" Corporate Purpose can be defined as the main objective(s) that is (are) being pursued by a commercial organization which is typically listed in its articles of incorporation or memorandum of association. In short, it’s the very reason for having incorporated. "

Diversity In The Workplace

You can describe this in a simple manner to have a diverse team of people in a workplace that’s reflective of the society in which it exists and operates.

However, determining “Diversity” in a workplace is not as simple as it might sound. This is mainly because diversity in itself is a broad term that incorporates all of the elements that make individuals unique from one another. However, most of us subconsciously take only a few social categories such as gender, race, age, etc. into account while defining Diversity.

You see, there are many visible and invisible elements that make individuals diverse from one another. However, a broad classification can help companies to define what diversity means to them, and also provide them the measurable metrics to set goals and make concrete efforts in that direction.

  • Businesses today rely heavily on competition or regulation for enforcing the rules of the game and it is simply inadequate. But this system has its own limitations because competition, though great where it works, fails too often. Imagine the prospect of having AI and genetic engineering in a purely profit-driven organization. That’s why it is a justified concern on the public part to demand a much better policy.
  • Time demands a redefinition of “purpose” that is clear, significant, authentic & all-encompassing, and everything else will follow from that. Whether and why to change are no longer the questions in concern, but what and how to

Why Is There A Need To Redefine Corporate Purpose?

An Ideal “Purpose”

Also, the Purpose is not something that comes out of thin air. It should be reflected in the way their operations & projects, their culture, and history. The Purpose should neither be purely descriptive of what a company does such as design solar cars, nor it should be purely aspirational such as making the world all digital.

It should rather be precise descriptions of what problems they are solving, for whom, how, when, and why they are best suited to do that.

A credible purpose- which demonstrates a real, irreversible commitment to profiting from solving problems- not only builds trust & authenticity but also loyalty in customers, employees, suppliers, and communities.

A defined and authentic purpose makes it easy for the public to spot any deviation from it- by spotting “purpose-negative” strategies. For example, if a cosmetic company claims to provide only natural products to their customers, they can’t have any chemicals mixed in their products.

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