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External Partners Alumni Search Submit Return to home Search Search About About Olin Home Why Olin Equity, Diversity & Inclusion Leadership & Strategy News & Media Events Contact Us Programs Programs Home Explore Our Programs BS in Business Administration MBAs Specialized Master's Doctoral Executive Education Dual Degrees Faculty & Research Faculty & Research Home Faculty Directory Research Research Centers Olin Brookings Commission Olin Award Student Resources Student Resources Home Career Services Center for Experiential Learning Entrepreneurship Academic Calendars Student Organizations For Current Students For Military Veterans Admissions Admissions Home Scholarships & Aid Attend Program Events Visit Olin Ask a Student Student Profiles Request Information Refer a Candidate External Partners Alumni A practical approach to purpose: Anjan Thakor featured in Harvard Business Review July 18, 2018 By Molly Cruitt 2 minute read Home News A practical approach to purpose: Anjan Thakor featured in Harvard Business Review Anjan Thakor is an economist with purpose—and the business world is catching on. Thakor’s research covers wide ground, from corporate finance to banking and corporate governance. However, the John E. Simon Professor of Finance&＃8217;s most recent endeavor got more personal: How can an organization connect its employees to its overall purpose, encouraging them to dive in and give their all along the way? Along with Robert E. Quinn, professor emeritus at the University of Michigan&＃8217;s Ross School of Business, Thakor&＃8217;s wisdom is featured on the cover of the&＃160;Harvard Business Review&＃8217;s July-August edition. Thakor and Quinn begin by introducing readers to Gerry Anderson, president of DTE Energy, who struggled to engage his employees following the Great Recession of 2008. Having been taught that good economics mean treating employees first by their own self interest, Anderson was reluctant to use empty rhetoric about meaning&＃8212;much like many firm leaders Thakor and Quinn investigated. However,&＃160;the researchers tell, a shift in focus that challenged employees to embrace purpose turned out to be a major success. Thakor and Quinn&＃8217;s research seeks to provide a framework company leaders can use to develop, embrace, and implement a purpose that drives their organization. Anjan Thakor The biggest problem Thakor and Quinn find is that the companies they consult for wait until a point of crisis to find a company purpose. Encouraging a break from the &＃8220;cynical &＃8216;transactional&＃8217; view of employee motivation,&＃8221; though, can be taken at any time&＃8212;the sooner, the better. The researchers set up an&＃160;eight-step process&＃160;for finding, implementing, and connecting a purpose for employees&＃8212;one that includes such steps as &＃8220;envision an inspired workforce,&＃8221; &＃8220;recognize the need for authenticity,&＃8221; and &＃8220;connect the people to the purpose.&＃8221; The most important theme that runs through these eight steps? Be authentic, real, and passionate. Thakor and Quinn have seen companies thrive and fail&＃8212;and they know the perils of a haphazard campaign based on feel-good words and uninspired drivel. Purpose, for them, is something entirely different. It&＃8217;s a sense of passion&＃8212;a vision for a corporation that inspires employees, turns them into leaders, and treats them as intelligent, autonomous human beings. The work Thakor and Quinn are asking companies to undertake is not easy&＃8212;it&＃8217;s part of a process that involves humility, openness, and risk. But these researchers believe in the beauty of&＃160;an impassioned, purpose-driven company&＃8212;and they&＃8217;re hoping to change the business world, for good. Update 7/25/2018: Thakor and Quinn were interviewed, along with DTE Energy CEO Gerry Anderson, for the HBR Podcast on turning purpose into competitive, profitable performance.&＃160;Listen to their conversation.&＃160; About the Author Molly Cruitt Molly Cruitt was WashU Olin's digital content specialist for nearly three years until late 2020. She is passionate about telling great stories and showing the lesser-known side of things. Molly holds a master of arts in communication from Saint Louis University and loves dogs, food, and crafting. Contact Us For assistance in finding faculty experts, please contact Washington University Public Affairs. Monday&＃8211;Friday, 8:30 to 5 p.m. Sara Savat, Senior News Director, Business and Social [email protected] &＃160; Kurt Greenbaum,Communications [email protected] Twitter: WUSTLnews Share article Apply Now Visit Us Request Info One Brookings Drive, St. Louis, MO 63130-4899 [email protected] 314-935-7301 News & Media Events Faculty Directory WashU Center for Career Engagement Washington University home Olin Links Sitemap Privacy Policies Title IX Accessibility ©2024 Washington University in St. Louis