The Coronavirus pandemic has propelled organisations to redefine what purpose means for their business.
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Organisations are redefining what purpose means to them, as 39% of businesses plan to invest in employee welfare to prevent future public health risks.
According to global market research company Euromonitor International’s report Rethinking Sustainability: No Purpose, No Gain, one in eight businesses didn’t provide sick paid leave to employees, and just 3.2% offered childcare support to their workforce, amid a global economic recession. This illustrates the need for businesses to move away from a traditional ‘for-profit’ approach by putting people at the heart of their purpose.
Insights from the report show that business engagement with the Sustainable Development Goal ‘Decent work and economic growth’ (SDG8) increased by 6.7% after the outbreak, the highest of all SDGs. As a result, 39% of businesses plan to invest in employee health and welfare to prevent similar public health risks, while 71% intend to expand remote working, flexible hours and promote work-life balance.
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Social purpose has also been brought to the fore with ‘Reduced inequality’ (SDG10) which increased by 1.4% this year, the fourth highest of all SDGs. “Addressing racial inequality has become increasingly important, especially following the recent Black Lives Matter protests, and companies are working towards increasing the diversity of their workforce,” comments Maria Coronado Robles, Senior Sustainability Consultant at Euromonitor International.
Focusing on the inclusion of society at large, alongside environmental concerns such as climate change, will be key to embrace a purpose driven transformation.
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