Purpose and the Global Goals
Embedding purpose in business strategy to meet the Global Goals
At Business in the Community (BITC), we campaign for businesses to have a purpose beyond profit. In order for this to be successful and authentic, it must be embedded into core operating models and governances.
Your business’ purpose, or reason to exist beyond profit, is the foundation for achieving your sustainability goals, and should inform your responsible business strategy. Your strategy should also be shaped by and drive progress on the United Nations’ Global Goals, also known as the Sustainable Development Goals (SDGs).
we can help you embed purpose in your organisation and drive progress on the global goals
Key facts
- 2021 saw decades of progress towards the Global Goals halted or reversed. The extreme poverty rate has risen for the first time in 20 years. Inequalities within and between countries have been exposed and intensified and the climate crisis persists1.
- Over three quarters (77%) of chief executive officers (CEOs) say their business’ purpose provides a clear framework for making quick and effective decisions2.
- Investors believe a company with a social purpose will add 30% to its value3.
What are the Global Goals?
The Global Goals provide a shared blueprint to end poverty, protect the planet and ensure prosperity for all. They recognise that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth. All while tackling climate change and working to preserve oceans and forests.
Why does this matter for businesses?
We believe that business can be a force for good when we come together. By being purpose-driven and considering the positive impact your business can have on environmental and social factors, we can accelerate progress to meet the Global Goals.
Following the COVID-19 pandemic and increasing pressure from investors and other stakeholders, businesses have made progress on the responsible business agenda, but there is still much work to do. BITC inspires, engages and challenges businesses to be purpose driven, taking practical action and mobilising their collective strength to meet the Global Goals. Our workstreams focuses on helping businesses embed purpose deeper within their core business strategy and commercial decision-making.
Our objectives
BITC asks businesses to consider four dimensions of ethical, responsible decision making to help them embed purpose deeper within their core business strategy and commercial decision-making.
1. Enabling business to embed purpose into core business operations
Campaigning on the importance of businesses having a purpose beyond profit. Sharing understanding on how to take this further than just a statement, and to make it real and authentic by embedding it into your core business and operations.
Resources to help you take action
- Report: Embedding Purpose: lessons from business outlines actions that are helping BITC member companies in their purpose journeys. This report contains inspiration and practical lessons to help you, wherever your organisation is on its purpose journey. It discusses how to embed purpose across the areas of people, culture, and structure. The report has been produced by McKinsey in collaboration with BITC.
- Report: Purpose Beyond Profit: the business case. This sets out the commercial benefits for taking a purpose-led approach. The report looks at the foundations for purpose and how to put it into practice in your business.
- Toolkit: Developing and Embedding Your Purpose (BITC member only) shares practical steps businesses can take to develop purpose and embed it into their organisations. You can also read case studies to discover how some of the organisations we work with are embedding purpose into their business
2. Supporting businesses to use the Global Goals to guide decision making
Supporting businesses in understanding what the Global Goals are and how to use them as a strategic framework in commercial decision-making.
Resources to help you take action
- Factsheet: The UN Global Goals Progress Report and why it matters (BITC member only) This briefing on the UN’s Sustainable Development Goals 2021 progress report considers what the key messages are for business, the links to COVID-19 recovery and how we can build back responsibly.
- Report: Towards the Tipping Point: Global Goals Guide for Business. The report provides practical examples and recommendations for businesses just beginning to engage with the Global Goals. The businesses profiled in Towards the Tipping Point: Global Goals Guide for Business are great examples of how leading organisations are acting on the 2030 Agenda. The report was sponsored by Deloitte and supported by Arm.
- Toolkit: Own the Conversation, Drive the Change Conversation Kit (BITC member only). This helps leaders identify and reflect on what to change, and how to act, to help achieve the Global Goals. Then can then drive change both within their own business and influence their business partners.
3. Engaging with non-executive directors to improve governance of responsible business
Working with non-executives directors (NEDs) to use their influence to engage organisations on the responsible business agenda. Join our roundtable series or work with our Advisory Services Team to further develop your business’ work in this area.
Resources to help you take action
- Report: The Role of NEDs in Governing Responsible Business (BITC member only). This briefing paper looks at the current landscape and the critical role that NEDs can play in driving forward and governing responsible business.
- Subscribe to our newsletter to stay up to date with our events.
4. Guiding businesses on how to communicate on ESG (environmental, social and governance) factors and responsible business
With rapidly changing expectations of listed companies on ESG (environmental, social and governance) factors, we are working with businesses to support them in communicating their responsible business strategies to investors and other stakeholders.
Resources to help you take action
- Factsheet: An Introduction to Responsible Investment provides information on the most important aspects of responsible investment for sustainability practitioners.
- Factsheet: ESG: The Buzzword of the 2020s? (BITC member only) explains what ESG is, where it has come from and whether it is the same as responsible business.
Next steps
- Take part in the Responsible Business Tracker® to assess the extent your businesses is integrating responsible business into your business model, as well as the social and environmental value you are creating.
- BITC can support you to embed purpose into your core operating models and governances. We can also advise on how the Global Goals can shape your strategy. BITC members can contact their Relationship Managers for further information. If you do not know their contact details, log in to MyBITC to find them. If you are not a BITC member contact our Advisory Service Team.
we can help you embed purpose in your organisation and drive progress on the global goals
References
- United Nations Statistics Division (2021) The Sustainable Development Goals Report 2021
- KPMG (2020) KPMG 2020 CEO Outlook: COVID-19 Special Edition
- CMS (2020) Real Estate Reset: Offices and purpose beyond the pandemic