WHATFOR, WHY, AND WHEREFORE

Some words go in and out of fashion.  Often.

Our latest is “purpose.”  Basic, simple, and oh-so-germaine to the marketplace, the word is being applied by many experts today to brands, as in ‘purpose-driven brands.’  Or some such. 

Actually, the Pepsi folks reinvigorated the word in its mid-2000s’ acronym PwP (performance with purpose, we believe).  Many followed the leader. 

Now, much of purpose’s usefulness in 2016 and beyond is to point consumers away from short-term thinking and toward the company’s higher goals and aims.  There’s much ado about ensuring that employees and other stakeholders believe that the business is true to its societal goals, and that it really and truly produces good for itself and for society.

Why the resurrection of purpose?   For any number of reasons:

  • Millennials’ need for Planet-conscious work, something to stand for
  • A very real talent void,  a/k/a the hole between retiring Boomers and up-and-coming Ms and Gen Zs
  • The cry for employee commitment that lasts longer than a job stint
  • Creation of positive, productive business cultures that do all of the above … and more.

 

 

 

 

 

 

 

 

 

 

 

 

 

Of course, a focus on purpose also manages expectations around profits and performance, reassuring investors that a longer-term perspective is being adopted (and yes, we are cynics).  It is refreshing, though, to hear of products that will share consumer views, help change behaviors, and deliver at least a miniscule part of the solution to world ills. 

Much like in the 19th and 20th centuries, when corporations built America’s first railroads, introduced cars to the masses, treated diabetes, and made air travel affordable.

THE MEANING OF PURPOSE

Pundits say the Millennials started it, “it” being the search for meaning or purpose in work and in life.

Others assert that, if we replace “purpose” with “mission,” the corporate purpose – or defining the reason for being – has been a mainstay of American business for decades.  It just got overlooked with new words, new fads.

Setting the “whys” aside, going beyond the bottom line has never been so popular.  Themes like sustainability and corporate social responsibility are endemic – and baked into almost every business’ Web site, annual report, news releases, and the like.  Changing the world is de rigueur these days, whether it was sparked by President Obama’s 2008 campaign rhetoric or through the latest malaises of employees.

Lofty goals, though, aren’t necessarily captured in words.  [Though many of us, at times, delightedly put on our wordsmithing hats.]  Case in point:  Peruse a few Fortune 1000 Web sites.  How many purposes are distinctive, differentiated?  Do the statements truly marry what the company does with its higher goals?  What words crop up … again and again and again?  Finally, think about credibility; can you believe, truly believe in the ‘purpose’ statement?

If ‘no’ is the answer to the last question, then consider, carefully, the reactions of Generation Xs and Ys.  If authenticity doesn’t ring loud and clear to them, the organization might need to re-purpose its meaning.  Or at least research and re-jigger it.  Besides, according to a study from a Yale professor of organizational behavior, not everyone wants to change the world – only about one-third of us do.

A thought:  Maybe, just maybe, the meaning of purpose should be in the business actions we share, not the words we say.