Purpose-led businesses can have an advantage in attracting and retaining talent, and this does not necessarily conflict with the need for profits, as that is neccessary to support the business’s purpose and deliver on its mission. However, it also emphasizes the significance of embedding purpose and values into the core of the business. This has a win-win effect on the business and its KPIs as well as on the employee experience.
One example mentioned by Richie Jones, Managing Director of vvast in the podcast is the VF brand JanSport, which has been a first mover in terms of sustainability and social responsibility. By engaging with their core customers, particularly vulnerable groups like youth college-goers, JanSport has been able to align their purpose with their target audience’s values. Their efforts in mental health awareness and sustainable practices have made them an attractive brand to work for.
Another example mentioned is the brand Patagonia, which has been a trailblazer in the anti-consumption movement. Despite being a retail brand, Patagonia has taken a stance against overconsumption and emphasized the importance of quality and repairability in their products. This purpose-led approach has resonated with consumers and employees alike, making Patagonia a leader in sustainability.
That said, there are certainly challenges of running an agency with competing priorities and changing client needs. However, it emphasizes the importance of maintaining a purpose-led approach despite these challenges. By aligning the business’s purpose with its commercial objectives, it becomes possible to deliver on the purpose while still ensuring profitability.
Vvast has undergone the B Corp process, which has helped them embed their mission statement and values into the business. This purpose-led approach has not only attracted new talent but also differentiated vvast from its competitors. The podcast highlights that several new employees have chosen to join vvast over other competitors in the tech scene due to the company’s purpose-led approach.
Purpose-led businesses are able to attract and retain talent. By aligning their purpose with their commercial objectives, brands can scale sustainably while still achieving profitability. The examples provided demonstrate that sustainability measures can lead to operational efficiencies, cost savings, and increased consumer loyalty. Ultimately, by partnering with agencies like vvast, brands can navigate the complex landscape of sustainability and growth, creating a positive impact on the environment as they expand.