What’s the big deal about purpose?
You, like me, might often have heard about the benefits of living a ‘Purpose-led Life’, but what does this mean for your business? In this blog we look at the importance of PURPOSE and how it can drive better performance (there’s also a fun quiz.......)
As an Executive Coach, I’m always looking for purpose, firstly in individual clients and secondly in the teams I coach.
For me, Purpose, in a nutshell, is a belief that your life and your contribution matters and that you make a difference in the world. “We all want to build castles, not just lay bricks,” as I recently read in Forbes Magazine. What a great quotation.
Ikigai
In Japan they call Purpose ‘Ikigai’ or having a reason to wake up in the morning. The Japanese also embrace the art of Kintsugi, putting broken pottery pieces back together with gold which speaks into restoring purpose, even after setbacks, and argubly better than it was before.
Purpose-led organisations perform best
If we each know our own purpose, then it can act as a compass for us; our North Star to follow as we navigate life’s decisions. There’s even evidence to suggest that if we understand and live with our purpose then we will not only be happier, but also healthier and wealthier – what's not to love? We’ll also sleep better. Psychology Today builds a compelling case for this in 10 Powerful Benefits of Living With Purpose.
I’ll not lie – it’s hard for some of us to define our personal purpose. I still haven’t quite cracked it… More importantly, as leaders there are huge benefits in creating a strong sense of purpose within our teams. Purpose not only acts as the compass for us to make strategic decisions, but it’s clear that colleagues aligned to a central purpose are more likely to be motivated, engaged and productive.
Please don’t switch off if you think that purpose is all new age, zen, mumbo jumbo. I can hear some of you now - “Sarah, my shareholders don’t care about this, they just want to create value in the business.” I understand where you’re coming from, however I encourage you to delve deeper…
Purpose-led organisations perform better
There is significant evidence today that clarity of purpose is the secret to success, delivering increased growth, more global expansion, enhanced product development and greater achievements in major transformations. This is backed up by an article in the Harvard Business Review which concludes that purpose-driven organisations perform better than their peers. See Organise Your Change Initiative Around Purpose and Benefits.
In today’s corporate climate it’s also highly beneficial to recruit and retain the best people to drive your business towards its goals. Both Millennial and Gen Z employees care deeply about purpose and are not only looking for the right reward package, but they want to feel that they’re doing something meaningful. See the Forbes article What Do Newer Generations Of Employees Want, And Can Your Business Adjust? to find out more.
I’d love to hear your thoughts on what’s worked well for you.
And time for the quiz....
Can you identify the well-known companies who have these as their purpose?
“To inspire the limitless potential in every girl”.
“To organise the world’s information”.
“Real food that matters for life’s moments”.
“To empower people and create economic opportunity for all’.
“Our ultimate purpose is to inspire and develop children to think creatively, reason systematically and release their potential to shape their own future - experiencing the endless human possibility.”
“Nourishing families so they can flourish and thrive.”
“Our purpose is to champion the potential of people, families, and businesses.”
Check out my Linkedin feed for the answers!
Defining your purpose and displaying it on a poster in your reception area isn’t enough. To really maximise the secret power of purpose, you need to articulate it well, use it to inspire your stakeholders and be prepared to re-visit it as and when it needs to evolve.