I am a big believer in purpose driven organizations. I read the book Conscious Capitalism and it changed my perspective on business. In a world traditionally driven by profit, I didn’t know there could be a different motivator. I always thought that business is profit. But after I read the book, I started noticing the type of company that I was drawn towards. It generally had a bigger vision or a higher purpose. It believed in more than just the bottom line and stood for something greater than its product or service – and it wasn’t afraid to market itself that way.
It can’t just be me that is influenced by these greater good-minded companies. Look at the success of Patagonia, Tesla or Whole Foods. They have all proudly marketed that they stand for something bigger than their products whether it is animal rights or the environment. I think that we can safely say that there is a movement away from profit driven companies towards purpose driven companies – and I like it.
But why should a company jump on this purposeful bandwagon? Aside from the good feeling that you will be left with leading or working for a purpose driven company here are a few stats from an article I recently read on Inc.com that may sway you to be more purpose driven.
The Correlation between Purpose and Growth
58% of companies with a clearly articulated purpose achieved growth of 10%+ over the past three years. 85% of companies with clearly articulated purpose showed some growth overall, while 42% of companies without it showed negative growth.
According to Linkedin members, 73% of purpose-oriented members are satisfied in their jobs, against 64% of the non-purpose oriented. 39% are likely to remain for 3+ years, against 35% non-purpose oriented.
Purpose-oriented employees were 47% more likely to promote their employer externally, without incentive.
So moral of the story? Go find your purpose and be driven by it.