As the expectations of companies rapidly evolve in a COVID-19 world, companies will need to evolve in order to match those expectations.
Even before the pandemic, companies around the world were embracing a purpose beyond profits, often described as “stakeholder capitalism.” While embracing purpose is progress, it’s not enough—companies must put actions behind the words.
We define purpose as a company’s reason for being that simultaneously helps solve a societal problem and creates significant financial value for the company. Our experience shows that shared value is the most powerful way for companies to deliver on purpose.
To help business leaders transform their company into a purpose-led organization, we have developed The Purpose Playbook in collaboration with our Shared Value Initiative and input from shared value leaders working from leading firms.
Our integrated consulting teams use the Playbook to build a customized approach that takes advantage of your company’s unique assets and addresses the societal issues that are material to your business teams. FSG’s corporate strategy and business expertise are bolstered by the firms’ twenty-year focus on creating social impact for businesses, foundations, and governments. Our work with purpose-led companies include partnerships with 3M, Enel, Griffith, and Skandia.
How We Work
- Define a corporate purpose or reason for being that is significant, authentic, profitable, serious, and drives measurable value for the company and society.
- Identify key business and impact opportunities that capture stakeholder value and provide competitive advantage.
- Build a coherent vision and strategy of where and how your company can use shared value to create purpose, and how to structure a process to get there—through analysis, collaborative strategy development, and coaching.
- Determine how to proceed from strategy to innovating for scale—through landscaping, benchmarking, and initiative design, and by tapping FSG’s extensive stakeholder networks.
- Support implementation through new models for cooperation, internal alignment, partnership brokering, and coalition building.
- Design measurement and learning systems to track both social and business outcomes and to enable incremental value creation.
Tools and Resources
- The Purpose Playbook
- How is Purpose Linked to Company Success? (PDF)
- What Is a Corporate Purpose Worth Having? (Blog)
- Companies That Lead With Authentic, Ambitious Purpose Can Capture Value From Six Sources (Blog)
- Be a “Norms-Maker” If You Aspire to Be Purpose-Led (Blog)
- Delivering on the Promise of Purpose Beyond Profits (Blog)