To many individuals, the power of having a "purpose" is intuitive. A necessary ingredient for many personal triumphs, like marathon running, rock climbing, raising a family, and so much more. Purpose isn't just a positive force for individuals, however. Increasingly, studies are demonstrating the benefits for companies to have a purpose. It helps attract and retain the best employees, and helps those employees feel engaged and inspired.
Years ago, a PepsiCo colleague used the idea of engaging the head, heart, and hands in a speech he gave to young leaders. Over the years, I expanded the content, added four more "Hs" and built a leadership framework for companies to help establish them as authentically and substantively on their purpose-based journey. It's called the 7H Ladder for Purpose-based Leadership.
Learn more about the 7H Ladder for Purpose-based Leadership here, and how it applies to individuals and organizations.
Mounting data suggest that companies that are purpose-driven even do better in the marketplace. The majority of consumers, for example, want to purchase goods and services from companies with purpose, and they also admit to wanting to penalize companies without it!
Having a purpose isn't sufficient on its own. Companies need to define and report the right metrics to show that their purpose is being embedded within their business, and activated with impact. Many consider that these metrics and the framework upon which to measure and report them lie in the realm of Environmental, Social, Governance (ESG) reporting. This is becoming more and more the "table stakes," or minimum expectations of many stakeholders, including, importantly, the investment community.
Although the "business case" for having and implementing a purpose-driven strategy is strengthening, creating that strategy is often not straightforward. Authenticity, integrity, candor, and transparency are all important elements to include, but this is sometimes easier said than done.
In addition to being a core contributor to PepsiCo's Performance with Purpose strategy over the years, and leading the development of PepsiCo's comprehensive Water Stewardship Strategy, I consult with companies in diverse sectors to assist them along their purpose and ESG journeys.
How can you develop a genuine purpose-based strategy to drive business value, satisfy ESG expectations, and tell a compelling story?
Download a free one-page infographic here to help develop an authentic ESG/Purpose Strategy.
In April 2021, I was honored to deliver an opening keynote at BevTech 2021, the annual meeting of an iconic organization, leading since 1955, called the International Society of Beverage Technologists (ISBT). The keynote was recorded, and you can watch it below (25 minutes in length).