Strategies from companies that got their guiding mission right.
March 01, 2024
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Sadly, purpose statements at all too many organizations are just empty words. The companies that issue them don’t live up to their lofty promises. But research by Bain & Company identified some companies that are the exceptions. They employ four methods to turn their statements into reality.
Most large companies like to have purpose statements. They put those statements on websites, in ads, and maybe on the walls of plants and offices. A bold purpose, so their leaders seem to believe, will motivate employees. It will help everyone pull together toward a worthwhile goal.
Dane Smith is a Bain & Company partner with decades of experience in helping companies develop purpose-led business strategies.
Zach First is a partner in the Los Angeles office of Bain & Company. He leads the firm’s stakeholder strategy work. From 2016 to 2022 he was the executive director of the Drucker Institute.
Anna Cochemé is a Bain & Company partner based in Chicago. She is a leader of the firm’s People & Organization practice.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2024/03/what-successful-purpose-statements-do-differently