The Power of Purpose
The Power of Purpose.....how one company experienced 40% revenue growth by being more purposeful....
One year ago today, I helped a client launch their new purpose. We had worked closely together for five months, engaging with all team members to discover their 'why'. We wanted to uncover their uniqueness , the impact they have now and the value they want to create in the future. They decided that their purpose was to "help make the improbable, possible".
For the CEO and Head of HR who led the work, it was important that the purpose positively influenced how the team felt about the company and their work, but it was also crucial that it delivered tangible impact on business performance and organisational effectiveness.
One year on, here is the CEO’s reflections on the impact of being purposeful:
“For me, this work, wasn’t just about how we made the wider team feel (which was a key outcome), it was also about delivering tangible results which I feel it has delivered. Since we found our purpose we have:-
• Had far greater clarity on the type of work we want to do with our people and our customers. This has led to an improvement in our focus and efficiency. We have achieved revenue growth of over 40% as a result.
• Had far better conversations with our colleagues as we are able to align our decision making around a clear purpose. This has led to an improvement in employee engagement of 11%, and we are now outperforming other similar organisations in this vital metric”
I am sure there are other variables influencing those metrics, such as the adaptability and resilience of the company, the courage and cohesiveness of the leadership and wider team and the passion to make a difference. Unquestionably though, purpose played its part.
When I reflect on 2021, this project helped me fulfil People Science’s purpose which is to help teams and organisations perform, engage and transform. I’m proud of this project and I loved working with this client.
I’ve talked to a lot of leaders, teams and organisations over the last 12 months about purpose. Some love it and see the value, some less convinced as it they find it a nebulous and abstract concept. There is a growing body of research and evidence that points to purpose having a significant impact on performance in multiple dimensions. Don’t just take my word for it, check out www.scienceofpurpose.org to discover the case for being purposeful.