If the tumult of 2020 has prompted your organization or leadership team to reconsider people priorities such as employee well-being, resilience, or purpose, then you’re in good company.
Your employees are reconsidering you, too.
Nearly two-thirds of US-based employees we surveyed said that COVID-19 has caused them to reflect on their purpose in life. And nearly half said that they are reconsidering the kind of work they do because of the pandemic. Millennials were three times more likely than others to say that they were reevaluating work.
Today, people have higher expectations of the organizations they work for, purchase from or invest in. Employees, consumers, shareholders, suppliers, governments and communities demand responsible organizations that are grounded in purpose and committed to delivering long-term value.
In this world of heightened corporate social responsibility and the renewed shift toward stakeholder capitalism, the promises companies make must be kept. And the only way to keep brand promises is with a purpose-driven culture.
Outcomes are the new opportunity. In a connected world, companies across a broad swath of industries are developing strategies to deliver business outcomes to customers. By using digital technologies to create new offerings and complement existing ones, they’re shifting from the transactional process of selling products and services to developing deeper relationships and providing outcomes, which is turning into a fast-growing and profitable market segment. As the focus of creating and capturing value shifts from one-time sales to long-term partnerships, it is driving higher customer retention as well as rapid account expansion. No wonder many CEOs are convinced that deploying outcome-based business models (OBMs, for short) is the best way to win the future.
(Published by Boston Consulting Group)
Crises are adrenaline for innovation. You must make decisions quickly under extremely uncertain conditions, and you never have enough time or information to fully weigh difficult choices that may affect both employee livelihoods and the survival of the business. Yet these very constraints can unleash waves of creativity. Necessity and urgency spur ideas and dissipate inertia. Leading innovators seize such conditions to reshape mindsets and behaviors, embracing the opportunity to uncover fresh solutions and make bold bets that can reignite growth.
(Published by McKinsey & Company)