Enacting Purpose Initiative report
5 mechanisms to facilitate the translation of purpose intent into purpose action
Make your purpose simple and convincing - complicated strategies fail. Your purpose needs to be simple enough to be understood by the entire organisational workforce and all stakeholders.
Corporate Purpose must drive what the organisation does - embedded in all strategy and capital allocation decisions. It has to be the reference point for strategic decisions.
Ownership structure - start with the board. Top executives ought to place appropriate structures and facilitate organisational processes for enacting purpose. Embedding the Purpose within the company suggests more than mere compliance - it has to be accepted and supported by all stakeholders, and particularly shareholders.
Devise performance metrics that evaluate the company’s success in delivering on its Purpose. This involves building a reward system that goes beyond the attainment of financial goals, but also incorporates non-financial metrics.
Bring organisational purpose to life through communication and storytelling to build a sense of shared identity and common purpose within the organisation.