Creating common purpose

Repurposing economies and businesses

PwC’s purpose means we want to work with others to help tackle the biggest issues facing the world today and to do so in a manner which builds trust in societies. One of the most pressing issues is the dislocation that’s opened up between economic growth and social progress. For many years, three forces – globalisation, ‘financialisation’ (a focus on financial measures of success) and technology – drove growth in the global economy and, in turn, ongoing improvements in many people’s lives. At the same time, there has also been large scale mistrust and dissatisfaction in growing portions of the population in many countries. It is important to address these concerns by addressing their underlying causes. What’s needed is a realignment of societal and economic systems – including changes to the role that business plays in both.

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Here are some of our leaders talking about why creating a common purpose matters. | Duration 2:16

 

Principles

Realigning economies and societies requires nothing short of systemic change. This means transforming current business models and norms, introducing broader measures of success that move beyond financial outcomes such as GDP and shareholder value, focusing on life-long learning and reskilling in the workplace, and managing emerging technologies so they meet human needs. These eleven principles are a starting point to consider the change that is needed and all are elements of a much bigger picture. We invite you to consider, challenge, debate and add to these principles.

Redefine the purpose of an economy so that it delivers for society

Rewire business so that it delivers on profit and purpose

Measure and report on societal outcomes – not just financial ones

Balance responsibilities to shareholders with those of stakeholders

Change the financial model so that it reflects the world

Pay attention to communities, not just averages

Fix the system, not just the symptoms

Transform government policy and market response

Use – and manage – technology while keeping our focus on humanity

Protect people, not jobs

Make sure governance reflects global and local needs

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Contact us

Bethan Grillo

Director, Global Purpose, PwC UK

Tel: +44 (0) 20 7804 5746

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