Social Purpose: The New Business Mantra (w/ Drew Collier, LGM Financial Services)
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- Опубликовано: 23 ноя 2023
- Social purpose is emerging as an important and necessary part of business. “What is social purpose?” you ask. Drew Collier, the President and CEO of LGM Financial Services says, “Social purpose is the reason to be in business. It is not just a nice-to-have policy. It is the company’s reason for being - its social ambition - and it is the path to profitability.” It is, in the words of Simon Sinek, “the ‘why we do what we do,’ versus the ‘what we do.’”
In 2022, Larry Fink, the CEO of BlackRock (the largest investment firm in the world), in his letter to CEOs, said, “Your company’s purpose is its north star. Putting your company’s purpose at the foundation of your relationships with stakeholders is critical to long-term success. Employees need to understand and connect with your purpose and when they do, they can be your staunchest advocates.”
The focus on purpose is a move beyond corporate social responsibility, which is a focus on doing good things because they were good. “Social purpose,” Collier says, “is a guidepost that informs products, services, a company’s goals and strategies.”
We invited Drew Collier to join us for a Conversation That Matters about a new way of doing business and doing it with an objective of contributing to a better world.
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12:07 simple fix. Create a maximum wage and tether it to the minimum wage. It forces the top to push the money down. That creates the condition for societal progress that is balanced and fair. It’s good for everyone.
16:29 BINGO!!
17:23 changing consumer behaviour is nearly impossible in this climate of corporate greed. Data is clear that the companies who charge customers the least is only profit driven so it is in their interest to keep their customers poor. Customers may say they support companies with a social purpose but their empty wallets say otherwise.
13:29 a corporation is a person according to the law. It should have a social conscience as all people should. The truth of the matter is that they are bound by a fiduciary responsibility to the shareholders. Besides, they already lobby the politicians as is. We cannot allow this to be our saving grace because that is naive. True policy that promotes healthy family unity is the starting point. That means less inequality, free education for current labour shortages of industry, creating a maximum wage that is tethered to the minimum wage, elevating the standard of human rights to include UBI for Housing, food, essentials and limited leisure, a correctional institution that emphasizes on rehabilitation, mental institutions that emphasizes on addictions…none of this is impossible. It only requires leaders to advocate for this. Will corporations ever have this social identity? Doubtful.
I'm so done with this left wing crap! Unsubbing and cancelling patreon.