They believe that most companies only “talk the talk” when it comes to the issue.
The Economist, for its Social Purpose study, surveyed 1417 business executives spread across 103 countries. The study revealed that 70% of the respondents recognise the importance of working for a brand with a social purpose. However, 78% of those surveyed noted that businesses only “talk the talk” without actually delivering by launching long-term initiatives.
84% of those that held this view were millennials, with the rest being Gen Z executives. 48% of the business executives indicated that companies with social purpose have a financial advantage over their competitors.
At 62%, women seemed to be more likely to believe that brands that fail to engage and act on social initiatives face damaging financial consequences. Only 47% of men are likely to hold this view.
[2 minute read]