Podcast Summary: James Reed: All About Business
Episode 6: The 4 Questions You Need to Answer to Attract and Retain Top Talent and Customers | Becky Willen, CEO of Given
Release Date: December 9, 2024

Introduction

In Episode 6 of "James Reed: All About Business," host James Reed engages in a compelling conversation with Becky Willen, the Co-Founder and CEO of Given, a leading sustainability consultancy and creative agency. Becky brings her extensive experience in guiding renowned brands like IKEA, John Lewis, and Virgin Media towards Purpose Driven Growth. Together, they delve into the significance of purpose in business, its practical implementation, and how it transcends traditional corporate social responsibility (CSR) and philanthropy.

Defining Purpose in Business

Becky begins by clarifying the often-misunderstood concept of purpose in a business context.

Becky Willen [02:17]:
"When we talk about purpose, we mean a management approach for profitably solving the problems of people and the planet. So that's not purely about CSR, it's not about philanthropy. It's definitely not marketing."

She emphasizes that purpose is a comprehensive strategy that creates value for all stakeholders, not just shareholders, positioning it as a fundamental approach to running a business sustainably and ethically.

Becky Willen's Journey and Founding Given

Becky shares her entrepreneurial journey, highlighting her early career at The Body Shop, where she was inspired by the company's commitment to ethical practices and sustainability.

Becky Willen [02:32]:
"As an economics graduate, I'd always been really interested in the power of business to shape the world... Starting Given back at the end of 2009 was really the opportunity to create something new that could help businesses think differently about the role that they played in the world."

Recognizing the gap in the market for organizations dedicated to integrating purpose into business strategies creatively and effectively, Becky founded Given to fill this niche.

Importance of Purpose Over CSR and Philanthropy

James and Becky discuss the distinction between purpose and traditional CSR or philanthropy.

Becky Willen [30:10]:
"Philanthropy is generally about giving away profit you've made to good causes... Purpose is about how you make that profit in the first place. It's about how you run the whole business."

Becky underscores that while philanthropy focuses on the outcomes of profit distribution, purpose integrates ethical and sustainable practices into the core operations of a business, ensuring long-term societal and environmental benefits.

Practical Implementation of Purpose in Organizations

Becky elaborates on how businesses can effectively integrate purpose into their operations, using real-world examples.

Example: John Lewis Partnership

Working with John Lewis Partnership, Becky illustrates the process of "excavating" a core purpose from within the organization.

Becky Willen [10:22]:
"The idea of working in partnership for a happier world was about creating happier people, a happier successful business, and a happier planet."

This newly articulated purpose led to tangible changes, such as introducing equal parental leave and developing programs to support marginalized groups, thereby aligning the company's values with its operational practices.

Example: Lloyds Banking Group

At Lloyds Banking Group, Becky highlights the refinement of their existing purpose to better align with contemporary challenges.

Becky Willen [19:00]:
"Energizing a greener, fairer future... reorientate the business around their role in driving the energy transition that we need at the moment."

This realignment facilitated strategic decisions that fostered sustainability and inclusivity, reinforcing the bank's commitment to societal prosperity.

Key Questions for Defining Purpose

Becky introduces the "Four C's" model to help organizations define their purpose:

1. Capability:
   What are the unique assets, skills, and qualities we possess or aim to develop?

2. Culture:
   How do we operate on our best day? What distinguishes our working style?

3. Context:
   What external factors make our business relevant? How does the world impact the importance of our work?

4. Communities:
   What problems are we solving for our customers and the communities we serve?

Becky Willen [24:52]:
"If you can answer these four questions... you can have a pretty clear sense of purpose."

This framework assists businesses, especially startups, in articulating a meaningful and actionable purpose that serves as a "North Star" for growth and innovation.

Advice for Entrepreneurs on Implementing Purpose

Becky offers practical advice for entrepreneurs looking to embed purpose into their businesses from the outset:

• Involve Everyone in the Process:
  Utilize co-creation methodologies to ensure that purpose is collectively owned and not just an executive team decision.

Becky Willen [24:05]:
"It's about people who have been involved in the creation of it... they value it much more."

• Connect Personal and Organizational Purpose:
  Encourage individuals to align their personal values with the company's purpose, fostering a deeper commitment.

• Continuous Reflection and Adaptation:
  Regularly assess and refine the purpose to ensure it remains relevant and effectively integrated into business operations.

Common Pitfalls and How to Avoid Them

Becky identifies several common challenges organizations face when implementing purpose and offers solutions:

• Lack of Leadership Alignment:
  Ensure that the entire leadership team is committed to living the purpose, not just using it as a marketing tool.

Becky Willen [45:13]:
"Make sure that everyone on the leadership team is signed up that this is something that is going to be lived, that it is going to change things."

• Disconnect Between Purpose and Actions:
  Avoid having purpose statements that are disconnected from everyday business practices by implementing purpose-driven decision-making processes.

• Perceived Corporate 'Wokery' or Greenwashing:
  Address skepticism by ensuring that purpose initiatives lead to tangible and meaningful changes, not just superficial gestures.

Differentiating Purpose from Philanthropy

A crucial segment of the conversation clarifies the differences between purpose-driven business and philanthropy:

Becky Willen [30:10]:
"Philanthropy is about giving away profit to good causes... Purpose is about how you make that profit in the first place."

Becky emphasizes that purpose integrates ethical considerations into the core business strategy, ensuring that all operations contribute to solving societal and environmental issues, whereas philanthropy is an ancillary activity.

Sustaining Purpose Over Time

Becky discusses the importance of maintaining and evolving purpose within an organization:

• Governance and Ongoing Commitment:
  Incorporate purpose into governance structures to ensure it remains a central focus in decision-making.

• Annual Purpose Stocktakes:
  Regularly evaluate how well the organization is living up to its purpose and identify areas for improvement.

Becky Willen [47:10]:
"Creating a space for reflection and learning. On the previous year, did we really do stuff that lived up to our purpose?"

• Embedding Purpose into Culture and Operations:
  Ensure that purpose is reflected in policies, rewards, and everyday interactions to create a resilient and relevant business.

Closing Thoughts

Becky shares her personal motivation and vision for the future:

Becky Willen [50:10]:
"Using the creativity and influence that I have to get powerful people to do things better. The idea that I've got an opportunity to influence a leadership team, a CEO, it keeps me on my toes, but I find it incredibly motivating."

Looking ahead, Becky aspires to expand Given under the umbrella of Anthesis, aiming to influence more companies globally and continue advocating for purpose-driven business practices.

Key Takeaways

• Purpose is a Strategic Business Approach:
  Beyond CSR and philanthropy, purpose encompasses how a business operates to solve societal and environmental problems profitably.

• Engagement and Ownership are Crucial:
  Involving the entire organization in defining and living the purpose ensures authenticity and commitment.

• Purpose Drives Business Success:
  Organizations with a strong, integrated purpose attract top talent, foster innovation, and build loyal customer bases.

• Continuous Evolution of Purpose:
  Regular reflection and adaptation help sustain purpose relevance and effectiveness over time.

For more insights on implementing purpose within your business or to learn more about Becky Willen, visit givenagency.com or check out her podcast Purposing.