Purpose is one of the hottest workplace topics. Deloitte’s latest report “C-suite insights: How purpose delivers value in every function and for the enterprise” provides real insight into how corporate purpose has become a strategic imperative.
Purpose has another important benefit. In today’s climate where companies are expected to take a stand on a multitude of societal issues, it can be confusing to find your voice. That’s where purpose comes in, says Mitchell. “Having a well-defined purpose narrows your focus. In many respects, it protects you against risk because what I frequently worry about in an organization as large as ours is that there are so many different interests — both external and internal.
“You have your corporate purpose, and then the social purpose should reinforce what your core corporate purpose is. So, how do we show up in the communities in which we live and serve? Because of the pressures related to ESG, some organizations are conflating ESG with purpose, but they are distinct. ESG is just a reporting mechanism. It’s how you signal to the market and to stakeholders all the activities that align with specific guidance.
Part of the problem is that purpose cannot be delivered by one person, or off the side of someone’s desk. That’s why the role of a chief purpose officer can supercharge a company’s efforts to be truly purposeful. Deloitte’s journey to deciding to carve out this role was the result of a fellowship within the organization. “We pull 25 of our best and brightest and have them work on large corporate projects.
Businesses also need to hold themselves to account to deliver on purpose. While 70% of C-suite leaders said their role is impacted by purpose, only a third of them said that their compensation is tied to their performance against those priorities. Often, purpose is rolled out as a motivator or pointed to as a North Star with no real direction on the behavior changes needed within the business to make that purpose a reality. Mitchell has advice for those working to authentically live and deliver on purpose, while acknowledging the challenge that goals and metrics can be hard to come by.
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