All the cool kids have purpose. Or so it seems. As more organizations begin to adopt corporate purpose statements, we see announcements on social media, a push for purpose-driven hiring, and CEOs delivering inspirational town halls.
Yet for many frontline leaders, keeping an aspirational purpose alive in the cadence of daily business is challenging. Much like keeping your fitness goals or parenting aspirations front and center during a pandemic, an inspirational purpose sounds great on your best day, but in the face of stress and uncertainty, it often falls by the wayside.
Aligning your team around a noble purpose bigger than money drives greater employee engagement, better customer retention, and improved competitive differentiation, all of which translate into better financial performance. I’ve observed two common misperceptions that keep organizations from reaping the financial and emotional rewards of purpose.
Purpose is purely about philanthropy
Yes, you can and should use your purpose to make the world a better place. Yet if your team thinks your purpose is about charity or simply doing good in your community, it will get sidelined. Fast. To ensure that your purpose drives your organization, it must sit at the center of your commercial model.