Social purpose is a way of being. Insights from Coffee on Purpose with Brendan Reimer
By Lauren Stanton-Nixdorf, United Way BC Social Purpose Institute
November 29, 2023
On October 27th, we hosted Coffee on Purpose in partnership with the United Way Winnipeg Social Purpose Institute, and welcomed guest speaker Brendan Reimer, Strategic Partner of Values-Based Banking at Assiniboine Credit Union (ACU).
ACU is a purpose-driven financial cooperative with over $6 billion in assets, seventeen branch locations in Winnipeg, two northern branches in Thompson and Gillam, and owned collectively by over 140,000 Manitobans who use their services every day.
As a socially responsible co-operative, ACU’s mission is to provide financial services for the well-being and resilience of their members, employees, communities, and environment. Their vision? A world where innovative financial services in local communities contribute to a sustainable future for all.
Brendan works to integrate and embed the principles and practices of values-based banking into ACU’s core functions and daily work, and the initiatives he and his team have implemented draw significant attention. One of the main reasons for ACU’s success: their purpose and activities are aligned and integrated.
Why Purpose? Why Now?
ACU began to feel a compelling sense that their work needed to evolve, and it could not happen through a CSR approach, which tends to be about doing good on the side of regular business activities rather than through core business operations. It required the full integration of their purpose into the very fabric of their organization and ensuring that it acted as the decision lens across all operational elements.
ACU became B Corp Certified three years ago, which provided them with the most rigorous and comprehensive framework for accountability. They then embarked on their social purpose journey with United Way Winnipeg’s Social Purpose Institute (UWW SPI) to explore, define, and focus on their deeper purpose. With this complimentary approach, B Corp provided the what and how, and UWW SPI provided the clarity on why.
Brendan discussed elements of ACU’s strategic approach in identifying opportunities for impact and shared the importance of doing a systemic analysis on social impact. “Look at what the challenges are, identify the required solutions, and see what role is yours to play.” By doing this, ACU was able to identify areas within the community that were underserved and created initiatives that were aligned with their purpose to reach those who needed it most. They opened branches in communities that big banks had abandoned, engaged employees in learning about climate change and sustainability, deepened their commitment to actioning Truth and Reconciliation, and looked at different approaches to credentialling for foreign-trained professionals to help reduce barriers to acquiring loans.
Brendan points out that, for ACU, “profits are not why they exist; using finance as a force for good to help provide a good life for all is why they exist.” Profits are important to achieving purpose, but purpose is something much bigger and more profound. Driven by purpose and the guiding philosophy that everyone should have access to financial services, ACU now collaborates with multiple community partners and works directly with 40 nonprofits to help guide unbanked Manitobans toward financial well-being with ACU.
The Business Case and the Moral Case for Purpose
As society navigates rapid change on a global scale, people are looking for ways to engage with the world that provide deeper meaning to their lives and work. So, when we talk about purpose in business, it is an invitation to do just that – an invitation to bring deeper meaning to how we do business in the world and allow the opportunity to align our values with the work that we do.
The business case for purpose plays a significant role in mainstreaming a new business ethic. But there is a deeper case for purpose, and that’s bound in our moral obligations as human beings to help one another. While there is no single solution that can solve our social and environmental issues, there are frameworks available to help organizations and human beings effectively align their efforts to foster meaningful impact, and ACU is an example of these frameworks in action.
The session drew close to 20 attendees eager to learn what social purpose really looked like when implemented into business. As the discussion continued, Brendan addressed the biggest question of social purpose: how do you balance profit and purpose? He offered the following insights:
- Generate profit through purpose; use profits to achieve your purpose.
- Financial sustainability is part of the paradigm, not a competing interest.
- Creating shared value for community and the environment can save money.
- Some things are just going to cost money, and that’s ok when it achieves your purpose.
- Metrics and accountability are vital to successfully pursuing your purpose.
- Connecting profit and purpose can positively impact employee engagement and retention.
- Real opportunity for scale is where there is shared value between business and society.
For ACU, profits are not simply about making money; they are about mobilizing resources to improve the quality of life for their 140,000 members, hundreds of employees and their families, the communities we all live in, and the environment that sustains us. ACU has proven that profit and purpose are not in competition but rather interdependent. Employees are eager to be a part of this evolution, and a properly balanced scorecard provides a direct line of sight for how each of their roles plays in fulfilling the organization’s purpose. What gets measured gets done, which is why measuring outcomes toward purpose matters.
They’ve seen significant growth since activating their purpose and focusing their efforts on community-specific issues such as affordable housing, financial inclusion, and community partnerships.
The Underlying Theme
As Brendan shared his experiences throughout the hour, one insight seemed to inform the rest: social purpose is a way of being. To be purpose-driven is a long-term strategic plan. And although it may not always be easy, when done correctly and with genuine authenticity, social purpose in business has the potential to strengthen communities, foster social cohesion, and put the well-being of both people and planet at the heart of our business models.
We want to thank our friends at United Way Winnipeg Social Purpose Institute, who are working to help companies do well by doing good and championing this new business ethic to help best serve their communities. Visit them here to learn more about their work, or reach out directly at spi@unitedwaywinnipeg.ca to connect directly.
As we continue gathering to engage and learn, we invite you to keep an eye out for the next Coffee on Purpose and other purpose-related news by signing up for our monthly newsletter. To learn more about our programs and services and social purpose resources such as case studies, past events, and industry insights, visit our website here.
Coffee on Purpose is a casual and free online event designed for attendees to expand their networks, exchange ideas, and explore practical and innovative approaches towards embedding purpose in business. Whether you are a social purpose practitioner, a business owner or simply someone who cares deeply about the future, these sessions are for you.
We look forward to seeing you at our next session!
