Defining the Firm's Purpose for Culture
Roger Miles
25 years: Behavoural science & conduct
In order to understand how a firm’s purpose drives its culture, you need to understand how a company describes, to itself and others, the essential purpose of the firm, its products and its services, and so its reason for existing. In this video, Roger talks about generating and articulating the essential purpose of the firm.
In order to understand how a firm’s purpose drives its culture, you need to understand how a company describes, to itself and others, the essential purpose of the firm, its products and its services, and so its reason for existing. In this video, Roger talks about generating and articulating the essential purpose of the firm.
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Defining the Firm's Purpose for Culture
6 mins 11 secs
To understand how a firm’s purpose drives its culture, you need to understand how a company describes, to itself and others, the essential purpose of the firm, its products and its services, and so its reason for existing.
Key learning objectives:
Outline some challenging and inspiring statements of purpose
Outline various purpose themes
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This content is also available as part of a premium, accredited video course. Sign up for a 14-day trial to watch for free.
What are some challenging and inspiring statements of purpose?
- “To use our imaginations to bring happiness to millions”: Disney Corporation
- “To give people the freedom to fly”: Northwest Airlines
- “To make sustainable living commonplace”: Unilever
- “To alleviate pain and suffering”: Johnson & Johnson
Also in other sectors, even some of the more workmanlike purpose statements have a strong element of humanity:
- “To discover, develop and provide innovative products and services that save and improve lives”: Merck
- “The happiness of the Partnership’s members, through their worthwhile and satisfying employment in a successful business”: John Lewis Partnership
What purpose does the conduct regulator want to see?
Several regulators and think tanks have also proposed helpful descriptions of the purpose of financial services firms to help financial firms along the way with the challenge of articulating purpose.
- A purpose beyond just making money
- Channelling and guiding the investment and funding with which our economy is built
- Diversifying risks and providing affordable financial support to those in need by advancing credit
- Vital infrastructure: facilitating every single economic transaction through the payments system
- Delivering long-term sustainable benefits for employees, consumers and shareholders
- Sustainable custodianship and stewardship of assets
- Supporting markets, and mediating between savers and borrowers
- Delivering fair value to customers and long-term value for shareholders
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This content is also available as part of a premium, accredited video course. Sign up for a 14-day trial to watch for free.
Roger Miles
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