The state of the debate on purpose in business

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Key Points:
  1. Purpose can be a powerful enabler of success in multiple ways: from providing strategic clarity, to facilitating innovation and transformation, to connecting organisations with their people, and building bridges between organisations.
  2. “Conscious capitalism” is gaining momentum.
  3. Purpose helps companies to “do good while doing well” and maximises value for shareholders, customers, employees, and the society over the long term.
  4. Public disclosures about “corporate purpose” surpasses the rate of public disclosure about sustainability.
  5. Create win-wins by aligning executives and employees’ commitment to the company’s purpose
  6. Purpose is not invented but discovered.
  7. Revenue growth, market share, retention rates, customer satisfaction and brand reputations are metrics to measure outcomes of purpose- led strategies.
  8. Case studies of companies that have successfully integrated purpose with their strategy.
  9. Purpose may be the best source of resilience in the face of the 21st century complexities.
  10. Purpose acts as a filter- helping companies to spot political risks, stay focussed on long term goals and resist pressures to react to trends and fads.
Author: EY Beacon Institute
Published: 2016
Focus: #Resilience #Employees #Agility #Growth
Source:

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