Researches are showing that purpose-inspired organisations tend to outperform their competitors. It also shows that most organisations’ leaders believe that purpose is important for the long-term success. So what is a purpose-inspired organisation and why would you care about working for one?
An organisation purpose is “an aspirational reason for being, which inspires and provides a call to action.” (EY Beacon Institute). A purpose is not about economic exchanges or returns to shareholders. It is about wanting to make a difference for others. It is the legacy to leave behind. Purpose explains how the people involved with an organisation are making a difference, gives them a sense of meaning, enables their passion and draws their support. When you are part of a purpose-inspired organisation, you are more likely to believe in its future success. You are also able to connect on a deeper level and express your own values and purpose through work.
Organizations whose primary focus is on their own financial performance do not create the competitive differentiation or emotional engagement with their customers that is required for lasting success. 87% of consumers believe companies perform best over time if their purpose goes beyond profit. Simon Sinek explains why it is important to create an emotional engagement in his famous talk (watched over 5M times) start with why – how great leaders inspire action.
Not all of us find purpose in the work we do, and hence we drag with us this nagging feeling that we were meant for something greater.
An article published by the NY Time (Why you hate work) found Employees who derive meaning and significance from their work were more than three times as likely to stay with their organizations — the highest single impact of any driver for employees’ satisfaction. These employees reported 1.7 times higher overall job satisfaction and they were 1.4 times more engaged at work.
Profit and purpose do not contradict, but rather complement each other. It is important to find a healthy balance for focus. However an overemphasis on profit points the organization inward, employee’s tend to focus on short-term gains, leaders often get distracted by novel trends, tend to give up when the going gets tough, silos build, and mediocrity eventually prevails. It is easy to see why purpose inspired organisation that creates loyal and passionate customers and partners and engaged employees has better chances of creating long-lasting success.
@Hadas Wittenberg is a Future of Work Enabler