Similar to technology, the Purpose economy has become a business imperative to keep up with fast paced change
The purpose economy is about finding and utilising an organisation’s purpose for change. Running an organisation today without an intentional emphasis on purpose is like running a modern organisation without the benefits of technology. Michael Porter (Harvard professor and strategist) recently launched the “Social Progress Imperative,” a global index that looks beyond profits to the extent to which organisations are meeting the social and environmental needs.
Balancing the needs of people, planet and profits has become part of the modern business’s purpose economy strategy
The conversations about building more purposeful work, and the impact of purpose on Employee Engagement, is rapidly evolving with the emergence of new research focused on happiness and meaningful work (positive psychology). Books like Adam Grant’s Give and Take, Shawn Achor’s The Happiness Advantage and Martin Seligman’s Flourish are redefining what drives employee engagement, productivity, retention of talent as well as what improves employee well-being. These new concepts are inspiring different approaches to leadership, management and organisational development.
Our desire for purpose, personal growth and a sense of belonging is changing the world economy
Some large (Fortune 500) organisations have already begun to develop new, Purpose economy-focused frameworks. Organisations like Deloitte and Pepsi have started to change their focus, as their leaders recognise that they can develop long-term visions to make purpose a priority (though it won’t happen overnight). Pepsi’s CEO Indra Nooyi has taken specific steps in this direction by framing their north star focus as “performance with purpose”. Additionally Nooyi has begun to make “healthy eats” and the environment core to Pepsi’s success. The consulting firm Deloitte has made it a priority to embrace a culture of purpose for their 200,000+ employees around the world. They realise that successful organisations must become “keenly aware of the purpose they fulfil for clients, employees, community, and other groups”. Deloitte has begun to integrate those purpose goals into their business’s core activities.
The Purpose economy has become a business essential.
Richard Riche
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