Book Lovers Unite! Offline Bookies: Taking the Literary World by Storm, One Chapter at a Time will start reading "Building Better Organizations".
Prioritise Purpose over Profit : I’m not sure I agree that companies are doing this right now; nor will they in the next five years. You can see that Twitter, Google, Meta are all shedding workforce to control costs and become more efficient and effective. I think this trend is going to grow. The harsher economic outlook leads me to believe this. I think the author is looking back over the last 5 years but perhaps not looking forward for the next 10
Chapter 1. Strategic Direction: Prioritize Purpose over Profit
I like that the author speaks a lot about AI integration to help with three common challenges:
Also like the example of Unilever case and how to use Scenario Modeling.
The highlighted questions:
1. How can I use my company to make the world better?
2. How can I enlist my purpose and those of my teammates to achieve growth and alleviate pressing societal and ecological problems?
My key takeaway from this is that in the digital age, healthy organizational practices have become vital for businesses to survive and adapt to change.
This is especially relevant given the growing importance of purpose for millennials in the workforce, who expect companies to have a meaningful impact on society and the environment.
Also liked how the author back his argument both with numbers and a good case study of a major organization
- The author cites a Harvard Business School study which found that a clear sense of purpose can increase return on assets (ROA) by 3.89% per year and that purpose-driven companies have 400% more returns on the stock market than the Standard and Poor 500.
- Unilever is an example of a company that successfully implemented a purpose-led agenda under the leadership of Paul Polman. Polman put in place actions to ensure that the values, purpose, and strategy were embedded in the culture and operations of the company by creating personal purpose for each leadership layer that was tied to Unilever’s organizational purpose, thereby clearly laying out performance expectations and accountabilities. More than 500 hundred managers were a the core of this, across multiple organization layers.
Overall, the chapter highlights the importance of organizational health and purpose for businesses in today's digital age and the benefits that it can bring.
Just starting with Ch1 now
What convinced me to read this book in the first place were a few keywords in the index:
1. "Strategic Direction: Prioritize Purpose over Profit" - the right thing to do, but not always what you'd see in a business book
3. “Leadership: Be Agile and Human-Centric in the Age of Intelligent Machines” - would love to see some insights on agility and AI
6. "Equity, Inclusion, and Diversity: Adopt a Bias for Radical Transparency and Belonging” - I totally agree with talking about Radical transparency over psychological safety.
Also finding the world "Health" four times.
Starting to read now, looking forward to a nice shared experience / debate, Ian and fellow bookies!