Social Purpose: The New Business Mantra (w/ Drew Collier, LGM Financial Services)

Social purpose is emerging as an important and necessary part of business. “What is social purpose?” you ask. Drew Collier, the President and CEO of LGM Financial Services says, “Social purpose is the reason to be in business. It is not just a nice-to-have policy. It is the company’s reason for being – its social ambition – and it is the path to profitability.” It is, in the words of Simon Sinek, “the ‘why we do what we do,’ versus the ‘what we do.’”

In 2022, Larry Fink, the CEO of BlackRock (the largest investment firm in the world), in his letter to CEOs, said, “Your company’s purpose is its north star. Putting your company’s purpose at the foundation of your relationships with stakeholders is critical to long-term success. Employees need to understand and connect with your purpose and when they do, they can be your staunchest advocates.”

The focus on purpose is a move beyond corporate social responsibility, which is a focus on doing good things because they were good. “Social purpose,” Collier says, “is a guidepost that informs products, services, a company’s goals and strategies.”

We invited Drew Collier to join us for a Conversation That Matters about a new way of doing business and doing it with an objective of contributing to a better world.

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The views discussed in this video are the opinions of our guests and do not necessarily reflect the opinions of Oh Boy Productions or this show. Any images in this video are for fair use only, as we are a journalism outlet that seeks to illustrate the topic or guest involved.

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