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Our perspective on purpose

Becky Willan

05 / 01 / 2024

What’s the purpose of purpose? At Given, we see purpose as a management approach. One that creates business value by profitably solving the problems of people and the planet. It’s a company’s core reason for being, and is how it can have a unique, positive impact on the world.

Most businesses can benefit from purpose, but it is often misunderstood. Despite its recent prevalence in the business environment, there’s still some confusion around purpose.

Some people only see it as a marketing strategy – a fad in today’s world of conscious consumerism. Or, it’s seen as a lofty goal that exists as just words on a page, rarely to be considered or acted upon by colleagues. Or, it’s interchangeable with ESG (environmental, social, and corporate governance),  meaning its focus is to manage risks and business impacts.

The fact is purpose has the potential to do so much more. Done right, purpose drives business performance, sustainable growth and long-term societal impact.

 

Purpose helps attract and retain talent

93% of Gen Z say that a company’s societal impact affects their decision to work there. (Deloitte)

Purpose future-proofs your brand

75% of Gen Z say being sustainable and environmentally responsible is important to them. (IBM) 

Purpose builds customer trust and loyalty 

Social impact and ethics are the #1 reason why Millennials change their relationship with businesses. (Deloitte)

Purpose drives differentiated growth 

Purpose-driven businesses outperform their markets by 42%, based on compound financial measures (EY)

 

Remember, there’s a world of difference between being a business with a purpose statement and being a purpose-driven business.

Purpose-driven businesses have a powerful purpose statement, one that’s credible, inspiring and actionable. And most importantly, they live it. This means deliberately embedding it in the business, hardwiring it into strategy, systems and policies, and having it live through culture and behaviour.

At Given, we’ve been helping some of the world’s biggest businesses and brands drive purposeful performance and impact since 2009. 

Keen to learn more about our thoughts on purpose?

Check out our series, Insiders' Guide to Purpose, to see how you can turn purpose in action.

Insiders’ Guide to Purpose