Purpose-Driven Organizations Are Here To Survive
Learn how purpose-driven organizations make a difference.
A corporate purpose refers to the organizational objective besides generating wholesome revenue.
Aligning your organization’s mission with the goals of every stakeholder, customer and employee, is the first step in developing a purpose-driven business. Not only does it instil a sense of belongingness amongst the team members but also boosts their motivation to grow the brand in whichever way possible.
Likewise, purpose-driven organizations generally have a happier and healthier work environment with lower attrition rates. As employees have greater freedom to choose where they spend their time and effort, firms that are focused on culture prosper once they work for shared goals.
Studies show that almost 80% of corporate employees agree that success depends on having a purpose. Here are the top reasons why having a corporate purpose can benefit your organization:
1. Increased Loyalty
Having an ethical and impactful purpose demonstrates the good intentions of your brand even when the monetary benefit isn’t involved with clients. This makes those customers bound to associate with you for a long and fruitful tenure. Hence, customer satisfaction and loyalty rise when organizations have goals other than maximizing profits.
2. Better Job Performance
As building a purpose-driven organization involves aligning your corporate purpose with the interests of those who play a part in your organization. Studies reveal that employees tend to become more productive in companies with a corporate purpose.
Employees who feel aligned with the company values are more passionate and dedicated to maximizing their potential. Work transforms from a mere job to a source of pride and personal investment. Once employees share the same goals as the organization they work with, they’re all the more inspired to grow together in every possible way.
In simple words, if you treat your staff well, they’ll treat you well in return.
3. Unity and Stronger Organizational Commitments
While building a purpose-driven organization, you create a safe harbour for employees and other stakeholders to work with a stable mindset. This in return facilitates healthier and stronger relationships between the employees and the companies, as well as between companies and their clients. Thus, a purpose-driven organization becomes more resilient to market instabilities.
Employees who find purpose within the organization are more likely to stay for the long haul. In fact, this bond and trust convince them to even invest in the business. Corporations with engaged, purpose-led employees deliver higher profitability than their peers, and therefore, these companies are better at product launches and inclined towards positive transformation.
How to create a Purpose-driven organization
Here’s a short Youtube video that I have created enlightening on the process of building a purposeful organization.
Human Resources to drive and lead this strategic change
HR professionals are the ones who can interlink the goals of the company with the goals of the employees. They comprehend how the basic values of the organization strategically contribute to employee motivation and how they mirror the wider world.
The role of HR is crucial to assist the organisation in identifying its values, comprehending how these connect with the team members, updating the corporate culture of the organisation, and then collaborating with management to guarantee the company also embodies these values. A more effective, involved, and inspired staff will be the outcome.
Moreover, having a clearly defined purpose also helps HR with talent acquisition. In the current tight labour market that is heavily tilted in favour of job seekers, having values that resonate with candidates can make or break a job offer.
Businesses that have empathy as their guiding principle shall see real success in terms of financial growth and understand how crucial it is to match their objectives with the greater purposes of their people will be in the lead.
Also, it is essential that we strengthen what makes us human at our core, and master what we already know instinctively. The more we advance and digitize our world, the more human we have to be. No machine can ever rob us humans of empathy, imagination, storytelling, networking, negotiating, ethics, and creativity, and that is our superpower.
We have to prepare ourselves to level up, learn, and adapt by bringing what is inherent within each of us to the workforce. Since employees are increasingly drawn to working for organizations that put their employees first and also contribute to the larger benefit of a peaceful society, hence purpose-driven organizations always prosper.
In order to truly empathise with a customer, we must place ourselves in their shoes. Our goods and services will be more appealing to our target market if we have a better understanding of them and how we should approach it.
The tech revolutionary future is awaiting. Knowing that empathy, connection, and all the qualities that make us flawed but a human cannot be replaced, we must connect the dots and work towards welcoming this change. Companies with a purpose stand for something higher and place equal importance on their mission and benefits.
I hope this blog urges you to persuade your team members to join hands and work towards achieving a purposeful virtue. Thanks for reading:)