Provokeglobal: How Leading With Purpose Builds Stronger Bottom Lines
In fact it is often the only path forward, executives stressed in the panel discussion“Why Purpose Matters: Fueling Business with Meaning," which was moderated by Jennifer Risi, founder of the public relations firm The Sway Effect at Provoke Media's Global Summit.
“Not only is it important from a moral standpoint, but it's also important for the bottom line,” said Sylvia Banderas, executive VP of people, talent and upskilling at the American Association of Advertising Agencies, also known as 4As.
Banderes added that demographics prove her point - from the majority of consumers who care about the reputation of brands to the increasing number of Americans living in multiracial households.“The numbers are the numbers, and it is going to future-proof your business or serve as a risk if you don't ground yourself in the data.”
The panelists all agreed it's far from an easy task in the current political and economic climate to protect these purposes. In her new position as interim chief marketing officer and head of growth at World Business Chicago, panelist Caroline Dettman has been working to address concerns that Chicago is no longer a safe city to visit and to preserve Chicago's diverse workforce, which she stresses underpins the city's success.
As president of the Mental Health Coalition, panelist Philips McCarty talked about the challenges of helping the nation battle its mental health crisis and how to remove the stigma from mental illness. Banderas noted that she is working to help the economy with its skills crisis. In her work, she is finding a lagging pipeline of talent coming up through the advertising industry. At the same time, 50% of the US workforce is going to need radical new skills training by 2027.
“Our focus is really about upskilling and training and ensuring that human ingenuity is seen as the most important technology,” said Banderas.
The panelists noticed that employees internally seem to want mission driven workplaces, from smaller companies where individual workers share their views to larger companies like Disney where employees have spoken out against leadership when they differed with their actions. They also want to see companies put their money behind their statements. Dettman recently hired a Gen Z employee who asked in the interview process not what the agency believed in, but what it had budgeted for.
All of the panelists noted the“quiet retreat” of DEI programs and how many companies are spending less money on diversity right now. But Dettman noted that Chicago could not even consider retreating on its purpose because the city is premised on diversity and inclusion. It actively decided not to be like San Francisco which is so heavily dependent on Silicon Valley or New York which relies so heavily on Wall Street for its economy.
“We're not retreating. We're going to keep going down that path because that's who Chicago is,” said Dettman.“Stop calling it whatever it seems to be what everyone's so scared of and call what it is, which is innovation. Every company says they're innovative. You cannot be an innovative company and not actually keep people diversity out of innovation. That doesn't work.”
How are these media relations officials powering through during these uncertain times? Dettman noted that in the wake of cuts to the federally funded SNAP program, she has been trying to order from a Chicago deli called Manny's which has offered to provide food to anyone who can not afford to pay for it. She also has been having her office order food from restaurants that are suffering because of ICE raids. McCarty has been working on the“What is your glimmer” initiative in honor of Kate Spade. Trying to keep purpose going, the panelists agreed, may be the only way to move forward.
“Right now the world sometimes just feels like it's on fire,” said Banderas.“And so building a little consciousness into consumerism might actually be one of the smartest business strategies you'll ever apply.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.

Comments
No comment