Every action we take has a purpose – whether it’s in business, charitable giving, or our personal lives. A purpose is different from your company’s goals, mission, or sales targets – it refers to the greater problems you are trying to solve, how your product or service makes your customers’ lives better and easier. Honing in on your company’s purpose, and enhancing it through relevant, tailored charitable endeavours, will improve your business’ health holistically – positively impacting your company culture, customer satisfaction, and of course, your bottom line.
The recent survey from the Conference Board of Canada confirms that millennials are driving much of the change through the workplace. Giving Well summarized the most compelling statistics in an infographic for a quick snapshot of what is changing to move individuals and companies to action. Here are 6 key findings:
1. Finding Your Purpose
Whatever your company’s purpose may be, it should be an integral part of everything you do. A strong and clear sense of purpose will help build consumers’ trust, holding all of your diverse operations together under one umbrella. For example, if your company offers educational services, focus on the importance of education in all of your messaging, communicating the real-world impact your products have in meeting those goals.
2. Seek Out Authenticity
When it comes to corporate philanthropy, solutions are not one size fits all. An authentic charitable program that is truly aligned with your company purpose will benefit all parties – both the donor and recipient. If your company sells art supplies, why not support emerging artists? If you’re a pet food company, you could play an instrumental role in sponsoring animal shelters and foster programs.
3. Purpose vs Mission
Mission and vision statements, along with company values, are all things that can change with time. Maybe you’ll adjust how you’re going after your goals, or adjust values with the changing times. But your company purpose is very simple – the reason why you do what you do. Your purpose gives rise to your business’s mission and values, and it’s the glue that holds them together.
4. Employee Retention and Company Culture
Everyone feels better when there’s a reason behind their work. A clear and well-communicated company purpose will build employee satisfaction, helping those you work with to feel more motivated and committed as they understand the impact and aims of their day to day activities. Just as your purpose is built into everything your company does, it should be integrated into your employees’ experience of working together in pursuit of one common goal.
5. Consumer Loyalty
Studies have shown that supporting brands that work towards real social change is overwhelmingly important to Canadian consumers. Get in touch with your brand’s greater purpose, then fulfil that purpose through well-chosen philanthropic projects: but make sure you clearly communicate this process to your customer base, and demonstrate the impacts you’ve had in your chosen area. There’s real evidence that these activities could be your company’s edge over the competition.
6. The Bottom Line
Of course, employee retention and customer loyalty are important steps towards running a profitable business – and a clear sense of purpose can help you there. But purpose can also improve your profits in an even simpler way. Research has told us that 87% of Canadians are willing to pay more for a product or service from a company with a social purpose. In other words, if you care about and work towards social change, your customers will understand why you don’t charge bargain-basement prices!
About Giving Well:
Giving Well brings a more conscious approach to philanthropy by providing an innovative, educational and collaborative giving program in your workplace. Giving Well will work with you to research, evaluate and select charities to align with your goals and values and then build an authentic, sustainable partnership.