PwC conducted a survey in which it found that 79 per cent of business leaders surveyed agreed that an organisation’s purpose is central to its success. Another survey done by Harvard Business Review revealed that currently 71 per cent of millennials feel disengaged at work. These two facts might sound like opposite ends of a spectrum but hear this, the study by Harvard Business Review also found that employees that found meaning from their work report almost twice as much job satisfaction and are likely to stay on with the company three times more.
Being purpose driven and being profit driven are uttered in the same breath in business now. The myth that either a company could be purpose or profit driven has been busted as business leaders recognise that purpose fuels profit. How so? Companies who are invested in a higher purpose have happier employees, but not just that. Such companies also boast of delighted, loyal and satisfied customers. Such companies have also been found to outperform their rivals in stock prices by a factor of 12.
Companies working to change the world for better are companies that can be categorised as purpose-led organisations. Apple features as one of the companies in the Fortune 2018 Change the World List. It has been recognised for iPhone’s contribution to bettering communication and for its commitment to lowering its carbon footprint among other things. Another American grocery giant Kroger was recognised for its commitment to solve hunger issues among communities in which it operates.
These are the companies that have shown by example that economic value and social value aren’t mutually exclusive. Purpose can be found at any position in any organisation because it has to do with how you approach your job. Here are a few ways in which you can create a purpose-driven culture that your employees will love and that will show in their performance.
- Define your why: A sense of purpose comes truly from within. The attempt to reach within can start by asking yourself the question “Why are we doing this?” Defining the organisation’s purpose and stating as well as reinforcing it at intervals is very important to let your people within and outside know where you are headed and why should they associate with you.
- Invest in people: Did you know that 76 per cent of employees list learning and development opportunities as a top driver for engagement? Investing in your people, giving them opportunity to grow and learn as well as recognising them for something as simple as their efforts to learn maybe a new skill is the most powerful way to motivate them. By helping people understand the relation between higher purpose and learning process, leaders can strengthen it, suggests the Harvard Business Review report titled Creating a Purpose-Driven Organisation.
- Be at it constantly: The need to convey the purpose is of an ongoing nature. There never will be a point in time when you can say that enough has been done in this regard. You will need to ensure that the purpose sinks into the collective conscience of the company.
As a company, you can use empathy to understand what the end user and your employees need and then drive meaningful innovations to build and communicate your brand in the correct light. To meet your organisation’s needs in this sector Performance n Purpose Consulting (https://pnpconsulting.org/) can be an invaluable partner bringing to the table its frameworks, methodologies, processes, tools and courses that can help build and build upon your employer brand.