Bouncing Back with a Purpose: Finding Significance When Nothing is Normal?

November 10, 2020

Events, News

Winning companies are driven by purpose, reach higher for it, and achieve more because of it.

More than a mission statement: How the 5Ps embed purpose to deliver value

We’ve all seen it: companies that have the “it” factor, an enthusiasm and passion that lights up employees, delights customers, and shines for investors. It’s not just the company’s warmer fleece, or a more delicious ice cream, or even a breakthrough technology. And it’s so much more than just a mission statement. It’s purpose. Purpose answers the question, “What would the world lose if your company disappeared?” It defines a company’s core reason for being and its resulting positive impact on the world. Winning companies are driven by purpose, reach higher for it, and achieve more because of it.

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/more-than-a-mission-statement-how-the-5ps-embed-purpose-to-deliver-value

Managers deal with challenges by relying on established structures and processes

When nothing is normal: Managing in extreme uncertainty

In normal times organizations face numerous uncertainties of varying consequence. Managers deal with challenges by relying on established structures and processes. These are designed to reduce uncertainty and support calculated bets to manage the residual risks. In a serious crisis, however, uncertainty can reach extreme levels, and the normal way of working becomes overstrained. At such times traditional management operating models rarely prove adequate, and organizations with inadequate processes can quickly find themselves facing existential threats.

https://www.mckinsey.com/business-functions/risk/our-insights/when-nothing-is-normal-managing-in-extreme-uncertainty

Stephen Uy