How the Purpose Lab will incubate talent by building connections between universities, colleges, and businesses
As new students set off for universities and colleges across the country, and those graduating this summer begin to make their way in a world of employers and careers, developing the connection between the two worlds is more important than ever.
Research has shown that young people today are motivated by making a positive social impact, in their personal lives but also increasingly in their wider lives and through their careers. They are making decisive choices about the kind of companies they work for, drawn towards employers who make sound ethical choices and who are committed to making a long-term, sustainable and positive difference for their colleagues, their customers and the communities they serve.
But this next generation of talent therefore also has a vital role to play in shaping the future and in ensuring that businesses reflect their hopes and aspirations for that future.
That’s where the Purpose Lab comes in. It’s a new initiative developed by the Purpose Coalition, aimed at harnessing the potential of students from Purpose Coalition universities and colleges to shape responsible business strategies and social impact initiatives for some of the UK’s biggest businesses, fostering and supporting a new generation of socially conscious business leaders. It will offer students the opportunity to apply their academic knowledge and lived experience to real-world business challenges, particularly focussed on business social impact. It will equip them with practical skills and entrepreneurial mindsets that will enhance their own career prospects. Crucially, it will help to promote socio-economic diversity across UK businesses by giving those from less privileged backgrounds real-world, high level experience that is often only open to those more privileged peers with the networks and connections.
Building on our successful Student Ambassador Programme, the Purpose Lab bridges the gap between education and industry, boosting the impact of both. Ambassadors from Purpose Coalition universities and colleges are already taking part in this hugely innovative initiative. Each project will focus on delivering research and recommendations around businesses’ social impact that offer tangible benefits to the participating businesses. It will give them real-world experience in social impact advice and the responsible business agenda, develop their business skills and a responsible business mindset and knowledge. That will mean enhanced employability through practical, hands-on projects and resourcefunded opportunities. They also get paid for the work that they do.
Students are matched to Purpose Coalition companies using MyPurposeGoals.ai. It’s a tool that has been developed by the Purpose Coalition in collaboration with students from our universities and colleges to enable them to connect with employers who share their purpose. They sign up, decide on the Purpose Goals that mean the most to them and find the companies that share their priorities, so they are working on the issues that most matter to them. That can be good health and wellbeing (Goal 8), closing the digital divide (Goal 10) or any of the other 15 Goals which represent barriers to opportunity.
Businesses will benefit too. The Purpose Lab will give them access to innovative solutions for business and social challenges through collaboration and input from the next generation talent pool from which they will look to draw - students from different backgrounds and different mindsets from Purpose Coalition universities and colleges. It will also contribute to the development of a diverse and inclusive workforce for the future that better reflects the talent that is found in all our communities.
The Purpose Lab has already started to make a difference, holding business social impact sessions with organisations like Aldermore Bank, Travelodge, Southeastern Railway and a group of our Breaking Down Barriers to Law companies. There will be further sessions and workshops with businesses, as well as leadership sessions with MPs and other senior figures.
Purpose is the golden thread which runs through the Purpose Lab initiative. Purpose-led employers and universities and colleges can work together to provide practical solutions to some of the challenges we face. The Purpose Lab is uniting young people and businesses in a bold ambition to have an ever greater positive social impact that will shape a fairer future. It’s a win-win situation for all of us, as well as for them.
