Harriet’s latest post takes a look at the growing momentum (on both sides of the pond) behind the idea of a business’s ‘Purpose’. In many ways, this is yet another good sign that companies are looking beyond the silos of ‘corporate social responsibility’ to explore what a business itself stands for. What’s it achieving? Why are we all better off that it exists? Why should I buy its stuff rather than another brand?Purpose needs to reflect substance and action. Back over here in the UK, we heard last week that Barclay’s boss Antony Jenkins has announced a new ‘purpose and values’ blueprint for the company. He sent a message out to all staff to say that if they’re not on-board with the new ethical approach to how they do business, then they’re not welcome at Barclay’s anymore.
It certainly grabbed some headlines. And to be fair, this is a (small) step in the right direction for rebuilding standards of the UK’s financial services. But surely Barclay’s bosses, like the media, must be aware that the new ‘purpose and values’ will only affect the company’s risk profile and its reputation if they’re accompanied by a hard-nosed plan to make them a reality – to actually create cultural change from within.
As Harriet says – Purpose can help a company’s people unite behind a cause, behind a bigger meaning of why they all turn up for work in the morning. As the stock markets continue to rally this week after five years of uncertainty and learning hard lessons of business ethics, let’s see whether this growing commitment to corporate Purpose manages to translate itself into real change.
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