We know that today's executives need to handle all sorts of unpredictable short-term pressures. And yet, we believe that as organizations face headwinds, business purpose becomes even more important. This is because the ends and means of business will have to change more frequently in a volatile world.
A business purpose is often buried in an organization’s history and the memories of its founders. And yet, as time marches on, strategy can and should change. As your company undergoes strategic shifts, be sure to re-evaluate your purpose. Assuming business purpose is permanently defined is a big mistake. To what extent are you pushing its boundaries?
What exactly is business purpose?
On a personal level, purpose is what gives meaning to our lives and moves us forward. Purpose is what makes us wake up more motivated to go to work, not just because we are well paid, but because we sincerely feel that we make a difference in the environment we are in.
Purpose is the greater meaning that organizes all others related to a corporate brand. Business purpose, in summary, is the statement of how the company intends to contribute to the world.
Define and share the business purpose
The strategy must clearly and objectively include the company's purpose, mission, and values. This is a fact, but most importantly, it must be an inspiration to employees. From interns to the highest positions, all of them must share the institution's dream and purpose.
As a leader, you are the conduit for your organization's purpose. If it doesn't connect with you, you can hardly connect with others. Corporate purpose answers the why for the organization, but what about for you? One of the keys to ensuring connection is to focus on your legacy. The legacy of a purpose carries your personal stamp as a leader. As you pass it on, it changes, but it remains rooted in your contribution and in what previous generations have left for you.
Hire the right people and commit to their development
It is necessary to understand people and align them with the brand's objectives. Therefore, it is essential that they are connected to the company's purpose from the recruitment stage, in order to attract the right talent who align with your brand's vision. After this process, it is necessary to be close to and committed to the career of that new employee. They should know how far they can go and be properly supported in this process.
Engage your collaborators in the processes
The company's personality is the result of hard, long work that involves everyone. Be sure that your employees are working day after day to bring your purpose to life.
Everyone needs to participate intensely in each process of this purpose, whether it is internal or external. Without the necessary communication, your strategy will generate an opposite effect, lacking identity or consistency.
Align rewards and retain talent
One of the keywords when we talk about talent retention is motivation. This is because engagement is what makes the best professionals want to stay at the company. Offering growth opportunities within the company is very important. If a professional doesn't see a future in their role, they will have no reason to continue performing their tasks, let alone with excellence.
Good management allows the company to implement a healthy and sustainable rewards system. Leadership plays a crucial role in this case, as they are the ones who will generate the necessary motivation in employees and correctly evaluate those who deserve promotions and bonuses. Those who know what to do, where to go, and what they will receive in return often remain more motivated than someone without focus and objectives.
Now that you know how to communicate your company's purpose, understand better how to retain talent in your organization and get good results.
