Yesterday I got out of my (virtual) four walls for a panel discussion organised by Pimento, about whether businesses can afford purpose in a recession – though it inevitably explored so much more.
In short, it’s a resounding ‘yes’ from me. The business benefit is clear, with socially driven brands outperforming ones that aren’t, 91% of millennials saying they’d switch to a purpose-driven product over a competitor, and millennials (who will make up 75% of the workforce by 2025) looking for socially responsible employers. Bigger than that, it’s just a better way to be as a business.
To be clear on what I think ‘purpose’ is. It’s the reason for being, beyond profit. It’s how, as a business, you act as a force for good. It’s not just running your business ethically, it’s the north star (or as Beth Pope better articulated on the panel yesterday, the catalyst for change) that drives your whole organisation from the inside, out. It spans the nuts and bolts of how you do business (operations), how you run your business (culture) and how you are a positive force in the outside world (brand). Critically, it’s not just the latter.