As part of our happiness model, 'purpose' plays a a major role in creating the foundation for a positive and sustainable company culture. Purpose gets overlooked all too often, which is why our Chief Happiness Officer Jenn wrote a piece on Inc.com on the overwhelming impact that purpose can have on profits. Let's share some of our favorite takeaways!
When people can fully align their personal purpose with the purpose of the organization, they can also see how their everyday work is making an impact on the community. In other words, their job is not 'just a job.'
From the post, Jenn writes:
In a recent report by Great Place to Work, 85 percent of employees of Fortune 100 Best companies reported that their work has "special meaning: this is not 'just a job.'" These employees were 11 times more committed to staying with their organizations and were 14 times more likely to look forward to coming to work.
Purpose is a bit different than a mission or vision. To the DH team, purpose is aspirational and can be boiled down to a simple statement that defines the company's purpose to the world. So why do we see it that way? Jenn says:
It can be better when a company's purpose doesn't obviously translate to the nature of the business. Sometimes we live our purpose in ways beyond the scope of our service offerings. In a world that is always changing and innovating, having a purpose that can be fluid and adapt is a more sustainable approach.
Some purpose-driven companies include Airbnb, Patagonia, and Zappos! Not only are they strong names in their industry, but they're making money too. According to research cited from the article, "purpose-driven companies saw 400 percent more returns on the stock market than the S&P 500."
For the full post, click here.