donations.

Companies are stepping in to fill the void, recognizing that through their products or services, practices, ties to the local community, and ability to create jobs they can have a positive impact on people's lives while promoting business growth. Leaders in this arena, reports Forbes, include Whole Foods, Starbucks, Nordstrom, Google and Unilever.

Globalization, new communications technologies and 24/7 news reporting have raised consumers' awareness of pressing social issues worldwide and increased transparency of corporate behavior. Consumers have become more discerning and demanding about the companies with which they do business, and social media tools have given them more power to influence buying habits and brand loyalty.

According to a global study conducted by PR group Edelman, social purpose ranks high on the list of things consumers consider when making a purchasing decision. Three-quarters of the respondents said they would buy from a company that actively supports a good cause, would recommend the company's products or services to others, and would share positive opinions and experiences. By the same token, nearly half of respondents said they would not buy from a company that did not actively support a good cause, would criticize it, and would share negative opinions and experiences.

And those sentiments are growing. A recent Nielsen survey found more than half (55 percent) of global respondents said they are willing to pay extra for products and services from companies that are committed to positive social and environmental impact — an increase from 50 percent in 2012 and 45 percent in 2011.

Employees, too, are taking note. In the Edelman goodpurpose survey, more than half (57 percent) of the respondents said they would want to work for a company that actively supports a good cause, while nearly half (48 percent) said they would not want to work for a company that does not actively support a good cause.

Companies with social agendas also outperform others on innovation, market growth and employee development. Given employers' concern about declining levels of employee engagement and retaining talent as the job market begins to heat up, providing employees with a purpose-driven focus may make the difference between staying competitive and lagging behind.