We’re thrilled you are here to dig through some data and research.
Background
In early 1970, two authors with very different audiences, agendas and views of the world offered conflicting views about corporate responsibility. Milton Friedman, Nobel Laureate and Economist penned an essay in the New York Times. It was praised in corporate boardrooms around the country. His message was resolute – The Social Responsibility of Business is to Increase its Profits. A year later, Theodor Geisel (aka Dr. Seuss) introduced the world to The Lorax, a make believe creature who spoke out against corporate greed. It captured the minds of children around the country. For decades, the Friedman doctrine dominated the corporate landscape. Today, in large part to Millennials, the Seuss doctrine is changing the landscape in dramatic ways.
Research
– A Porter Novelli Cone Study
Purpose + Business
Millennials as Consumers
GenZ + Purpose
How Millennials Want to Work and Live
Employee Engagement
What Americans Want from Business
Measuring Corporate Social Impact
Stats
Corporate Responsibility – 73% of consumers believe a company can take actions that both increase profits and improve communities.
Edelman Trust Barometer
Company Purpose – 89% of executives believe a strong sense of collective purpose drives employee satisfaction.
Volunteerism at Work – 89% of employees believe that companies with volunteer activities create a better working environment.
Employee Engagement – 71% of employees feel disconnected from their job, emotionally and behaviorally.
Gallup, How Millennials Want to Work and Live
Employee Retention – 60% of employees are open to a new job. Turnover costs the U.S. economy $30.5 billion per year.
Gallup, How Millennials Want to Work and Live
Prefer Purpose – 66% of people switch to product from a purpose-driven company. The number 91% for Millennials.
Cone/Porter Novelli
Create Loyalty – People are 4x more likely to purchase from a brand they think has a strong purpose.
Zeno Group, Strength of Purpose
Forgivability – 72% of people more likely to forgive a purpose-driven company for a mistake.
Porter/Novelli, 2021