SUSTAINABILITY & SOCIAL RESPONSIBILITY
follows Millennials (or Gen Y), but even more so. This digitalised generation (born with the iPad), seeks connection, meaning and purpose. “By 2025, Millennials will account
for 75 per cent of the workplace, and 88 per cent of Millennials want to work in a purpose-driven company,” says Ms Hoek. “Millennials are nearly twice as likely to make purchases because of a brand’s environmental or social impact.” What’s more, 73 per cent are prepared
to pay more for sustainable goods. This is a much higher percentage than the older generations. Sustainable brands are now growing twice as fast as non-sustainable brands.
BIG BUSINESS GOES GREEN Nine years ago, Unilever created the Unilever Sustainable Living Plan, which was designed to nurture brands that were sustainable. Now, the company has gone further, with the new chief executive Alan Jope pledging only to invest in sustainable
brands and to only buy sustainable companies to add to its portfolio. Unilever has revealed that its most
sustainable brands grew 46 per cent faster than the rest of the business and delivered 70 per cent of its turnover. The company has also warned that it will sell off brands that do not contribute positively to society, with Mr Jope explaining that consumers wanted to buy brands that have a “purpose”, too. Unilever is now devising sustainable
business plans for its portfolio of more than 400 brands, with Marmite, Magnum and Pot Noodle thought to be among the businesses that might not remain with the group long term. “Principles are only principles when
they cost you something,” Mr Jope says. He also warns against brands that try to appear environmentally conscious (known as being ‘woke’) when they are not actually making fundamental changes to the underlying business. He says that some brands are guilty of ‘woke-washing’ in advertising.
Brands that are failing to take real action are “polluting” the sense of purpose that others are genuinely trying to achieve. The message for business is clear – your
staff, customers and investors want to know what your strategy is for sustainability and environmental commitment. They need to know what your purpose is and how you intend to put words into actions. Grand gestures are no longer enough; concrete action is needed. Making promises but failing to keep them will do long-term damage to the reputation of your brand.
Is your team making an impact? Enter the new Think Global People Awards 2020, ‘Best sustainability or corporate social responsibility initiative.’
Come and share your views at the Festival of Global People, 12 May at the Tower of London
2020 THINK
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