In today’s business climate, companies and firms should have a clear sense of purpose beyond just profits. The recognition that we need to have a meaningful business, that we are all connected members of a global society, is increasingly apparent. Our purpose helps us to answer some fundamental questions on our role in society. Why do we exist as a company? Where do we fit in society? What do we contribute to our employees, customers, and the world?
Values, impact, purpose
The global business community has certainly taken notice of the importance of purpose. The World Value℠ Index, for example, measures the extent to which people are inspired by a brand’s mission — and the extent to which that inspiration drives active support and purchase.
It’s no accident that the top six organizations listed in the World Value Index are directly focused on helping others and are not commercial entities in the traditional sense. But as a BBC article points out: “Being purpose-driven isn’t exclusive to non-profit groups anymore; companies like Amazon and Airbnb balance profit with purpose to achieve financial success”. Furthermore, global leading companies, like Google and IBM, have purpose statements to guide their people’s behaviour. They echo statements such as this one from PwC: “Our purpose is to build trust in society and solve important problems.”
A Harvard Business Review (HBR) article drives home a similar message by noting that game-changing companies have a few things in common. “They are purpose-driven, performance-oriented, and principle-led.” In a separate piece, HBR and Quartz.com make the connection between having a strong purpose and a profitable business clear: “Mission and margin go hand in hand”.
At Wolters Kluwer, our purpose is to help professionals deliver deep impact when it matters most.