{"id":2002,"date":"2017-12-15T12:24:11","date_gmt":"2017-12-15T17:24:11","guid":{"rendered":"https:\/\/www.innovators.org\/?p=2002"},"modified":"2018-10-05T05:51:05","modified_gmt":"2018-10-05T09:51:05","slug":"embedding-corporate-social-purpose-2018","status":"publish","type":"post","link":"https:\/\/www.innovators.org\/stage\/blog\/corporate-social-purpose-in-2018\/","title":{"rendered":"Embedding Corporate Social Purpose in 2018"},"content":{"rendered":"<p>Most of us think of the holidays as the \u201cgiving\u201d season \u2013 this is true both at home with our loved ones and in our businesses.<\/p>\n<p>Your business has no doubt identified opportunities to give back this season through charitable donations or volunteering in your local community. This type of corporate giving around the holidays falls under the banner of charitable giving, corporate philanthropy, corporate social responsibility, or community involvement. And it\u2019s wonderful for companies to give back to the communities that support them and to people in need!<\/p>\n<p><strong>But what about the rest of the year? What about corporate <em>social purpose<\/em>?<\/strong><\/p>\n<p>Social purpose is different from philanthropy and charitable giving \u2013 and it encompasses much more than the terms \u201ccorporate social responsibility\u201d and \u201ccommunity investment\u201d evoke.<\/p>\n<p><strong>Social purpose is a commitment to social good that is woven into the fabric of a corporate culture. <\/strong>It\u2019s defined by being:<\/p>\n<ul>\n<li>Focused<\/li>\n<li>Relevant to your business purpose<\/li>\n<li>Aligned with business objectives<\/li>\n<li>Measurable (both with regard to community and business impact)<\/li>\n<li>Engaging for stakeholders<\/li>\n<\/ul>\n<p>Businesses with a strong social purpose make intentional decisions day-to-day that support their social and environmental accountabilities, and encode these purpose-driven practices into their processes so the company is aligned from the front-line to the C-suite.<\/p>\n<h2>The Business Case for Social Purpose<\/h2>\n<h3>Shifting Demographics<\/h3>\n<p>The social purpose imperative is supported by the current socio-cultural and demographic shift in the business marketplace.<\/p>\n<p>Today, baby boomers are retiring at a rate of 10,000 per day and leaving behind a huge hole in organizational knowledge and leadership. <strong>Meanwhile, more than 30% of workers are millennials \u2013 and this number will go up to 75% by 2025!<\/strong><\/p>\n<p>Studies consistently reveal that millennials, the incoming demographic, have high expectations for the actions of business when it comes to social purpose and accountability. They want to purchase from and work for companies that uphold these same values.<\/p>\n<p>For example, a <a href=\"https:\/\/static1.squarespace.com\/static\/56b4a7472b8dde3df5b7013f\/t\/5819e8b303596e3016ca0d9c\/1478092981243\/2016+Cone+Communications+Millennial+Employee+Engagement+Study_Press+Release+and+Fact+Sheet.pdf\" target=\"_blank\" rel=\"noopener\">2016 Cone Communications study<\/a> reveals:<\/p>\n<ul>\n<li><strong>75% of millennials would take a pay cut to work for a socially responsible company<\/strong><\/li>\n<li><strong>76% of millennials consider a company\u2019s social and environmental commitments before deciding where to work<\/strong><\/li>\n<li><strong>64% of millennials won\u2019t take a job if a potential employer doesn\u2019t have strong corporate responsibility practices<\/strong><\/li>\n<\/ul>\n<p>If businesses want to attract and retain the rising talent of the millennials who will soon dominate the workplace, it\u2019s time to think about social purpose <em>now.<\/em><\/p>\n<h3>Marketplace Performance<\/h3>\n<p>Companies that are committed to greater good objectives (rather than simply creating wealth) see superior returns. <strong>Customers, employees, partners, communities, and shareholders recognize \u2013 and indeed, have started to demand \u2013 more social responsibility from the organizations they engage with. <\/strong><\/p>\n<p>I recommend reading <a href=\"http:\/\/www.firmsofendearment.com\/\" target=\"_blank\" rel=\"noopener\"><strong><em>\u201cFirms of Endearment\u201d<\/em><\/strong><\/a> by Rajendra S. Sisodia, David B. Wolfe, and Jagdish N. Sheth for an in-depth look into this subject. In their analysis of 30 humanistic companies, they found that <strong>these businesses returned 1,026% for investors over 10 years, compared with 122% for the S&amp;P 500. <\/strong><\/p>\n<p>This is why more and more companies are embracing social purpose and making a concerted effort to weave it into their corporate culture, processes, and practices.<\/p>\n<h2>Consider Your Company\u2019s Social Purpose in the Coming Year<\/h2>\n<p>It\u2019s not enough to just <em>talk<\/em> about social purpose \u2013 <strong>2018 is the time for every business owner, CEO, and entrepreneur to take a hard look at their business and determine 1) what their social purpose is, and 2) how to embed that social purpose until it becomes an unassailable component of how they achieve their goals. <\/strong><\/p>\n<p>As social purpose becomes more indivisible with how your company operates and generates wealth, it will become more transformative \u2013 both within your company and in the world at large.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-2110\" src=\"https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright-1024x775.jpg\" alt=\"\" width=\"810\" height=\"613\" srcset=\"https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright-1024x775.jpg 1024w, https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright-300x227.jpg 300w, https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright-768x582.jpg 768w, https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright-610x462.jpg 610w, https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright-1080x818.jpg 1080w, https:\/\/www.innovators.org\/stage\/wp-content\/uploads\/2017\/12\/Culture-Social-Innovation-Chart-V3-_-Copyright.jpg 1516w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><\/p>\n<hr \/>\n<p><strong>Innovators Alliance is a business-to-business networking group committed to driving growth through innovative practices. <\/strong><a href=\"https:\/\/www.innovators.org\/attend-exclusive-business-networking-event\/\"><strong>Be our guest at an upcoming event to see what it\u2019s all about!<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=AnQJFdba-jQ\"><strong><em>Watch our video: \u201cWhat Is Innovation and What Does Innovators Alliance Do?\u201d<\/em><\/strong><\/a><\/p>\n<p><strong>Like this? You might also like:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.innovators.org\/blog\/check-new-innovation-self-assessment\/\">Check Out Our NEW \u201cInnovation Self-Assessment\u201d!<\/a><\/li>\n<li><a href=\"https:\/\/www.innovators.org\/blog\/thinking-like-entrepreneurs\/\">Engage All Employees in Thinking Like Entrepreneurs<\/a><\/li>\n<li><a href=\"https:\/\/www.innovators.org\/blog\/diversity-a-hiring-priority\/\">It\u2019s Time to Make Diversity a Hiring Priority<\/a><\/li>\n<\/ul>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Most of us think of the holidays as the \u201cgiving\u201d season \u2013 this is true both at home with our loved ones and in our businesses. Your business has no doubt identified opportunities to give back this season through charitable donations or volunteering in your local community. This type of corporate giving around the holidays [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":5,"featured_media":1231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[14,15,17,19],"tags":[],"class_list":["post-2002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing-innovation","category-sales-innovation","category-business-process-innovation","category-social-innovation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Embedding Corporate Social Purpose in 2018 - Innovators Alliance<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Embedding Corporate Social Purpose in 2018 - Innovators Alliance\" \/>\n<meta property=\"og:description\" content=\"Most of us think of the holidays as the \u201cgiving\u201d season \u2013 this is true both at home with our loved ones and in our businesses. 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