Corporate Purpose: What is it and how to incorporate it in your business?
Today, we will cover how companies can actively work towards making ‘corporate purpose’ an integral part of their business. Or what we like to call in Artemis, giving momentum to the purpose. It’s easy to have a purpose—it could be a few words strung together on your website or employee manual—however, it needs to have the momentum to ensure it creates genuine impact. Today, we will talk about how you can build that momentum.
Check our blog on why purpose is important for businesses?
1. Weave it into your blueprint
‘A chain is only as strong as its weakest link.’ While the leaders have a very important role to play in integrating purpose as part of the company’s culture, it is the employees who carry out day-to-day activities and make a company stay on course. It is almost imperative that your employees should be aware of the ‘higher purpose’ of your company and understand it in its entirety—the same way they are familiar with the company’s business, & their roles & responsibilities. Ideally, information about your company’s purpose & how it is carried out in your business to make a positive social impact should be discussed when an employee is inducted into the company. In addition, the importance of staying true to the purpose, the impact company is making with purpose should be reiterated in regular meetings. This will help employees see how they contribute to the purpose and help boost the overall morale.
Many of our corporate partners also claim that once they started involving their employees in their CSR activities—as volunteers with NGO partners—they noticed an increase in the feeling of pride and commitment towards the company.
2. Incorporate it into the company’s policy
Corporate Purpose needs to be part of the company’s overall policies—in an authentic manner. Your policies should reflect equal rights and anti-discrimination rules, efficient and non-wasteful use of resources, and green & sustainable practice among other things. It is possible that with your business you aim to create positive change for one of the social issues like the environment. However, that does not mean your company policies can ignore other important issues like gender equality. Only if you incorporate overall, holistic human resource and sustainable practices—you will be able to see the true effects of purpose on your business.
3. Triple Bottom-line
Triple bottom-line is a framework adopted by companies to evaluate their business performance on 3 parameters: social, environmental & financial. As a concept, it proposes that the companies should have 3 bottom lines: Profit, People & the Planet. The framework allows you to have substantial proof of the positive impact you create and also forces the company—especially the decision-makers—to take a much more critical look at the overall business policies, flow of funds towards social & environmental causes, negative effects of the core business.
4. Impact Measurement
Another way, you can have substantive proof & transparency about the impact you create is to measure the impact. There are many different theories & tools available, which can help you measure & manage the impact you create with your company’s CSR or positive ESG policies. This can help you go a long way to show the impact on your customers, employees, stakeholders, governmental organizations, and the general public.
5. Purpose in your products/services
Last but not the least, we need a mindset change—’corporate purpose’ is not a damage control mechanism. Unfortunately, still many companies think of CSR as a way to keep the bad press at bay. While it does that to a great extent, people are quick enough to see through that, and thanks to the internet, everything lives forever, which means always accessible to people. Sustainable growth requires that Purpose be part of your business plan, any product or service you have should be able to pass environmental and social governance. That is where the triple Bottom-line comes in handy as well, it acts as a constant reality check that all P’s are seeing a positive upward trend.[bctt tweet=”As we discussed earlier, no organization can do without a genuine & authentic purpose, which constantly receives the momentum from the organization’s leaders & employees to reach its full potential.” username=”artemis_impact”]
As we discussed earlier, no organization can do without a genuine & authentic purpose, which constantly receives the momentum from the organization’s leaders & employees to reach its full potential.
If you have any questions related to CSR or Impact measurement, please feel free to contact us via email or our social media.