Read on Twitter
Responsible business can help save Capitalism and tackle the great social & environmental issues we face. A thread that explains why… (1/14)
First - it is what the public wants! While the majority back Capitalism, they think it is broken & want business to help fix it by taking greater responsibility for improving people’s lives and the environment, as our polling with @BCorpUK found (2/14)
Also, they aren’t so interested in companies just giving some money to charity - only 8% of the public said charitable giving would sway their buying decisions. Far more care about how they look after staff, the community and environment (3/14)
And what the public thinks really matters to business - they are their customers, investors and employees. They are more likely to want to work for and buy from businesses with a purpose beyond profit (4/14)
For example…
38% of LinkedIn members considered “purpose” to be “equally weighted with either money or status” when considering jobs (5/14)
38% of LinkedIn members considered “purpose” to be “equally weighted with either money or status” when considering jobs (5/14)
Employees who believe their company has a higher purpose than profits are 27% more likely to stay at their companies (6/14)
And 38% of millennials initiated or deepened business relationships because they “perceived a company’s products or services as having a positive impact the environment” (7/14)
As a result, businesses doing good are often more successful E.g. one study found that companies with a clear purpose & high management clarity delivered greater stock performance of up to 7.6% above those that did not… & there are plenty studies saying similar (8/14)
So what do we know? The public wants businesses to do good AND businesses are more likely to be successful if they do. The final point to add: when companies set their mind to it, they can have huge impact on tackling the big social & environmental issues we face (9/14)
Companies like @AnglianWater are helping level up the country; @JamesTCobbler and @recyclinglives are giving a second chance to people with criminal records and addictions; @beapplied are stripping bias out of recruitment processes to ensure people get recruited on talent (10/14)
@BigWhiteWall1 are providing hundred of thousands with professional mental health support online; while @ddmhealth is breaking new ground to tackle type 2 diabetes (11/14)
Care about reaching Net Zero by 2050? Companies like @octopus_energy will be crucial, as they already provide 40% of the UK’s large scale solar power; and @EnergiesprongUK are helping turning homes Net Zero (12/14)
Finally, if we are going reduce waste, companies like @elvisandkresse who turn materials destined to landfills into luxury accessories and @OLIO_ex who are tackling food waste are vital (13/14)
To sum up, the public wants businesses to do good; who in turn are more likely to be successful if they do; and they have a huge potential to improve people’s lives & the environment. Why would we not want our economy to head in this direction? #PurposeDrivenBusiness (14/14)
