The 7 ROI factors of being purpose-driven - Part 1

Why you should work with your "why"

By Parham Shafti

Do you or the people at your organisation wonder about the return you would get out of investing in finding and developing your business around a higher purpose?

Is a higher purpose some kind of luxury that you can get around to when you have more time and money?

According to this study from LinkedIn, the worlds most succesful companies are chosing to be purpose-driven, why are they doing this?

In biz-speech: What’s the ROI of a higher purpose?

First, what do we mean by “higher purpose”?

So what is a higher purpose and what do you gain by having one? Lets offer you some clues.

We are not speaking about making the most money or even breaking even. Money is something you need to be able to keep going, paying employees and stakeholders etc, not a goal in itself.

There are many models out there but only one Maslow. The updated version has “self-transcendence” at the top. This is where the magic happens

What we are speaking of is your companys core purpose, the one that explains how you make a positive, and measurable, difference in the world. That is the real reason to be in business and to have something to stand for, no matter what comes in your way.

Why is this purpose thing happening now?

A significant part of the human race has come to a place in our evolution where we ask for meaning in life and our workplace.

Within a few years the millennials will populate half of the labour and consumer group in the world, this generation emphasises authenticity more than anything else when looking for a job.

Explaining this from a psychological point of view, what they really are looking for is a workplace that can help them find or confirm their identity. They want work at businesses that walk the talk.

The pic above (you purpose-nerds out there can find the original high-rez Realtimeboard one here) is a a model popularized by the blog Here we have used it to visualize Prepublicas purpose. Try it on your own business!

And it’s not just the millennials who ask for that, according to a 2016 survey made by LinkedIn and Imperative, examining this topic with 26,000 of the social network’s members, this longing runs through every age group.

Whether we take a look at generation x, y, z, or baby boomers, more and more people prioritise purpose over other attributes.

How you embrace and stay true to who you are is the fuel that will help you authentically connect with others – and skyrocket your organisation to the moon.

Good news is, you already have your higher purpose within you

What we realised is that your purpose is already a part of you, you don’t need to invent it. The challenge is to become aware of it and to make it part of your business.

Here are seven reasons to why you should start being purpose-driven.

#1. Attract the best talents and get them to stay

Attracting the best of the best, and making sure they are the right fit for your company is where you take on the beast of building an awesome company.

Putting together a qualified team is crucial for any business, no matter the size or type of a company.

A recruitment that goes wrong costs a lot of money and time, it hurts the company culture, and even worse bring down the motivation of the rest of your team.

Yet, you need people to grow. So how do you do?

People today are looking for a purpose that is beyond making profit. They want to find a good reason to work for you, which would be to do work that is of significance.

Offering security, professional development and a good pay are all important, but today the first things that high potential candidates look for while scanning a company, is how clearly you communicate your purpose, your values, mission and your vision.

This becomes especially apparent when it comes to the younger workforce, where a higher purpose, such as “changing the world” and “making an impact” is the factors that resonates most with them.

“Companies that understand the increasing emphasis of purpose in today’s professional landscape improve their ability to attract such employees and also their ability to retain them for longer periods of time.” – Reid Hoffman, Executive Chairman and co-founder LinkedIn

Here shown in a chart that represent the answers to a survey made not to long ago by Universum, toward a million career-seeking university students from 57 countries.

As you see “commitment to making the world a better place” is the top attribute for employers to have. So is offering a “fulfilling and meaningful work” and a “commitment to improving people’s lives”.

Purpose-driven organisations have an advantage in the pursuit of building an exceptional team, and to get to keep them. A strong sense of collective purpose drives employee satisfaction.

It’s a winning recipe. You should try that.

Part 2 coming soon!