Purpose led companies-the role of the board?
A recent McKinsey survey of over 1200 managers and front line employees reported that 82% believed it was important that their company have a purpose, and 62% said that their company actually had a purpose statement, but only 42% of them said that their organizations' purpose statements were having any impact. This disconnect is in part due to the fact that many purpose statements are so generic as to be meaningless, as well as to the fact that many purpose statements are completely disconnected from the things that employees and other stakeholders believe are important. Boards are increasingly aware that they have a clear oversight responsibility to ensure that their organizations are truly purpose-led. But what does that mean in practice? This talk will address the following topics:
- What is purpose? How is it defined? And what is Purpose-Driven Board Leadership?
- Why should boards care about the definition of Purpose?
- What are the best practices around developing Purpose Statements?
- What should boards do to ensure that their organizations' purpose is actually making a difference?