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Make purpose special. A mission statement can say a lot to investors, whether about priorities, the stakeholders that are most important, or how technology might play a role in success. At a time when some young companies go public via special-purpose acquisition companies (SPACs) and founders often maintain voting control, prospective investors could have a heightened interest in the clarity and integrity of an organization’s expressed purpose. [Economist] |
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We’re not gonna take it. The pandemic has caused many employees to reassess what’s most important in their daily lives and what, ultimately, they’re getting—or not getting—out of their jobs. Many workers are on the move too: according to the US Labor Department, resignations reached a historic high in August 2021, with 4.3 million workers quitting their jobs. Some scholars have helped spark an “antiwork” movement, whose participants might call for higher wages, a stronger social safety net, or might just leave their jobs altogether because they simply aren’t happy. [NYT] |
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Why it matters. Companies that are driven by purpose reach higher to attain their goals and, because of this, achieve more. Senior leaders allocate capital and resources with purpose in mind, and workers make purpose a part of their decision making as a matter of course. Employees at purpose-driven companies are four times more engaged at work too—which is meaningful in the era of the “Great Attrition.” |
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The 5Ps of purpose. Through our research, we created a framework that organizations can use to make purpose real and help drive value, with tactics to rethink product offerings, hiring practices, and more. We call this framework the 5Ps. In this article, read examples of companies that have embraced aspects of the 5Ps and set a radically different course, some during the pandemic. |
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| — Edited by Andrew Simon |
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Copyright © 2021 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007
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