Author: Rosie Warin, CEO of Kin&Co
Today marks an exciting milestone for Kin&Co — and arguably for Canada. We’re propelling the purpose movement in Canada as Kin&Co launches its first global office, across the pond. And I’m leading the charge.
Why Canada I hear you say? Well first off, Canadians are quite lovely. No I don’t mean ‘nice’, I mean driven by an innate need to do good in the world and an authentic set of values that run deep in our core. A natural fit for Kin&Co.
If Canadians are so purpose and values driven already, why do they need our help? I know that they’re not making the most of their ethos; not using it strategically — either domestically, or internationally. They’re not positioning organizations around a strong social purpose; not building this into the very core of the organizations. And there lies an enormous opportunity.
Currently, we’re letting the UK and US storm ahead and take the purpose limelight for themselves. According to our research only 15% of the companies on the S&P/TSX 60 (that’s the largest companies listed Toronto stock exchange) have a clearly articulated purpose statement — that’s shockingly low. So our launch of Kin&Co in Canada isn’t just an opportunity for the team to spend more time over the pond; it’s a call to arms for Canada to rise to the challenge and take action. To be leaders of the purpose movement; to show everyone else how it’s done.
But “how will this impact the bottom line?” I hear you cry. The good news is, this isn’t a risk, it’s actually an opportunity — we know it makes business sense too. I’m sure you’ve seen the tons of evidence to show purpose-driven brands outperform their competitors (by 206% on the stock market!) — not to mention Larry Fink’s latest announcement about how critical purpose is for a business’ survival. But I’ve often been asked, what about in Canada; do customers and employees really care?
We did some research into this: Canadians — representing 96 organizations across the country — came back with a resounding ‘yes’. Almost 80% (79%) of employees would consider leaving their job for a similar one at an organization with a social purpose and strong values. And from a customer perspective nine in ten Canadians (92%) would switch brands if a different brand of a similar quality had a compelling social purpose. If that’s not evidence enough, I don’t know what is.
So my question to you is — Why wouldn’t you set your organization up for success in the next decade? Why wouldn’t you want to attract the best talent or retain the best people? Why wouldn’t you want to be the market leader in your field? Why wouldn’t you join the purpose movement, eh?
Inspired? Want to know more? Read our report here, talk to Kin&Co, learn more and see how you could get involved.