This book explores corporate purpose--a company's expressed
overriding reason for existing--and its effect upon strategy,
executive leadership, employees, and, ultimately, on competitive
performance. Sharply challenging the conventional wisdom that
corporations should be dedicated to shareholder wealth creation,
the author presents a compelling argument that the path to
competitive advantage and outstanding long-term financial
performance lies instead in a customer-focused corporate purpose.
The book is in four parts. Part I shows how corporate purpose
exerts a powerful effect on strategy, management, and the meaning
employees derive from their work. A customer-focused purpose
harmonizes these critical factors and enables leaders to push
strategic thinking deeper into the organization and at the same
time to grant employees a greater degree of autonomy. In contrast,
a goal of maximizing shareholder wealth sows the seeds of conflict
among the market-oriented purpose, product-focused strategies, and
the individual values of employees.
Part II critiques the logic of "value-based management" and the
relationship of the firm to the equity markets. It explores the
validity of extending traditional concepts of property rights to
share ownership, concluding that the separation of stock ownership
from the responsibility for, and managerial control over, corporate
actions makes traditional property rights arguments inapplicable to
the underlying assets of a corporation.
Part III examines the functioning of corporate purpose in a global
economy. When a firm operates globally, purpose needs to retain its
motivational power across national boundaries, which a
shareholder-focused purpose does not do.
Part IV explores the implications of corporate purpose for leaders,
arguing that infusing an organization with a worthy purpose is an
essential responsibility of leadership. Purpose is the foundation
for the shared values that define organizational character, raise
moral aspirations, and enhance performance. Drawing upon a wide
range of thought from the world of business as well as from
historical studies, cultural anthropology, philosophy, theology,
and psychology, "Leading with Purpose" is sure to be an essential
text as businesses move into the twenty-first century.
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