Is it time to review your purpose for the year ahead?
The Christmas holidays and the start of the New Year are a time when we all tend to think about what matters most to us, we reevaluate and set ourselves ambitions for the year ahead.
As business leaders, it's a good time to do the same for our business, not least because this is a time when your employees often decide "New Year, New Job... and in this recruitment crisis you probably want them to stick with you.
A clearly articulated purpose achieves two things:
Defines and clarifies your strategic objectives
Inspires and motivates your team and gives meaning to what they do
Do you have a clearly defined purpose?
Putting man on the moon
There's a frequently quoted story (it may be apocryphal) about a cleaner at NASA being asked on a visit by President John F Kennedy what his job was. His answer: "I'm helping to put a man on the moon."
Why it matters
Studies have shown that companies with a well-articulated purpose have lower turnover rates and higher levels of employee engagement. They: Attract and retain the best people Boost productivity Improve morale and engagement
Reality... we're not there yet
According a 2019 survey of over 540 worldwide businesses by Strategy&, PWC:
More than half weren’t even “somewhat” motivated, passionate, or excited about their job
28% reported feeling fully connected to their company’s purpose.
39% said they could clearly see the value they create,
22% agreed that their jobs allow them to fully leverage their strengths
34% thought they strongly contribute to their company’s success.
What goes wrong?
Too often purpose statements are generic, non-specific and lack authenticity, which leads to : a lack of direction, people feeling lost, disengaement and low motivation How can your team help your business to achieve its goals, if they don't know where they fit in?
Ask yourself
Why do we exist?
What value are we giving our customers?
How and why are we unique?
Could someone differentiate our purpose from our competitors?
Could our team say what it is?
Live & Breathe it
Defining your purpose is just the beginning. If you can't live and breathe it, it's worthless. So make sure it's relevant, and achievable, and that you and your employees have the resources they need to deliver it.
