ARTICLE • 5 min

The Importance Of Embracing Your Purpose Statement

We recently wrote about our 5 key learnings from sitting down with Purpose Expert, Phil Preston.  We had a detailed discussion surrounding the first indicator in the World Economic Forum’s Stakeholder Capitalism ESG framework: Setting Purpose. 

But what if you don’t yet have a clear purpose statement? What effects does this have on your organization? 

a) you might miss societal trends

For instance, a fossil fuel company without a clean energy transition strategy. Not keeping up with societal trends puts you at major risk of being labelled by stakeholders as environmentally, socially and financially irresponsible.

b) You might miss out on employing top talent 

Today’s talent demands more from their employers. For example, Gen Z (born between 1997 and 2012) often puts aside its differences and rallies around causes that will benefit the greater good,” research by Facebook explains. “Gen Z expects brands to do the same—to live their own values and to offer value. In fact, 68% of GenZers expect brands to contribute to society.”

c) You risk missing out on funding and investment opportunities

Investors are no longer just looking at a company’s financial stability, they’re looking at their environmental and social sustainability too. Meanwhile, funders are directing trillions of dollars to companies that can prove they are operating transparently, ethically and responsibly.

You can view our full conversation with Phil on our YouTube channel.

Over 90 public companies and 70 non-profit organizations use Socialsuite for tracking and reporting on their impact. With the help of our ESG software and expert team, businesses can easily get started on impact reporting, disclose faster, and save money compared to traditional methods. Whether you're new to impact reporting or looking to enhance your current practices, Socialsuite offers the tools and expertise needed to achieve your sustainability goals. Contact us to learn more about our solutions.

Eleanor Carter
Senior Marketing Strategist @ Socialsuite
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