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THE IMPORTANCE OF SOCIAL IMPACT AND PURPOSE

Recently Project Resource Partners welcomed Kim MCDonnell to present to a select group of our candidates and clients on Social Purpose, why it is important and how it can quantifiably add to your business.
A Social Impact and Marketing Communications industry leader, who has collaborated with the UN and the SDG Partnership and presented at the UN. Kim has also founded the social enterprise Thankful.org and launched Thankful4Farmers, to support climate smart agriculture and regional and rural communities.
Kim’s passion to assist organisations develop and implement meaningful social impact strategies, that are also commercial, really came across in the workshop. In a world where ‘purpose’ is a word that is easily, and often used, it was great to get an insight in to what a good social impact strategy looks like.
These are purpose led strategies that create impactful and sustainable solutions, that make a difference. They show why it’s not just good business but good sense to put social impact at the heart of an organisation.
Here are my top takeaways:
- Businesses can no longer be spectators on purpose, they must be in the game and understand that doing good is good for business, and for society. As a joint study by BCG and Givewith found, 13% more value is generated when using social impact as a sales differentiator, over traditional sales techniques.
- Consumers today, and even future employees, will look more deeply at your business, including at things such as hiring and promotion, CEO and Board diversity, investments, political involvement, philanthropic partnerships, and impact investments. Be careful though, that these aren’t just words, but are backed up.
- It’s not what you say, but how you do it. It’s not a nicely worded mission or values statement on a website, you’ve got to have an honest look at your company and have a company’s genuine purpose led strategy that is companywide. This isn’t something that you can fake, it needs to be real.
- The reality will be in a genuine pledge to institute impactful change, that is companywide strategy, not just an ESG or marketing led initiative. It’s part of your business, and no one expects an organisation to be perfect, but you need to be honest, real and have active intent.
- To have that intent, you need to measure your social impact, because otherwise it won’t happen. Interestingly studies show, only 33% of Australian companies measure the effect that social equity has on their customers in terms of acquisition or retention. The upside here is immense.
All businesses can have a social impact, and to be able to make a difference that is about more than profit levels or quarterly reports. In fact, you can drive those through having a social purpose that is lived organisation wide, and is honest and intentful.
Below is Kim’s contact details should you wish to discuss this further:
Kim McDonnell
CEO/Founder