The Power of Purpose: Why Outward-Facing Mission Statements Matter in Business.
In the ever-evolving business landscape, new generations are making their mark – As Millennials and Gen Z gradually ascend to positions of influence and decision-making, they bring with them a profound shift in values and priorities. One of the key factors driving this shift is a demand for corporate responsibility and a meaningful sense of purpose. In this blog, we explore why having an outward-facing mission statement is crucial for engaging Millennials and Gen Z, who are not just consumers and business owners, but active participants in shaping the future. We’ll also delve into why we think that it’s important to be active and involved community members. As advocates for social responsibility, we don’t just talk the talk; we walk the walk!
Defining Corporate Responsibility
Before diving into the importance of outward-facing mission statements, let’s briefly define corporate responsibility. It’s a concept that goes beyond profit margins and stockholder interests. Corporate responsibility encompasses a commitment to ethical behavior, sustainability, social impact, and community engagement. It’s about businesses recognizing their role as stakeholders in the broader societal ecosystem.
The Rise of Purpose-Driven Consumerism
Millennials and Gen Z are often labeled as socially conscious generations, and for good reason. Studies have consistently shown that these demographics prefer brands that align with their values. They’re not content to merely purchase products and services; they want to buy into a vision and contribute to a cause.
This desire for purpose-driven consumerism is reflected in their purchasing decisions. They support brands that engage in sustainable practices, prioritize diversity and inclusion, and actively work to make a positive impact on the world. These generations see their consumption choices as a reflection of their values, and they expect the same from the companies with whom they engage.
The Role of Outward-Facing Mission Statements
So, why do outward-facing mission statements matter in this context?
Transparency and Accountability: Millennials and Gen Z are tech-savvy and well-informed. They can easily access information about a company’s values and practices. An outward-facing mission statement serves as a transparent declaration of intent. It shows that a company is willing to be held accountable for its actions and aligns with the values of these generations.
Building Trust: Trust is a cornerstone of any successful brand-customer relationship. An authentic mission statement that reflects genuine commitment to social responsibility helps build trust. Millennials and Gen Z are more likely to engage with companies that they believe are honest and sincere in their efforts.
Attracting Talent: These generations aren’t just consumers; they’re also employees. They seek workplaces that share their values and provide a sense of purpose. A well-crafted mission statement can attract top talent who want to be part of something bigger than themselves.
Long-Term Sustainability: Purpose-driven brands often have a stronger foundation for long-term sustainability. By aligning with societal and environmental goals, they are better equipped to adapt to changing market dynamics and emerging trends.
Positive Impact: Perhaps most importantly, an outward-facing mission statement signifies a commitment to making a positive impact. This resonates deeply with Millennials and Gen Z, who are passionate about contributing to a better world. It turns them into brand advocates and ambassadors.
How The A Team Prioritizes Corporate Responsibility
For the past nineteen years, our CEO, Tedd Drattell, has been a member of Entrepreneurs’ Organization (EO), a global, non-profit, peer-to-peer network of entrepreneurs from diverse backgrounds. Our President, Dominick Bencivenga, is also a member. Tedd has donated his time and resources to EO by serving as the EO New York Board’s Finance Chair for eight years.
In addition, Tedd and Dominick, along with other EO members, actively engage in philanthropy and socially responsible activities as part of EO’s commitment to make a positive impact on society. EO initiatives involving sustainable business practices, support for local communities and specific causes, and environmentally friendly policies reflect a culture of responsible entrepreneurship that extends beyond business success.
If you follow us on LinkedIn, you’ve seen that our corporate responsibility and active community involvement is something that we’re proud of . Below are more organizations that we’re committed to supporting with our time and resources.
Covenant House: Covenant House New York is proud to be New York City’s largest provider serving youth experiencing homelessness. So much more than a shelter, they provide affirming and transformative services so each young person can create their own path to independence. Their doors are open 24 hours a day, 7 days a week, 365 days a year.
For over 50 years, Covenant House New York (CHNY) has been a leader in providing residential services to vulnerable homeless, runaway, and exploited youth. As the largest provider of runaway and homeless youth services in New York City, CHNY serves over 1,600 young adults ages 16-24 annually. Their doors are open to all young people who need help, regardless of their race, religion, sexual orientation, gender identity or expression. Covenant House New York’s mission is to help each young person find safety and refuge from the dangers of living on the streets.