Description

In our first-season On Principle episode with Dave Ciesinksi, CEO of Lancaster Colony food brands, we also spoke to Anjan Thakor, Olin’s John E. Simon Professor of Finance. He had consulted with Lancaster Colony as its leaders sought to drive deeper employee engagement—and better results. Thakor, along with collaborating researcher Robert Quinn from the University of Michigan, has done pioneering research into the economic benefits of higher purpose. Why does the firm exist?

As the pair found, higher purpose must be discovered, not invented. And once it’s discovered and articulated, it drives the firm’s decisions. It’s not about charity or doing good for the sake of doing good, but about understanding why the organization exists and having a north star to drive decisions.

In our third bonus episode of On Principle, Thakor helps us understand what drove his research into higher purpose in the first place, what it means for leaders, and the benefits to firm employees and the firm’s bottom line.

OTHER RELATED LINKS

• More about Anjan Thakor and Robert Quinn’s book, The Economics of Higher Purpose
• The original Harvard Business Review article by Thakor and Quinn
• A summary of the Higher Purpose book from the Olin Blog
• Visit the book’s website.

CREDITS

This podcast is a production of Washington University in St. Louis’s Olin Business School. Contributors include:

• Katie Wools, Cathy Myrick and Judy Milanovits, creative assistance
• Jill Young Miller, fact checking and creative assistance
• Hayden Molinarolo, original music, sound design and editing
• Nate Sprehe, creative direction, production and editing
• Angie Winschel, production assistance and project management
• Lexie O'Brien and Erik Buschardt, website support
• Mark P. Taylor, strategic support
• Paula Crews, creative vision and strategic support

Special thanks to Ray Irving and his team at WashU Olin’s Center for Digital Education, including our audio engineer, Austin Alred.