This year I’ve been working closely with two companies on their new Purpose initiatives. Company one, a small Australian bank with 150 employees, is undertaking the creation of a new Purpose statement as the foundation for moving the company forward. Company two, a global retailer with over 13,000 employees, is undertaking a plan to make their new global Purpose meaningful and actionable in their local region.
While both companies have entirely different Purpose journeys ahead, their leaders have much in common. They understand that it’s an evolution rather than a revolution and that Purpose is best treated as a movement that gains gradual momentum. They understand that their people will support what they have a hand in creating, so they’re actively inviting their people to co-create their Purpose plans while involving all stakeholders. They’re committed to measuring Purpose success, understanding the unnecessary costs it will eliminate and how it will generate revenue and profitability. And finally, they’re giving permission to their employees to unearth their own personal Purpose and bring it right into work alongside the company Purpose.
We’re learning that Purpose takes time and that it’s never finished. We’re discovering that it’s so important, that it just can’t be sprinkled around like water from a hose providing short-term relief from the drought. We’re learning that it’s more akin to divining for a fresh water spring, one that never dries up and that all stakeholders come to drink from. We’re learning that educating and engaging people on the need for Purpose, is as important as the activation and application of it.
If you’re committed to learning more, take a look at these two resources:
Larry Fink’s 2019 Letter to CEO’s | Purpose & Profit: An Inextricable Link
“Purpose is not a mere tagline or marketing campaign; it is a company’s fundamental reason for being – what it does every day to create value for its stakeholders. Purpose is not the sole pursuit of profits but the animating force for achieving them.” Read here
2019 Edelman Trust Barometer | Trust Inequality Returns to Record Highs
“Despite the divergence in trust between the informed public and the mass population, the world is united on one front – all share an urgent desire for change. Only one in five feels that the system is working for them, with nearly half of the mass population believing that the system is failing them.” Read and watch here
My own Purpose is to help leaders like you to become Stewards of Purpose in your own company by sharing the knowledge and practical know-how I’ve gathered since 2010. Do you want to be one of those leaders? If so, contact me for a conversation at Carolyn@carolyntate.co
Yours on Purpose