WHY Matters: Do you know your organization’s WHY?

 

From Simon Sinek’s famous Ted Talk as to how great leaders inspire action to John Doer’s goal-setting Ted Talk, it’s apparent that truly transformational organizations are very clear on their purpose. When we have a clearly defined “why,” that is actively communicated to all, and embraced by leadership and employees, we feel more closely aligned with our purpose. 

And only then, can culture really thrive.

 

Perhaps a company’s WHY was never called-upon as much as it was amid the Coronavirus pandemic. An organization’s WHY can be simply stated as a reason for being, beyond profit. A recent study from Morning Consult shows that buying behavior, consumption preferences, and public opinion about brands shifted rapidly as the coronavirus crisis evolved. The data intelligence firm’s research suggested that for large companies to strengthen consumer affinity and loyalty, they should “put their purposes and values into practice.”

 

What can a clearly defined WHY do for your organization?

 

Create Employee Culture and Engagement

A common goal and purpose inspires employees to feel a part of something bigger. They take pride in their contribution and when they know what they are working toward, engagement increases.

 

Result in a More Productive Workforce

A purpose can set the compass in the right direction. Teams and Individuals know how their roles contribute to the whole. When they feel that they are an integral part of the vision, people feel more fulfilled. Research by Bain & Company concluded that if a satisfied employee’s productivity level is 100%, an engaged employee’s level is 144%. But the productivity of an employee that is truly inspired by the purpose of their employer is 225%

 

Aid Recruitment Efforts

Talent, and especially millennials, like to know a company’s bigger purpose. Jobseekers also evaluate an organization’s higher purpose and take into consideration how the company contributes to society and the community.

 

Retention Rates

When an employee feels that their work makes a difference and a connection to the bigger purpose, retention rates increase. This connection results in employees being twice as likely to stay with the company and for millennials, this number is even higher: they are five times more likely to stay according to a PwC study.

 

It may seem overwhelming, but there are dozens of ways to identify your organization’s WHY. From leadership brainstorming to fun activities that involve and inspire your workforce, identifying your company’s higher purpose matters. Need help starting? Reach out to us and we’ll help you to get the ball rolling.