Purpose is a way to express the organisation’s impact on the objectives of its stakeholders. At no time has this been more critical than during the pandemic.
In 2021, we find ourselves in a very different world to the one we could have expected back in 2018. The coronavirus pandemic has revealed the spectre of connected risks in our global economy.
A clear purpose inspires the organisation’s people to do good work. It can be an effective way to align effort across the organisation towards achieving a common goal. However, in a more connected and aware society, it is increasingly seen as a people retention and talent attraction selling point.
Risk professionals have already been catapulted to the forefront of their organisations, as boards and top management have turned to them for their expertise and insights during the coronavirus crisis. As businesses emerge from the pandemic, risk professionals will have a crucial role to play in helping their organisations navigate the uncertainties. In this new environment, corporate repurposing will take on a new salience. Purpose can make organisations more aware of shifting external consumer sentiments, policy directions and industry developments. Through deeper stakeholder engagement, organisations on a route to repurposing can identify and mitigate risks they might otherwise miss.