The Future of Purpose in The Corporate World
Purpose in today’s corporate world could not be more critical. During these times there are decisions to be made by corporate leaders of survival and the balance of commitments made to ESG (environment, social, and governance) pre Covid-19. It is this crisis that requires leaders to relook at their purpose - the company’s core reason for being and its impact on the world. It is this moment of opportunity that as corporate leaders we must harness to have some of the most significant impact on ESG commitments and in turn contributing to the financial success of business.
As history has shown us those leaders with a clear vision & purpose are those that have endured in our minds. Much the same, those decisions based on purpose & value-based decisions during this time will forever embed their brands as market leaders both internally and to their current & future customer base. This is the time for corporations to embed a strong sense of purpose and lead the way in using profit for good. Business must take a holistic view looking at the needs of stakeholders, customers, employees & the supply chain to ensure a clear path to resilience using a common purpose that binds these groups together.
By the looking at the needs of its customers during Covid-19 Gin companies around the world to quickly answered the call and switched their production line from Gin to Hand Sanitisers. Taking Archie Rose (an Australian distillery) producing 100,000 bottles in the first month of production and providing employment for an additional 27 people. The company has further made a commitment to keep producing for as long as required, in the process gathering a wave of new supporters & customers.
The impact of purpose on individuals within an organisation is immense. People with a strong sense of purpose tend to be more resilient . In a recent article by Mckinsey & Co research during the COVID-19 pandemic found that people who were “living their purpose” at work reported levels of well-being five times higher than those who weren’t. This individual purpose in turn benefits organisations. Those individuals whose personal purpose align with their company’s are shown to be more productive, outperforming their peers. McKinsey & Co’s research finds a "positive correlation between the purposefulness of employees and their company’s EBITDA margin”.
With purpose & socially responsible businesses outperforming their competitors by 120% over the past decade there is no doubt that purpose as a key part of strategy is not a nice to have but an imperative.
By bringing your key stakeholders, customers, supply chain & employees together through crisis you are able to cement and enhance a common sense of purpose, changing sceptical mindsets in the process. This clarity of purpose underpinned by authentic actions will demonstrate a business' genuine commitment to ESG. These actions will help bridge the gap between stakeholders & shareholders, helping those communities in which they operate leaving a unique and market leading brand legacy.
Now is the time as corporate leaders to step up and refine our purpose, communicate our purpose and leave a positive impact in the communities in which we operate.
Purpose Drives People, People Build Communities & Communities Change the World.
If you would like to talk about building a Purpose Strategy underpinned by Key Purpose Indicators for your business or book a key note presentation on the importance of purpose contact us today.