A strong sense of purpose encourages success
If you want a successful business, then you need to make sure your employees feel like they’re working for something greater than just profit. Companies with a clear sense of purpose do better than those without one.
A study from Deloitte confirms it: organisations that focus their energies beyond pure profit do better than those without a “culture of purpose”.
But the survey also states that most executives and employees think that businesses aren’t doing enough to create this kind of culture.
Sampling over 1,300 adults in the US, the Deloitte survey revealed that 90% of people who believe their organisation has a strong sense of purpose also report a strong financial showing in the business over the past year. This went hand in hand with high employee and customer satisfaction too.
A culture of purpose is not enough
What is clear, though, is that how an employee views the place where they work can be at odds with how senior executives view it. This disconnect is the difference between what you say you’re going to do and what you actually do; highlighting the need to move from talking about a culture of purpose to carrying it out.
If we think back to Ricky Gervais’ The Office, the must-see TV of the early 2000s, the fictional company depicted in the programme was a perfect example of an organisation without a culture of purpose. One with directionless employees, managers with problems and an apathetic atmosphere.
Creating this sought-after culture of purpose sounds simple in theory. You would first need to set out your company’s aspirations by having a clearly articulated strategy rooted in core competencies and the environment in which you operate. Encouraging questions and being open to change sets exceptional organisations apart from others.
That’s easier said than done for larger enterprises that have stumbled along for decades without a real sense of purpose. But it’s a big opportunity for newer companies that can embed their values into the business from the start.
Companies who succeed will be rewarded with loyalty and engagement from employees, as they will look to organisations with a clearly defined culture of purpose.