Finding a New Sense of Purpose in How We Do Business
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- It had long been held that the central goal of business is to make profits and maximize shareholder value. However, focusing on this narrative for business means that people's welbeing or personal needs are left on the back burner as long as profits are made. In turn, this creates a toxic work culture that stifles personal growth and fulfilment, and drives corporate greed
- The Economist described 'the biggest idea in business' in 2021 as a culture that recognizes their responsibilities to an array of stakeholders, including employees, suppliers, customers, and the planet itself. Businesses centered on doing good to these stakeholders drive a culture that promotes employee wellbeing and health, diversity and inclusivity in the workplace, and the overall welfare of the community
- Research has shown that businesses with a clear sense of purpose grow three times faster than their competitors. Pursuing purpose that serves the long-term interests of the stakeholders is, therefore, the best hope of success for businesses of all sizes