Putting Purpose Into Practice

In 2019, the Business Roundtable made a groundbreaking announcement that the Purpose of a corporation was no longer just to serve shareholders, but also employees, communities, and society at large. Since then, we’ve seen a flood of companies working to adapt, evolve, or enhance their Purpose to work in service of more than just profit.

Now, following the trifecta of economic, environmental and health crises that have loomed over much of 2020, Purpose is once again back in the spotlight. Consumers, customers and employees alike are increasingly looking to major corporations to lead with Purpose and deliver societal value beyond simply product and service.

Simply having a Purpose is no longer enough. For organisations looking to form a meaningful connection with their people and their audience, living your Purpose is key.

But what exactly is the difference?

Let’s start by defining Purpose

To psychologists, Purpose is an abiding intention to achieve a long-term goal that is both personally meaningful and makes a positive mark on the world.

At an individual level, we know that people who have a strong Purpose have been shown to be more resilient and optimistic when faced with adversity.

So what does that mean for Corporate Purpose?

At We Are Unity we believe that Purpose is about defining the unique role a company plays in both its category and society, tapping into the emotional value of its service offering and being clear on its intended long-term societal impacts. 

From a more practical perspective, we can see Purpose also acts as a tool that;

• gives clarity to the companies strategic and emotional goal

• acts as a meaningful point of difference from other competitors beyond product and service 

• helps organisations establish a broader, more holistic lens through which they make decisions, considering market forces, societal change and economic impacts 

• builds pride and excitement for the future by defining an ambition for the organisation that sits above the products and services that might define a company today

Here are a few examples:

Nike; Unleashing human potential
Woolworths Group; Better Experiences Together for a Better Tomorrow
Medibank; Better Health for Better Lives
Tabcorp; Excitement With Integrity
Interactive; Keep technology human
We Are Unity; Feed the human need to grow, and contribute

So what’s the difference between having a Purpose and living your Purpose?

Most companies (62%) do have a Purpose, whether that’s written somewhere on an office wall, rotating on a digital screen, or on the first page of their Yearly Financial Report. The real challenge however is bringing that Purpose to life and using it in a way that creates impact - something which 68% of companies say they are not doing.

Yes, having a Purpose helps you matter more, but authentically living your Purpose helps you impact more in the long term.

So, how do we transition from having a Purpose to living your Purpose?

Let’s take a look at the common differences we often see between those companies that have a Purpose and those that truly live their Purpose.

The real difference in creating impact is the shift from the perception that you’re living your Purpose, to tangible evidence that you’re living your Purpose. 

Nike is the leader in this field. Their Purpose, to Unleash human potential, is at the forefront of everything they do. In fact, their #1 success metric is "Annual Investments as % of Pre-Tax Income”, a goal tied inextricably to their Purpose, of which the outcomes are frequently tracked and reported.

So where do organisations begin?

The first step towards living your organisations’ purpose involves a simple set of questions to ask yourself and your teams;

• Is Purpose visible on a daily basis in your organisation; either in meetings, in conversation or in communications channels?

• Have you reviewed your purpose alongside your corporate responsibility strategy, your products and services, your supply chain and your business strategy to assess alignment or misalignment?

• Do you have access to any insights that tell you how well you are living your purpose?

If you'd like to explore defining, living or measuring purpose, why not get in touch with our team at hello@weareunity.com. And if you’re a bit of a Purpose skeptic, we’d still love to chat - we always love to hear different perspectives.