The word “purpose” gets mentioned a lot these days when we talk about successful businesses. For those who may not know, purpose-driven companies are those that are clear on their broader reason for existing beyond making a profit. You know many of them because they focus their marketing and communications efforts on their purpose – think TOMS, Patagonia, and Warby Parker.
You may already be aware that purpose-driven companies are more profitable than other organizations1, but did you know they’re also home to happier employees? It’s true: 72% of respondents to one survey indicate their purpose-driven organizations give employees a sense of meaning and fulfillment2 – key contributors to recruitment and retention. In another study, 100% of respondents believe embracing a company’s purpose increases employee productivity.3 A whopping 94% of purpose-driven companies report that their people are their top priority1, and it shows.
That said, it seems there are still more companies getting this wrong than right: Only 40% of U.S. employees strongly agree that the mission or purpose of their company makes them feel their job is important4. And, more than a third of employees say there’s a disconnect between their organization’s stated purpose and its daily actions5.
It seems that purpose-driven companies are winning on every level, yet many organizations try to emulate them and fall short. What can be done? The first thing, of course, is to get clear on your purpose as a business.
That’s no small task. But once you’ve done it, here are some suggestions from LINX WorkForce Innovations about how to leverage your purpose in improving your employees’ experience. My goal is for you to reap the same benefits other purpose-driven companies enjoy when it comes to recruitment, retention, productivity, and more:
LINX WorkForce Innovations can help organizations better fulfill their purpose when it comes to their employees – including hearing from them about where the organization can do better. We’re experts at gathering employee insights and translating them into actions that create change. The end goal? To create a culture that attracts and retains your top talent while enabling your organization to better deliver on its purpose for existing.
What other ideas do you have for using purpose to improve the employee experience? I’d love to hear your thoughts!
1 Korn Ferry: People on a Mission: purpose-driven consumer companies achieved a compounded annual growth rate of 9.85% over five years, compared to 2.4% for the whole S&P 500 Consumer Sector
Julie is an executive with a proven track record for brand building and team building. She is skilled at leveraging disparate resources to unlock new insights and create human-centric strategies. She has held several client service roles in her career and is adept at working collaboratively to set clear goals and deliver on expectations.
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