When was the last time you truly felt a sense of hope?
With this pandemic disrupting so much of our lives and so many business models, the pace of vaccinations over the last few months feels like the light at the end of a very long tunnel—one that has seen so little solace.
But are we ready for what is next?
So many things feel rushed with the way we are now trying to return to a normal that can never be. Something feels amiss as various regions open up, and the talk shifts to how best to rebuild. So many leaders across industries and organizations seem to think this is over without accounting for what was lost—and what the real opportunities are as we move forward.
Those that have been hurt the most during these past 16 months are still hurting—physically, mentally, emotionally, and economically. So many of us are simply exhausted from coping with the health risks, caregiving, homeschooling, and laboring without respite.
And yet there is talk of returning to our old world as if it could ever be the same.
We like to think that the future will be better, that what we do during our lifetime matters, that we are part of something bigger than ourselves. At some point in our careers, we start to question what type of impact we want our life to have. What better time to take this on than after this pandemic? Leaders and their legacies are defined by these moments. How will you be remembered?
A crisis, afterall, is a terrible thing to waste. Yet the hard work is really just getting started.
We must redefine our roles as leaders and redefine the purpose of our organizations. The purpose of the enterprise has changed little over the past two centuries—but post pandemic, it’s time to expect just that. When Scottish economist Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations[1] in 1776, he introduced the idea of the invisible hand. The basis of his belief was that “free individuals operating in a free economy, making decisions, primarily focused on their own self-interest, logically take actions that result in benefiting society as a whole—even though such beneficial results were not the specific focus or intent of those actions.”[2] Considered the founder of modern economics, Smith propagated the idea that government intervention and regulation of the economy was neither necessary nor beneficial—that the actions of individuals (and businesses) would eventually benefit society, and therefore, the common good.
But that’s rarely how individuals, corporations or our global economy really seem to work.
We continue to see growing forms of inequality, and far too many exclusionary business practices that exacerbate the expanse of this imbalance. And that’s exactly what we saw during this pandemic—it simply laid bare the inequities and access to necessary, often life-saving services. As our organizations assess and readjust to what has transpired through all of this period of madness, we all need a genuine pause to plan for a better future. Everyone was impacted by this pandemic, but those most impacted were poorer, older, and disproportionately people of color.
There are too many parts of our communities that will never feel the benefits of this invisible hand, let alone the focus of industry business models. Perhaps it is time to assess which community we really serve. Perhaps it is time to truly lead our organizations to a more equitable future.
Can we reimagine a society that is more resilient to the next global shock?
It is past time for a new social contract, and a new methodology to measure the value of the enterprise. We must move our global business culture from focusing on shareholders to deeper concern for a broader set of stakeholders. How do we begin to measure—and more importantly value—this alternative version of success, one that is not purely based on market performance and profit? We must start connecting the value of both the positive and negative outcomes that our corporations create to the long-term viability of the broader society.
Business leaders from all industries must be a part of refining and redefining their business outcomes to provide more shared benefits. It is the moment to develop a new social contract between businesses and the communities they have the privilege to serve. To build back better means to abandon a business model that fulfills the needs of the few and expand deeper into the framework of the communities we are privileged to serve. To build healthier resilience against future pandemics and create lasting equilibrium between our communities, every business must be part of the dismantling of existing walls that divide those that have and those that do not.
Addressing the greater needs of society through for-profit businesses is nothing new but rarely undertaken. It turns out that you can indeed do well and do good at the same time. This was the premise of our new book, Beyond Good, focusing on how technology—especially within the financial services vertical—is helping lead a purpose-driven business revolution.
How has your leadership and thinking changed? How will you make a difference? It comes down to decisions that we all make as leaders to understand the opportunity costs of exclusion. Long-term, being more inclusive and serving more members of our communities can help alleviate systemic issues such as poverty, hunger and wealth inequality. By lifting those in need, we uplift our whole society.
Profit without purpose, without inclusion, should no longer be spoken. That is the voice of a dying tongue. How can you change this narrative? How will you help instill that sense of hope?
We are all part of the invisible hand. It’s time to get back to work.
Bradley Leimer is co-founder of Unconventional Ventures and co-author of Beyond Good – How Technology is Leading a Purpose-driven Business Revolution published by Kogan Page, priced £14.99.
[1] A. Smith, E. R. A. Seligman, An Inquiry into the Nature and Causes of the Wealth of Nations, United Kingdom, J.M.Dent & sons, Limited, 1910.
[2] Investopedia, ‘What Does the Term ‘Invisible Hand’ Refer to in the Economy?’, Investopedia [web blog], 6 January 2019, https://www.investopedia.com/ask/answers/011915/what-does-term-invisible-hand-refer-economy.asp, (accessed 2 October 2020).
