Becasue the Profit-At-All-Cost Model Just Isn't Working.
A major shift is taking place in the dynamics of employee / employer relationships and the customer purchase decision process. Profit-Driven companies that ignore these changes will face difficulties recruiting and retaining quality talent and find they can no longer compete on price and quality.
The World's Most Valuable Companies and Brands are Purpose-Driven
Purpose-Driven is something bigger than you or your company. It is about wanting to make a difference and do for others—to help, to give, to serve. It is the legacy you are going to leave behind.
* 70% of people consider environmental and social impact when deciding where to work. 54% of millenials will take a 15% pay cut to work for an organization that shares their values and 62% only want to work for organizatins that benefit society.
* Workers who are able to make social or environmental impact on the job are more satisfied by 2:1. 53% of millennials say the work harder when their organization is making a difference.
* Research shows that Purpose-Driven companies are 30% more innovative and have 40% higher levels of retention.
* 54% of consumers report to buying products with social and environmental benefit when given the oopportunity. 91% of consumers would switch brands if a different brand of similar price and quality supported a good cause.
* Many consumers are willing to wait longer, pay more, remain firecly loyal, and actively encourage friends to purchase the products of companies they believe reflect their own beliefs.
* Purpose-Driven companies outperformed their Profit-Driven peers on the S&P500 by 14:1 over a 15-year study and the world's most valuable companies and brands are Purpose-Driven.
- Purpose-Driven companies clearly define their purpose.
- They demonsstrate a commitment to Purpose through a theory of change that drives strategy.
- They establish impact measurements that track their progress.
- They provide employee incentives that keep Purpose a priority.
- They form a legal structure that ensure social and environmental objectives are upheld.
- Recruit and retain the best talent
- Inspires employee innovation
- Provides a competitive advantage
- Creates loyal evangelist customers
NEXT: The Foundation