Advancing organisational purpose in Asia
The Purpose Business (TPB) was honoured to be included in a landmark edition of Sparx Publishing Group’s Make the World Better magazine, celebrating organisations which integrate long term wellbeing for all into their core business strategies.
In the feature TPB Founder, Pat Dwyer, shares a bit about TPB’s journey, starting in Hong Kong in 2015 when the concept of organisational purpose was often dismissed as trivial or merely a marketing tactic. Despite these challenges, TPB was founded on the belief that genuine sustainable business practices must start with a clear understanding of an organisation's intrinsic 'why'.
Pat elaborates on the evolution from corporate social responsibility to deeper business model transformations that strategically incorporate purpose for lasting impact. Nine years since its founding, TPB has had the opportunity to influence some of Asia’s leading brands to shift from business-as-usual practices to recognising sustainability as essential for strategic success – and our work has only just begun. We are thrilled to be on this journey, forging a path towards a purpose-led world.
To read Make the World Better magazine’s The Wellbeing Economy edition with the interview with Pat, click here.
For the full Q&A with Pat:
What inspired you/your founders to start advocating for the Wellbeing Economy?
In 2015, when The Purpose Business (TPB) was established in Hong Kong, the concept of organisational purpose was a pipe dream. At best, it was seen as trivial and no more than a marketing ploy. Despite strong headwinds, we were resolute in our conviction that sustainable business practices and the overarching goal of enhancing the wellbeing of people and planet can only be achieved by starting with clarity and activating a company's intrinsic 'why.'
Our journey began in the early days of corporate social responsibility (CSR), then the best expression of business contribution to social good. We recognised that as a first step: largely limited and not encompassing the business model transformation necessary for sustainable business practices to thrive. We saw an educational and belief gap around the role and power of purpose in business, presenting us with an exciting opportunity to lead the way in integrating purpose-driven practices in Asia.
We are determined to demonstrate that purpose is a critical lever for strategic change, not a peripheral consideration– and we are committed to guiding leaders to bridge the gap between corporate aspirations and action, in order to propel organisations towards a sustainable future.
What do you consider to be your biggest success as an advocate and professional in this space? Can you share any stories of the impact your work has had that have surprised you?
TPB was born out of my genuine belief that businesses in Asia will one day be responsible business exemplars, surpassing the most admired Western companies. Within our first two years, TPB was working with Asia’s most established homegrown brands, listed companies and multinationals who wanted localised impact. We've witnessed remarkable shifts in our clients over the past eight years, moving from extreme conservatism to viewing sustainability as a strategic imperative.
We’re also experiencing, in real time, the positive impacts of our efforts to advance organisational purpose as a tool for responsible businesses in Asia, both through our client work and educational outreach. We are particularly proud of our “Purpose and Values” work with the Philippines based company, Universal Robina Corporation (URC) one of the largest branded consumer F&B product companies in the Philippines. Together with our strategic partner Within People, we helped URC to craft their purpose statement, and related values and ambition, to act as a beacon for the company as a responsible business actor.
We knew from the start that raising awareness and investing in education for our wider audience – focused on corporate sustainability imperatives and the critical role of organisational purpose in driving change – had to be a key part of our offerings. We were among the first to introduce orientation sessions on the United Nations Sustainable Development Goals (UN SDGs) in Asia, hosting events in Hong Kong and Manila to inspire companies to align with these global goals.
Part of our ongoing educational offerings are our signature 'Breakfast with Purpose' events, which feature highly engaging speakers and facilitate intimate dialogue touching on some of the most pressing sustainability issues.
How do you feel that shifting to a Wellbeing Economy will help make the world better?
Sustainable development is intrinsically linked to purpose. If sustainability is about securing an equitable future that espouses wellbeing for all people and planet, then organisational purpose brings clarity to the role that businesses play in delivering positive impact . The cost of clinging to short-term profit maximisation is untenable. Industry leaders who understand this are stepping forward, using organisational purpose as a strategic tool to stay ahead and align with societal and systemic pressures. Amidst the complexities of sustainability, purpose provides clarity and direction. It's not just about ratings or superficial metrics; purpose positions us to make better investment decisions, rethinking business models that have traditionally been profit-centric. This shift allows us to move beyond shareholder supremacy, focusing on the well-being of all stakeholders. A truly purposeful organisation is the gold standard for enterprises aligned with a sustainable future – it offers a blueprint for businesses to thrive while contributing positively to the planet and its people.
What are some of the challenges you typically face in advocating for the Wellbeing Economy?
Old habits die hard, and this is even truer of entrenched business-as-usual models. Globally, there's broad consensus that our current path is unsustainable, and whilst there's general agreement on what sustainability requires, the path to achieving it is less clear. Organisational purpose offers a way forward, serving as a moral compass for businesses and prompting crucial decisions, particularly at the C-suite level. However, this transformation challenges deep seated successes built around traditional leadership styles.
Implementing purpose as a core strategy involves rethinking business models and operational processes, and this requires an overhaul of everything we currently know. Resistance to change, whether due to scepticism or inertia, is a natural obstacle, especially when nothing seems to be broken. We know that ultimately we need to shift business models to longer term thinking - and that includes accepting cost of capital, investing in longer term horizons and non stop education and effective communication.
Measuring the impact of purpose-driven initiatives demands a mindset shift in the way we think of reward structures and returns on investment, and the utmost transparency. While financial metrics are well-established for traditional business models, quantifying long-term societal and environmental impacts remains a challenge. Developing robust metrics for these areas is crucial for validating the approach and encouraging wider adoption.
In Asia, advocating for purpose is further challenged by continued population and economic growth, which translates into an increasing demand for resources and energy. As the world’s largest energy consumer with an industry-heavy economy, companies in Asia face the complex challenge of balancing growing energy needs with the imperative to decarbonise.
Are there any upcoming initiatives or projects related to your work/the Wellbeing Economy you'd like to share?
As we live up to our purpose of guiding leaders to elevate businesses in Asia as a force for good, we intend to be the convening entity of Asia’s braintrust of purpose in action. This means engaging with, learning from and facilitating the open exchange of experience and learnings,as well as addressing the challenges that purpose transformation confronts in our ever-growing markets. To this end, we are thrilled to kick off 2024 with a webinar on how to put purpose into action, featuring case studies and best practice sharing from purpose-driven companies from the UK and Asia. This is just the first of several educational events we have planned for 2024, with purpose and sustainability at the forefront.
What can people do to help spread word about or take action toward transitioning to the Wellbeing Economy? How can they support your mission?
It’s essential to first understand and internalise the concept of organisational purpose. This is a radical shift away from business-as-usual models. It puts aside profit maximisation as the key driver for business, and considers how a company contributes to the broader well-being of people and the planet. How is shared stakeholder value created to ensure resilience and productivity for generations to come?
People can advocate for this shift at every level, but it's particularly crucial at the C-suite level. Leadership must champion, articulate, and live purpose in every decision and policy. This isn't just about having a purpose statement. It’s about evaluating how much of your business is shifting towards sustainability and purpose, and how deeply these values are embedded in your operations and culture.
Ultimately, whether we are thinking through our lens as individuals or as employees, it’s about aligning with the greater good – shifting the focus from "what's in it for me" to "what's in it for all."