Embark on an exciting journey of Sustainability Leadership | chapter 1: PURPOSE, in search of what and why
On 30 Aug 2020, it marked my first day of Cambridge Sustainability Leadership residential workshop which supposed to be held in physical location at Cambridge campus but eventually ended up with virtual learning environment (VLE). This year is a truly challenging year filled with uncertainties, everything has turned to new normal with COVID-19, the black swan (or some may argue grey rhino) attack, things go from offline to online with the movement restriction to control the outbreak, online shopping instead of driving to the mall, work from home with many virtual meetings in line, spend more time than ever before with family, came to realise how important is to practice mindfulness, to be fully present and engaged at the moment, and have the moment for self-reflection in search of better clarity of thoughts, better understand our values and behaviors. Throughout my career, I have had all the opportunities to develop strong sense of business acumen and advance in marketing profession, driving tangible return to business unit. Until recently, back in last year, I started to think deeper about the true purpose of running a thriving and sustainable business. For a working professional with more than 15 years of working experience with regional and global exposure, this is the time for me to polish my leadership quality and sharpen change agent skills, able to influence and champion a purpose-driven business.
PURPOSE, what is it?
‘Purpose’ is the buzzword in today’s business, but what exactly does it mean to run a ‘purpose-driven business’? Why is it getting traction? Why is it important to business? There is no definite answer when it comes to the exact meaning of ‘purpose-driven’, some companies perceive purpose as an initiative beyond profit, some interpret purpose is about community giving or philanthropy or protect the planet, some consider it merely a tool to advertise who they are and what they stand for to capture more market share, some take it as good to have but not a must to have. Purpose does not always mean solely saving the planet and doing good deeds. There are many good examples led by companies like DuPont, “to empower the world with the essential innovations to thrive”; Facebook, “to make the world more open and connected”; Wal-Mart, “If we work together, we’ll lower the cost of living for everyone…we’ll give the world an opportunity to see what it’s like to save and have a better life.” , Mr Sam’s legacy lives till today. A purpose is not just words on paper, but authenticity, belief, culture and execution to drive real impact. As what rightly pointed out in the book ‘It’s Not What You Sell, It’s What You Stand For’ by Roy M. Spence Jr. and Haley Rushing, it has to get instilled and embedded in each and every individual in the organization. If things get right, people will feel great about what they are doing, clear about their goals, and excited to get to work every morning. No organisation is too big or too small, too niche or too common, to benefit from a clearly defined purpose.
PURPOSE, why does it matter?
There are multiple surveys and many research papers studying the impacts driven by purpose-led businesses. Impacts could be seen in all stakeholders, both internal within the organisation, and external like customers and competitors. Much of discussion about purpose suggests that companies perform better if they have a vivid sense of purpose. Purpose-driven businesses make more money, have more engaged employees, more loyal customers, increase brand confidence, outperform competitors, better at innovation and transformational change. It is the key ingredient to developing a more fulfilling work life as well as healthier bottom line.
Purpose is beyond mission and vision, it takes authenticity, perseverance and commitment to eventually reap the reward.
p/s: The 2020 Zeno Strength of Purpose research sheds new light and unequivocal proof that companies leading with Purpose will prevail. 8,000 consumers across eight countries (United States, Canada, United Kingdom, France, China, India, Singapore, Malaysia). The study revealed that when consumers relate a brand with strong purpose, they are 4x more inclined to purchase from the company, 6x more likely to protect the company in an event of a misstep or public criticism, 4.5x more likely to advocate the company and recommend it and 4.1x more likely to trust the company; in short, purpose is a profit stimulant.
