Six purpose trends and predictions for 2024
By Lewis Iwu, Founding Partner, Purpose Union
A year full of political, business and cultural milestones provides the perfect backdrop for purpose-driven companies to demonstrate the importance of being clear about why they exist. Here are our views on the trends and predictions for 2024 when it comes to social purpose.
1. The enduring relevance of purpose
In 2024, purpose will remain a vital compass for businesses. Amidst volatility and uncertainty, a well-defined corporate purpose is more crucial than ever. Companies increasingly realise that bringing social meaning to what they do is a crucial part of the war for talent and winning business.
There will always be detractors but expect companies to focus more on how their social purpose guides decision-making (and their communication of those decisions) throughout the business.
2. More companies taking a stance
The past few years have seen more businesses being asked to take a position on social and political issues, from the fight for reproductive rights in the US to the Israel-Gaza conflict. In 2024, more companies will get ahead of this with a clear, purpose-informed framework, treating these decisions as significant reputation-defining moments.
These approaches help organisations ensure they are better equipped to navigate these contentious waters, helping them to respond in a way that aligns with their core values and resonates with their stakeholders. Companies tooled up in this area last year, and more of them will do so in 2024.
3. The rise of interconnected narratives
The upcoming year will see a growing recognition of the interconnectivity between various social and environmental issues. The intersection of AI and racism, climate change and its impact on gender equality, or healthy eating and educational outcomes, to name a few.
Organisations will have to get comfortable embracing these interconnected narratives, which might bring some discomfort for some but is, nevertheless, a welcome development. This broader perspective allows organisations to engage in more holistic problem-solving, bringing diverse voices into the conversation and fostering a more inclusive dialogue.
4. The empowerment of employees and communities
2024 will see a big shift in how companies approach purpose-driven campaigns. There has already been a move away from top-down initiatives towards empowering employees and communities to lead activations.
The growing acceptance of the importance of lived experience as a form of expertise, and the ever-increasing energy behind employee networks to advocate for change, will make this approach much more mainstream. This not only adds authenticity, but it also ensures inclusivity.
5. Reframing the purpose agenda to win people over
Communicating on purpose-related topics and adjacent agendas like Diversity Equity and Inclusion (DEI) requires innovative storytelling and creative partnerships. In 2024, businesses will look to frame these concepts in a way that resonate with those on the fence, rather than simply preaching to the converted.
Persuasion will become much more important than merely telling or informing audiences what they should think or feel about corporate engagement with society. Communications professionals will play a vital role in building the coalition of support for this agenda, making purpose more relatable and compelling.
6. Celebrities driving social change
The intersection of geopolitical crises, high-profile elections, and major sporting events will see celebrities using their platforms for advocacy like never before. Expect their involvement to be more sophisticated and impactful, challenging conventional perceptions. We won’t be surprised to see more unusual combinations of high-profile activists or corporate leaders making joint interventions with sports stars, for instance.
If your company is looking to stay ahead of purpose trends in 2024, Purpose Union is uniquely positioned to help you. For example, our bespoke decision-making framework can help guide your company on when to speak out on social issues. If you’re interested in elevating your company’s purpose-driven strategy, please get in touch with us.