What is it about?
Milton Friedman once wrote that the “only social responsibility of business is to use its resources and engage in activities designed to increase its profits...” Times have changed a great deal since Professor Friedman’s heyday. In today’s competitive environment, having a sole focus on maximising profits can actually hurt the enterprise value of a business. A whole new breed of cutting-edge companies, ranging from Salesforce to Starbucks to Tesla, have found that building a wider purpose and mission into their DNA is no longer considered a ‘nice to have’ that can be delegated to a small and silo-ed CSR office. For many, purpose has become a ‘must have’, as they recognise that when done right, purpose can not only enhance profits but, also be a powerful force in re-engaging customers, winning the war on talent, motivating and retaining employees, unifying supply chains and, ultimately, improving the bottom line.