By Kevin Cashman; originally posted on his Forbes blog: Pause Point on April 7, 2021.
Purpose inspires the unmet longing of humans to make a significant difference in the lives of people. Korn Ferry Institute research on consumer products companies indicates just how much purpose actually powers performance. Comparing “average purpose-driven” companies to “highly purpose-driven” consumer companies, we found four times the revenue growth over a three year period.
As leaders we have a responsibility to address this significant question: “Why is it so important that we exist?” With this question, we courageously face who we are and how we are in the world. As the battle rages for the soul of capitalism, we need to pause on a few questions: Will we define business solely in terms of transactional financial levers, designed to accumulate capital, or will we apply our vision to shape business as a more universal lever that serves a higher, more sustainable purpose? Will the top two percent serve the 98 percent, or will the top two percent dominate, control, and be served by the 98 percent? When will we elevate from enterprise success to ecosystem sustainability? What is a new, broader definition of value creation that can endure?
