What is our purpose? What role do we play in addressing society’s challenges? These questions were the crux of Larry Fink’s 2018 letter to the chief executive officers of the world’s largest public companies.
In the letter, Fink, chairman and CEO of BlackRock, calls for business leaders around the globe to find their greater social purpose, proposing that society is demanding companies do more. According to Fink, in order to prosper long-term, every organization “must not only deliver financial performance, but also show how it makes a positive contribution to society.”
This is the driving force behind the social purpose business model, which is gaining traction in many industries. It’s also core to the work Coro Strandberg is doing as a social purpose expert and consultant. For 30 years, Coro has been advising businesses on how to become social and environmental leaders, and, although she started her career in the Corporate Social Responsibility (CSR) space, she says it has become clear that CSR doesn’t go far enough to help businesses address and improve their societal impacts or provide them with a clear path for growth. “Where CSR initiatives often happen on the side of the business, adopting social purpose means fundamentally infusing a broader societal ambition into every aspect of an organization and its relationships,” explains Coro.
Social purpose is the way forward for both businesses and consumers. Throughout the pandemic, we have seen increasing demand for businesses to be “purpose-driven”. From making purchasing decisions to selecting a place of employment, Canadians are looking for organizations that align with their values and that are tackling societal issues. By adopting a social purpose model, companies can unlock unlimited potential, including increased profit and innovation, partnerships, collaborative relationships, and more. “But more importantly, businesses with a social purpose are companies whose enduring reason for being is to create a better world by being an engine for good,” says Coro.
In partnership with the United Way of B.C., Coro co-founded the Social Purpose Institute to support businesses to incubate, accelerate, and scale social purpose as a way to drive both their business growth and their potential for social good. Through programs, workshops, and services designed to guide business leaders, the Institute is helping businesses find their purpose and grow the Social Purpose movement.
As member of the Social Purpose Institute’s Implementers cohort (designed to help social purpose businesses authentically implement their purpose), Coast Capital - Canada’s largest federal credit union - is no stranger to thinking outside the box and is actively striving to build a better world, by working to combat rising income inequality and unlocking financial economic opportunities for every person, partner, and community it impacts. As a member-owned financial cooperative, supporting its communities is core to the company’s roots.
This year, Coast Capital has not only doubled down on pre-existing social impact commitments, but has also worked to define and codify its social purpose, ensuring this informs everything the organization does. According to Coro, “Coast Capital is a Canadian leader in both its dedication to being an authentic social purpose company and in its actions towards implementing this model.” The company also seeks to engage and mobilize other businesses to join them on their social purpose journey. Maureen Young, Director of Coast Capital’s Social Purpose Office says, “We believe that social purpose is a path to healthy communities and a strong economic environment, as well as to profitability and growth. It’s the kind of business model we need in order to tackle the complex, systemic issues facing Canadians today.”
Maureen Young speaks at the Coast Capital Evening of Celebration event. (Photo Via Coast Capital)
To help build a community of changemakers in the social purpose space, Coast Capital is sponsoring the Propelling Purpose Summit. Hosted by the Social Purpose Institute, the Summit will take place virtually on November 17 and 18, welcoming business leaders, founders, employees, and more, from various sectors to learn about social purpose in business.
The last two years have been extraordinarily challenging for individuals and organizations alike. The pressing issues our communities face in B.C. and across Canada have only been exacerbated by the pandemic as those who were already struggling to make ends meet are impacted further with the onset of COVID-19. Although no one organization can move the needle on these complex issues on its own, through collaboration and the implementation of social purpose, organizations can harness all of their competencies, expertise, talent, resources, influencer, reach, and scale to work towards creating better futures for their employees, customers, and wider communities.
There will be challenges and stumbling blocks along the way, but the opportunity to contribute and bring meaningful change today is open to businesses of all sizes and from all sectors across Canada. Because, as Maureen says, “above all else, social purpose is rooted in the belief that business can be a force for good.”
