Developing purpose in business – defined in terms of focusing on finding profitable solutions for people and the planet – is gaining government, business, and public attention. This is not only in relation to developing ‘purpose’ but also how purpose can enhance productivity in sustainable ways. Although debate about what purposeful business might mean in the 2020s and 2030s is gaining attention in the UK, ideas and practices are still developing. It is complex and there is a lack of clarity about: what purpose means in this context; the value it may offer economically and socially; what policy support is needed; and how it can be put into practice.
To address these issues, this review first explores the philosophical debates underpinning purpose in business, then situates purpose in socio-economic relations of business, before addressing the relationship between productivity and business purpose and social purpose. It then considers meaningful work in relation to purpose, which further situates the relational aspect of purpose in the activities of work. This is followed by a discussion of the current approach to purpose in Scotland, which illustrates many aspects of purpose in a grounded way. The conclusion argues that addressing purposeful business as relational enables research, policy and practice to combine the negotiation of purpose with overall ideas about prosperity in investing and leveraging the six capitals.
Author Professor Bridgette Wessels
