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Leading with a ‘Purpose’

September 2, 2020

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2020 has seen organisations embark on an evolutionary journey from profitability to Purpose, with only 7 percent of Fortune 500 CEOs believing their main focus should be profits*. This transformation, where organisations have started measuring success, not only through the lens of profitability but also through the strength of their relationships, signals the onset of a more sustainable business model that can deliver better outcomes for our customers, colleagues, communities, and shareholders alike.

This shift in priorities, clearly reflects an evolution to an era where companies are rethinking their Purpose and the value they are creating, not just for their shareholders, but for all their stakeholders.

Especially during the pandemic crisis, Purpose has served as a guiding star for building better outcomes for customers, colleagues, and communities to help them to recover, rebuild and, ultimately, to thrive. And ensuring Purpose underpins all decision-making has never been more important, as we all continue to face into this crisis together.

Fortified by a strong Purpose, this crisis has catapulted the underlying strength and resilience of Global Capability Centers (GCCs). When the global economy was facing supply shocks, GCCs in India stepped up to ensure business continuity and support to customers during the crisis. While efficiency and productivity have always been cornerstones of GCCs, Purpose served as a guiding force and ensured that our staff was meaningfully committed to our stakeholders and built innovative solutions to address their growing needs, which had shot up due to global uncertainties.

The pandemic has brought forth the vital nature of GCCs with a transformed raison d’être. Their existence is no longer benched on productivity and price, but on the value created for stakeholders. And our Purpose strengthens this commitment.

Having a Purpose has never been more important than now, when our stakeholders need us the most to respond to their growing and changing needs. Ultimately, all businesses will rightly be judged against their actions and culture through this crisis and beyond. As with any crisis, one thing that is certain is recovery. It will have its challenges, but we need to make sure that when we come out on the other side, we recognise ourselves as an industry that kept people and Purpose at its heart.

By Punit Sood, Head of India, NatWest Group


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