It is no secret “Purpose” became a hot topic, for individuals, for organizations and for us as society. Even at the World Economic Forum last year, one of the key discussions revolved around: Creating Profit through Purpose, identifying Purpose as one of the key drivers of top performance and sustainable economic growth.
“Purpose” fast joined the list of buzz-words. Fast, people seemed craving it more, looking for it, getting frustrated (including myself) as they struggled to remove the fluffiness and make it more tangible. It seemed as something one had to find in order to be happy. It seemed as something one often defined after a “wake-up call” kind of experience: if an accident, illness or burnout…or after traveling to India, climbing Kilimanjaro or running a multiple-marathon in the Kobi desert.
Only last year I was able to finally define Purpose for myself, exchanging the vagueness for a science-based explanation of what Purpose means and how can we: individuals, company/team leaders, society, use it to drive fulfillment and meaning for us and those around us.
It was only last year a good friend shared a book with me: “Purpose Economy” written by Aaron Hurst. Aaron Hurst is the expert on the science of purpose at work and in 2014 brought global awareness to the rise of the fourth economic era (after the Agrarian, Industrial and Information Economy), the Purpose Economy, being the founder of Imperative.
But before diving more into detail into the defined drivers of purpose, which can be used in your private and professional lives, the success formula for achieving lasting fulfillment and mainly the implication of Purpose for individuals, teams and organizations, lets first clarify:
Why is Purpose such a hot topic? What has changed? Why should you be aware of the impact Purpose can have on you…your teams…your loved ones, your community….the world you live in?
FOR INDIVIDUALS…
- People seek Purpose and to have a positive impact in the world a lot (more). People across all generations, not only the Millennials in isolation, are desiring a meaningful and do-good career going beyond just a fat pay-check. Millennials are more vocal about it and are less willing to compromise.
- People have much greater influence over their own career path. Career path became less predefined and imposed in a one-size-fits-all manner by the employer and more control and flexibility was given to the people. It became each person’s own responsibility to take action and voice her desires in regards to career growth and development.
- Many people are hanging in there, but not striving. Many people (unfortunately) feel unfulfilled, empty and lacking direction in life. Many try to rid themselves of such negative feelings by anti-depressants. Many just get used to the low or no-engagement state of being. Many just accept is a “this is life” as they don’t see a way out.
- Many people experience high stress and burn-out levels affecting their health and well-being. Many people feel continuously pressured, comparing themselves with others or feeling under-water with the unmanageable amount of work (which they often don’t even enjoy doing). They get sick more often. They feel drained and without energy.
FOR COMPANIES…
- Many companies, small and big, do fight common challenges of high turnovers (losing valuable talent), high sick days and absenteeism (losing money), low collaboration (because of silo-thinking, internal-competition or misalignment), low engagement, productivity and performance.
- Many companies are driving campaigns focusing on Diversity & Inclusion, on transforming their company culture and on improving their ENPS (Employee Net Promoter Score). More and more companies are looking to bring in external experts on topics as Authentic Leadership, Conscious Business, Mindfulness, Meditation or Resilience Training.
- Many companies figured out it makes business sense to drive profits through purpose. As one of Imperative’s study shows, purpose-oriented businesses:
- Will achieve 600% higher performance over 10 years
- Are 68% more likely to experience revenue growth
- Will build 50% larger leadership pipeline
- Will achieve 20% higher employee retention
- Will achieve 57% higher net promoters
FOR SOCIETY…
- We simply care more for people and our planet (our environment, our animals, nature …).
- We became more proactive and engaged, seeking volunteer engagements to support local or international charities, being involved in pro-bono services or free-of-charge mentoring programs, looking for ways to “give back”.
- We started taking more ownership and action, taking responsibility for making the world a better place for us, and the generations to come.
- Also many companies did go beyond CSR activities by drawing a powerful purpose-statement linked with a much bigger vision actively contributing to a larger societal impact. Also companies took ownership for reinventing and innovating their processes in order to achieve sustainable, more ethical and greener production and operation.
INTERESTED OR INTRIGUED?
In this series I will focus on the topic of Purpose and look into the drivers of purpose, which can be used in your private and professional lives. I will look into the success formula for achieving lasting fulfillment. Last but not least, I will go deeper on the implication of Purpose for individuals, teams and organizations.
Keep tuned to the Purpose in Action Series!
