The power of purpose in business

Ashley Grice is the CEO and Managing Director of BrightHouse Consulting, a Boston Consulting Group company. BrightHouse is a global creative consultancy helping organizations uncover their timeless purpose so they can grow their people, profits, and social impact. In this ted talk, she talks about the purpose of an organization and its importance.

“If you consistently execute a purpose across an organization’s culture, strategy, and brand, it becomes a cultural norm in the company.” Ashley Grice 

What is the mission of an organization?

The work done by the company every day.

What is the vision of an organization?

It is the direction in which the organization is moving.

What is the purpose of a company?

It is the why of an organization. The purpose is the intersection of who you are and the role you want to play. It is timeless. It is the unifying construct bringing together mission and vision and influences an organization’s strategic agenda.

Both mission and vision are vital corporate drivers but are different from purpose.

Vision and mission have a time horizon of 3-5 years and will change with changes in leadership, corporate contracts, competitive landscape, mergers, and acquisitions. The purpose remains consistent.

Role of purpose in an organization

Top-level: It helps them define metrics for success and accountability toward the board. 

Mid-level: It provides them with clarity on expectations and authority. It helps them decide their course of action and make correct decisions.

Front level: It provides identity to the front-level employees and helps them understand the value of their work

The purpose of an organization should be authentic- rooted in its ethos, distinctive to its brand, meaningful to the stakeholders, and consistent with its values.

The CEO plays a critical role in excavating purpose, which can be uncomfortable as it introduces tension between idealism and realism. It takes time to implement, and one may set it and spend their career living up to it.

Importance of purpose 

Data suggests that well-embedded purpose across organizations brings immense value to the organization, elevates shareholder return over 10 years, and increases employee engagement, retention, and productivity.

Watch the full video here: https://www.ted.com/talks/ashley_m_grice_the_power_of_purpose_in_business