The Holmes Report: Can Corporate Values Drive Profit?


SOURCE: https://www.holmesreport.com/latest/article/insummit-emea-in-an-era-of-'purpose-washing'-can-corporate-values-drive-profit

The Holmes Report IN2 INNOVATION Summit EMEA: In An Era Of 'Purpose-Washing', Can Corporate Values Drive Profit?

With purpose dominating the brand agenda, speakers from WE and Porter Novelli considered the topic from different angles.

Maja Pawinska Sims, The Holmes Report, May 28, 2019

(Image courtesy of Holmes Report)

LONDON — Purpose can drive profit, with the right motivation and leadership, but brands must still take care not to be seen as “purpose-washing,” according to speakers at last week's IN2Summit EMEA.

Ruth Allchurch, UK managing director of WE Communications, revealed the results of a new research study carried out by the agency with Quartz Insights: Leading with purpose in an age defined by it, which surveyed 254 executive leaders across industries and geographies.

The survey found that 64% of respondents believe brands, rather than the government, are primarily responsible for driving social change, and 65% think current social and political trends are pushing leaders to define their purpose and demanding that organisations take a stand.

Allchurch said: “We have reached an inflection point for defining the role of business in society. Even in the face of economic headwinds, purpose is not dispensable anymore. Brands must consider their purpose a long-term strategy that can help them weather the peaks and valleys of economic uncertainty.”