Post by account_disabled on Mar 4, 2024 23:54:19 GMT -8
Renewal is not only good for personal matters or exclusive to them, companies can also play with this term and find in it the perfect excuse to rethink their corporate purpose and build a much more sustainable one.
Some companies, such as Unilever, Interface, Ikea and DSM, have found the benefits that come from renewing corporate purpose.
And now they have come together to produce a new set of recommendations for how the broader corporate community can renew itself based on the challenge of addressing the climate crisis and social inequalities across the company.
10 points to renew the corporate purpose
Convened through the Institute for Sustainability Leadership (CISL ) at the University of Cambridge, sustainability leaders have captured insights on how to embed purpose in a business in a new report.
This report lists 10 recommendations for Chile Mobile Number List companies to consider to embed a sense of purpose throughout the organization and to reflect how to solve the current situation that has worsened with the arrival of the COVID-19 pandemic.
Planet. 7 ways Bill Gates believes the pandemic will change the world
Ben Kellard, CISL's director of business strategy and author of the report, shared that during its development there has been much debate about corporate purpose and how to approach it:
We have sought to capture how leaders have especially aligned corporate purpose with a transition to a sustainable economy.
Ben Kellard, director of commercial strategy at CISL and author of the report.
As a result of all this debate and effort on the part of these companies and their leaders, we have the following 10 points to renew the corporate purpose.
1. An outside-in vision that involves stakeholders
This will allow companies to consider the full scope of their value chain and the breadth of issues affecting it now and in the future. Through this approach they will be able to better manage the impact they have on a social and environmental level inside and outside the company.
2. An outside-in vision that involves the work team
The report notes that involving employees from the beginning with any new purpose or strategy will help build commitment to any new or modified purpose, strategy, culture and values.
3. Encourage active behavior from leaders
On this point, the report shares that ensuring that each CEO has a clear role, ownership and responsibility over the strategic areas that align with their role, will make integration and strategic impact more efficient and effective.
4. Clear strategies and objectives
By aligning purpose with specific objectives and goals, the report notes that purpose can come to life, even more so by linking it to the delivery of business solutions that benefit the entire value chain internally, as well as consumers and stakeholders.
Having clear objectives will allow companies and interest groups to be directed towards a more sustainable future.
5. Incentives
In order to guide employees toward the goals of new purpose-driven strategies, a company's ideologies must cascade into individual rewards and incentives.
Incentives are an important driver and motivator so that the work team can also join with more enthusiasm in all this work.
6. Incorporate purpose into business practices
The report notes that core business practices will need to evolve to reflect the new purpose. This includes new mindsets around innovation and ensuring the executive team can guide departments towards new ways of working.
7. Investment and development in collaborators
Purpose is likely to require a new, more holistic mindset from both leaders and employees. This would allow decision-making to be decentralized, which in turn could create a more agile work culture.
8. Alliances with more value
With a multitude of emerging challenges in value chains spanning multiple countries, the report points to the need to work with external partners to collaborate on pre-competitive issues or find the expertise and execution capacity to realize your strategy. And with this, rebuild the business model that is good for the company, its stakeholders and the environment.
Nowadays, no one wants a company that has been accused of bad practices.
9. Integrate purpose into metrics and external disclosure
With more stakeholders demanding disclosure on corporate performance, being able to integrate business purpose into performance metrics and updates could be competitively viable for organizations, while building trust and attracting new investment.
Some companies, such as Unilever, Interface, Ikea and DSM, have found the benefits that come from renewing corporate purpose.
And now they have come together to produce a new set of recommendations for how the broader corporate community can renew itself based on the challenge of addressing the climate crisis and social inequalities across the company.
10 points to renew the corporate purpose
Convened through the Institute for Sustainability Leadership (CISL ) at the University of Cambridge, sustainability leaders have captured insights on how to embed purpose in a business in a new report.
This report lists 10 recommendations for Chile Mobile Number List companies to consider to embed a sense of purpose throughout the organization and to reflect how to solve the current situation that has worsened with the arrival of the COVID-19 pandemic.
Planet. 7 ways Bill Gates believes the pandemic will change the world
Ben Kellard, CISL's director of business strategy and author of the report, shared that during its development there has been much debate about corporate purpose and how to approach it:
We have sought to capture how leaders have especially aligned corporate purpose with a transition to a sustainable economy.
Ben Kellard, director of commercial strategy at CISL and author of the report.
As a result of all this debate and effort on the part of these companies and their leaders, we have the following 10 points to renew the corporate purpose.
1. An outside-in vision that involves stakeholders
This will allow companies to consider the full scope of their value chain and the breadth of issues affecting it now and in the future. Through this approach they will be able to better manage the impact they have on a social and environmental level inside and outside the company.
2. An outside-in vision that involves the work team
The report notes that involving employees from the beginning with any new purpose or strategy will help build commitment to any new or modified purpose, strategy, culture and values.
3. Encourage active behavior from leaders
On this point, the report shares that ensuring that each CEO has a clear role, ownership and responsibility over the strategic areas that align with their role, will make integration and strategic impact more efficient and effective.
4. Clear strategies and objectives
By aligning purpose with specific objectives and goals, the report notes that purpose can come to life, even more so by linking it to the delivery of business solutions that benefit the entire value chain internally, as well as consumers and stakeholders.
Having clear objectives will allow companies and interest groups to be directed towards a more sustainable future.
5. Incentives
In order to guide employees toward the goals of new purpose-driven strategies, a company's ideologies must cascade into individual rewards and incentives.
Incentives are an important driver and motivator so that the work team can also join with more enthusiasm in all this work.
6. Incorporate purpose into business practices
The report notes that core business practices will need to evolve to reflect the new purpose. This includes new mindsets around innovation and ensuring the executive team can guide departments towards new ways of working.
7. Investment and development in collaborators
Purpose is likely to require a new, more holistic mindset from both leaders and employees. This would allow decision-making to be decentralized, which in turn could create a more agile work culture.
8. Alliances with more value
With a multitude of emerging challenges in value chains spanning multiple countries, the report points to the need to work with external partners to collaborate on pre-competitive issues or find the expertise and execution capacity to realize your strategy. And with this, rebuild the business model that is good for the company, its stakeholders and the environment.
Nowadays, no one wants a company that has been accused of bad practices.
9. Integrate purpose into metrics and external disclosure
With more stakeholders demanding disclosure on corporate performance, being able to integrate business purpose into performance metrics and updates could be competitively viable for organizations, while building trust and attracting new investment.