Why we in the tech industry need to add purpose to profits

As tech’s impact on the world grows, so do the ethical considerations the industry must contend with.
Today, the tech industry must question the ethical impact of any new product while taking issues such as privacy, data security, bias and the use of artificial intelligence into account.
But what about the impact of the businesses themselves?
On the global stage and in Canada, tech companies have a huge societal influence. Tech is a $113-billion industry in Canada, accounting for 5.5 per cent of our direct economic value. More than 1.4 million Canadians are tech workers, amounting to nearly seven per cent of our total workforce.
The tech industry influences everything from benefits, working conditions, living wage and professional development, to government policy, spending and the economic climate.
And its impact is even more permanent than an economic or societal one — tech is leaving a significant environmental footprint, through electronic waste and energy consumption that drains resources and produces carbon emissions.
Globally, the information, communication and technology (ICT) sector emits two per cent of all greenhouse gas emissions — more than the entire aviation industry — and if trends continue tech will account for 15 per cent of global emissions by 2040. That’s equivalent to half of the world’s transportation sector emissions.
As all of these figures grow year-over-year, one thing is clear: the industry is a force to be reckoned with and has the power to shape the digital world and our socio-environmental landscape.
Tech is in a position to do the right thing. And we have every reason to. 
Canada’s own ICT market is on track to grow 5.86 per cent annually into a $40 billion (U.S.) industry by 2029. 
The tech industry is poised to bring about social change through workplace culture pushing the boundaries of employee benefits, parental leave, health care and work-life flexibility.
Doing so encourages more applicants into career tracks for tech, in turn, bolstering the talent pool. It’s in our interest to keep tech a desirable sector, and it’s socially innovative to push other industries to break the mould and better support workers. 
From a social equity standpoint, tech also needs to lead in diversity with a rich variety of perspectives and people to ensure their product serves a diverse user base.
Our futures may be hitched to the tech industry, but without acting on their social responsibility, tech companies won’t evolve, and therefore fail to thrive.
A tech company’s stakeholders aren’t just investors or C-suite executives. They’re employees, customers and communities. At the company where I work, Redbrick, becoming a Certified B Corporation (or B Corp) helped us apply this lens to everything we do.
The certification recognizes companies that meet verified high standards of social and environmental performance, accountability and transparency, granted by B Lab, a global non-profit network organization.
It’s allowed us to evaluate our impact beyond profit: how we can improve, what we can double down on, and how other organizations have solved the same problems — it has ratified everything we’re passionate about and brought our vision for the future into focus. 
So how can tech companies take on social responsibility?
It starts with a straightforward mission: Be profitable and purposeful. This may seem like two independent goals, but meaningful purpose will drive innovation and lead to profit.
We need to set aside the perspective that our purpose is profit. That kind of thinking doesn’t bring about big ideas — or forge a better future. 
So where should tech focus? Climate and sustainability is a good start. Despite other industries facing public and government pressure to address their emissions, the tech industry gets overlooked. But IT-related emissions will continue to grow 30 per cent annually unless companies take action. 
Companies can partner with a consultant or conduct an audit of Scope 1, 2 and 3 emissions to understand and learn about their carbon footprint. Software businesses should look toward green-powered data centres.
Tech businesses with a physical supply chain or products could investigate opportunities that would serve a circular economy — product versatility or repair programs are becoming increasingly valuable to consumers.
Remember, profit through purpose is possible and tech businesses shouldn’t rule out the possibility of untapped success.
To capture these opportunities and increase innovation, tech needs to push harder to hire diversely and build a pipeline of candidates.
In 2001, 21 per cent of Canadian tech workers were women, a figure that only increased to 24 per cent by 2023. 
Engaging with women and other marginalized groups early on will encourage more under-represented talent to enter the field.
Establishing or partnering with community mentorship programs, perhaps through a local post-secondary, will uplift students and make an investment in education that could return the favour with talent down the road.
This can only work if accountability and transparency are present in an organization. These two pillars are a daunting challenge, but they’ll push any business toward meaningful action and purpose. 
We now have a responsibility to employees, customers and the world to do the right thing — to commit to building an inclusive, equitable, and regenerative economy, and redefine what it means to be a tech company.