Yes, Impact factor is actually the citation Index. Sometimes it fails to tell about the impact on society. Policy makers, especially in the developing countries must think about the short term and long term impact of the research. Such impact could simply be filling a research gap, a positive change in the spiritual, social, or concrete form in any walk of human, animals or plants lives or could be a planning to heal any side of the universe, particularly the planet earth and it's surroundings.
Personally, I am of the opinion, judgment of researcher through impact factor only is not fully justifiable.