How Purpose Is Rewriting CEO’s Agenda
Whether emotional or rationale, purpose forms an important aspect of any organisation, says Forevermark & Bajaj Capital’s Chiefs.
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Purpose is becoming an important part of a company’s growth strategy, and the journey to get it right begins at the top. However, it is an approach that delivers only when it is embedded in the very foundation of a company.
“The responsibility of a company does not stop at the gate. It goes much beyond”, says Sachin Jain, President, Forevermark India, who reminds that companies and brands today operate in a hyper-connected world. “Consumers are likely to have a greater affinity towards brands that cause positive social impact. But more importantly, one of the reasons why an organisation must have a core purpose is because it enables you to better navigate a constantly changing world, and stay relevant”, he said.
He reminds that people who want to build their careers with an organisation need to believe in what they do. “Purpose should be translated to everybody in the organisation. In today's world, it’s about visually creating it, and simplifying it so that everybody in the organisation relates to what we are trying to do, and is a part of it.”
Purpose, well defined, allows companies to create connects both emotionally and rationally, and both internally with employees and externally with partners and consumers.
Sanjiv Bajaj, Vice Chairman and Managing Director, Bajaj Capital pointed out, “Focussing on the journey may just be more important than focussing on the destination alone. If you are able to build a purpose and instill it in and around the company, you build a culture where you can truly build a great company”, he said.
Both leaders were in a conversation at the Marketing Whitebook Summit 2019 in Delhi on August 22, 2019. Moderating the discussion, Anita Nayyar, CEO, Havas Media Group India & Southeast Asia said that purpose outlines the difference between reaction and responsibility.
However, the flip side of talking a purpose-led approach is failing to walk the talk. Discussing how some brands had participated in the Kumbh Mela as an example, the leaders agreed that there are several examples today when brands fail to connect meaningfully.
Summing up, Jain said, “Any business that doesn’t have a purpose, is a transactional business, which won’t survive in the long run.”