“Purpose is not a mere tagline or marketing campaign; it is a company’s fundamental reason for being – what it does every day to create value for its stakeholders,” explains Larry Fink, CEO of Blackrock, in his 2019 annual letter to CEOs. This means financial performance is only one half of the equation. Now, companies must operate with a double bottom line, accounting for both profit and a social purpose in order to generate long-term value creation and future success. It’s about making an impact in the communities around us.
Companies that are guided by a unified purpose have a distinct competitive advantage – better performance and solutions, combined with a stronger, safer and more inclusive environment. It is the central point of connection for all stakeholders.
As we look to the future, it is clear that sentiment has changed. Organizations must evolve in order to attract and cultivate talent – especially future leaders – Millennials and Gen Zs. In Deloitte’s 2019 Global Millennial Survey, 46% of Millennials and 47% of Gen Zs indicated that making a positive impact on society is one of their aspirations. Unfortunately, companies are not yet meeting their expectations. Only 16% felt that businesses are actually making a positive impact. With increasingly higher expectations, it is now more important than ever for companies to use their influence, resources, and expertise to address pressing social and economic issues.
In light of the COVID-19 pandemic, several IPG agencies increased their social good efforts to educate and support people in uncertain times; from building a private marketplace for donated COVID-related media, to initiating a social media campaign that encourages people to stay home. This series of infographics highlights just two of the many impactful efforts produced by the IPG network. To learn more about the ways in which IPG is serving its community and operating with purpose, visit https://www.interpublic.com/our-values/sustainability-purpose/