The 7 benefits of sharing Purpose with employees and customers
Your company has a mega epic Purpose statement. A purpose so powerful it gives Tony Stark goosebumps. You consumed the energy of a supergiant sun to devise your Purpose. It changes the world. Forever.
Yet, this vital message is lost if your employees and customers do not know it!
The benefits of having a clearly communicated compelling Purpose? It’s like:
1. Taurine for employee engagement
Yeah, taurine, the magic ingredient in those energy drinks. 73% of employees who say they work at a “purpose-driven” company are engaged, compared to just 23% of those who don’t enjoy a purpose-driven job.
2. Velcro for employee retention
Millennials are 530% more likely to stay with an organisation if they sense a strong connection to the business’s purpose. Non-millennials 230%. Your competition and wild horses can’t peel your talent away!
3. Adding six black belt inspectors for quality checking
81% of executives believe that Purpose-driven firms deliver better quality. Better quality leads to a better customer experience, higher revenues and better profits. Investors feel the love!
4. Winning the lotto for financial performance
Companies that have a well-communicated purpose have up to a 17% better financial performance. Do your calculations now! Take last years profit and add 17%. Just for great communication of your purpose!
5. Fertilizer for your value
Purpose-led companies outperformed the S&P 500 by 10 times between 1996 and 2011. Grow, grow, grow.
6. Customers just want you because they so get it that you get it.
72% of consumers would recommend a company with a purpose, a 39% increase between 2008 and 2013.
7. Having Tesla, Da Vinci and Curie on your innovation team
A report by the Economist Intelligence Unit suggests 63% of executives believe that purpose made their company more innovative and therefore more able to disrupt or respond to disruption.
“Innovation has become perhaps the most important source of competitive advantage in advanced economies.” Michael Porter.
But…
According to PwC, only 27% of business leaders guide supervisors to have conversations with their teams about purpose. And research from Harvard Business Review Analytic Services suggests that while 87% of executives agree that a shared purpose will lead to employee satisfaction and 84 percent said businesses with shared purpose would be more successful in transformation efforts, only 46% of companies have a strong shared sense of purpose.
So…
Smart companies see Opportunity in Purpose for extraordinary employee engagement. They are using Purpose Champions to get employees and customers fired up about their Purpose. Find out how they do it by downloading your free guide at www.iharmonizer.com/the-guide
About the author:
Managing Director at iharmonizer, Richard Horner is the author of The Business Happiness Canvas, a practical guide to the 5 simple steps an organisation needs to drive remarkable employee happiness, creativity and productivity, resulting in wonderful customer experiences.
References
1. www.pwc.com
2. www.ey.com
3. www.inc.com
4. IMD / Burson Marsteller
5. ‘Firms of Endearment’, by Raj Sisodia
6. Edelman, The good purpose study
7. Economist Intelligence Unit
8. Porter and Stern, “National Innovative Capacity,” in The World Economic Forum Global Competitiveness Report
