Written by Charles Wookey
Published by the CMI, this research from Charlie Ebert of Judge Business School Cambridge, Dr Victoria Hurth of the University of Plymouth, and Prof Jaideep Prabhu of Judge Business School Cambridge draws on research and interviews with leaders from 18 of the biggest UK and international brands, including BT, Unilever and Marks & Spencer, to discover WHY companies are becoming purpose-driven.
Over the last two or three years, the idea of organisational purpose as being a key to both create better businesses and repair the fractured relationship between business and society has grown. Financial powerhouses like BlackRock have joined calls for companies to adopt purpose, to shape stronger cultures and deliver sustainable success. There’s an increasing body of evidence on the harm that can be done by a myopic focus on maximising shareholder value. Corporate social responsibility – the idea that a business can do whatever it wants within the law so long as it is doing some good somewhere – was an earlier attempt to address these challenges, but it feels increasingly outdated.