What’s your company’s core purpose? Do you know why your company exists, rather than what it does or how it does it? If you can define this then write it down and then ask a few colleagues to do the same. If there is agreement then you are in a minority of leaders globally who can define their organisation’s core purpose. Enjoy the feeling and then ask each other how many of your workforce know, understand and are fully engaged with your core purpose.
Most of us appear to believe that those companies with a strong sense of purpose achieve long-term business success. According to research 90% of those people employed by companies with a strong sense of purpose believe their companies perform better financially, have a stronger brand identity, a more clearly defined culture and values and stronger employee and customer satisfaction levels which compares to just 49% of employees whose companies do not have a strong sense of purpose (source Deloitte Global Human Capital Trends, 2014). Dr. John P. Kotter, Professor of Leadership, Emeritus, at the Harvard Business School and well-known thought leader in the fields of business, leadership, and change also discovered that purpose-driven companies achieved 400% higher revenue, 700% higher job growth and 1200% increase in stock prices compared to those without a core purpose.
Yet companies struggle to instil a sense of purpose and passion and this is evidenced by employee engagement levels with only 14% of employees fully engaged, 66% not fully engaged and 20% actively disengaged (source Gallup, 2013). Executives and employees agree with two-thirds believing their companies do not do enough to create a sense of purpose and deliver meaningful impact. Half of these strongly believe this to be the case (source Deloitte, Culture of purpose: a business imperative, 2013).
If you’re interested in learning more about how to create a strong sense of purpose in your company then download our White Paper: Purposeful Performance - Making It Happen or for more information call Jennifer Jones, Director of consultancy services on +44 1829 732374.