Talent is viewed to be a primary concern and yet so few understand what is being sought, despite it being relatively simple.

Companies, all across the world, are talking about the need to retain talent but only a few seem to understand where to start: building basic trust in that business will deliver something which has real value to customers, to employees to stakeholders.

There is a strong argument that the decline in trust came with a decline in companies investing in their leadership, their culture, their engagement and service to customers. Investment in these areas declined by over 60% over 20 years and yet some many leaders ignore all the warnings signs that this would be a problem.

Saying the obvious, business has long been about the balance between customer, guest, employee and stakeholder. Hospitality companies will know this better than anyone; so why did so many forget this basic truth? Why did so many hotels almost give up on any service beyond rooms? Why did so many food service companies seek to focus on brand rather than on food quality, and service? Employees want to be proud of their services and yet in 2019, record numbers were noting that they were not.

Is it such a surprise that trust declined and retention became harder?

Why did so many companies automate their systems which became such a frustration to customers across all industries. One of the real plus points of the pandemic has been the renewed focus on service and engagement.

It does seems strange today as one does still hear companies talking about their desire to demand that employees return to workplaces without understanding that something fundamental and important has changed.

Employees will not return because they are mandated but they may well do if they believe their organisations possess real purpose. Many businesses today do understand that to ensure that they remain resilient and strong, they do need to possess a social purpose.

This trend began way before the pandemic. BlackRock’s CEO in 2018 wrote a letter to business leaders made the bold assertion that “to prosper over time, every company must not only deliver financial performance but also show how it makes a positive contribution to society.”

In 2019, a group of U.S. CEOs, issued a statement defining the purpose of a corporation in stakeholder terms, including customers, employees, suppliers and communities. Businesses were expected to have an aspirational reason for being, one that extended beyond shareholder profits.

The pandemic came and made social purpose even more of importance as companies did strive to make a difference. It was a period which gave many hope that finally more companies would find that elusive balance between being able to deliver good returns and possessing a purpose which inspires their people.

It is all logical - when companies deliver to their stated purposes, they create trust with all – stakeholders, employees, customers. More, it builds a deeper connection which builds loyalty. Too many directors have no real plan to deliver much beyond a transaction.

In 2020 the company released its new strategy, the Unilever Compass, to guide it toward its goal to be a leader in sustainable business. A 2020 Accenture study found that three out of four North American financial advisors said clients were asking about environmental, social and governance criteria when investing.

Change is slowly happening.