The Place for Purpose in Business Rises to the Top

Guest blogger, Michelle Weil, Organizational Engagement Consultant, ethOs shares her insight on the importance of working for a purpose driven company.

The average person spends a whopping 90,000 hours of their lifetime at work.

As research continually connects a sense of purpose to belonging, mental wellness, physical health and overall well-being, it also makes clear that purpose isn’t just for use at home or for hobbies. With one-third of a person’s lifetime spent at work, an articulated purpose statement is quickly rising to the top of organizational “must-haves” for attracting and retaining employees, experiencing growth and earning the loyalty of all stakeholders.

Purpose in the Post Pandemic World

Both the health crisis itself and the stress of looming uncertainty over the last two years have contributed to a shift in how workers view their relationship with employers. Likewise, the pandemic posed unprecedented challenges for companies around attracting, retaining and engaging employees in hybrid work arrangements. Employees are now looking for more in a job than a paycheck; during the pandemic, many had the opportunity to pause and consider how they spent each hour of every day. Now, surveys show that job searchers want to be part of something meaningful and to contribute to an organization that stands for the same values they believe in.

According to a survey recently conducted by LinkedIn, 52 percent of candidates seeking employment stated they wouldn’t accept a job offer if they didn’t know or didn’t agree with the company’s mission, values or purpose. Additionally, the U.S. Bureau of Labor Statistics reported that as of the fall of 2020, more than 90 percent of employees would be willing to earn 23 percent less money to do work they believed had meaning.

This shift in awareness of personal values and purpose means that in order for companies to attract and engage productive employees, the companies themselves need to spend time identifying and sharing their own values and purpose.

Intentional Exploration Results in Impactful Engagement

Digging deeper than mission or vision takes time and the discovery can be challenging for organizations to articulate. It’s not always possible to identify the exact ROI a company may experience from the time and effort spent on identifying purpose. But what experts have witnessed, and reported through research, is increased engagement from employees when they better understand the importance of their work and the sense of belonging in being a part of something bigger. This all translates into increased job satisfaction among employees and more loyalty to their employer. It’s a clear win-win for both.

This increased feeling of connection to companies filters outside of organizational walls, as well. Companies that share their purpose internally and externally find that it also differentiates them from competitors. In fact, a study published by The Harvard Business Review in 2015 reported 52 percent of purpose-driven companies experienced over 10 percent growth compared with only 42 percent of non-purpose-driven companies. People like to support businesses and nonprofits that share their values and that increases brand loyalty among consumers who can align with a company’s purpose. This is especially true among younger generations.

Now is the Time to Explore

You (as an individual and/or an organization) already have a purpose—it’s just waiting to be uncovered. ethOs was proud to partner with United Way of Central Iowa and other community partners to develop Powered by Purpose in 2020. The website is a resource for all things purpose and includes a free online Individual Purpose Journey to help anyone curious about their purpose explore their values and ultimately develop their own purpose statement.

As of August 1, a new, free Organizational Purpose Journey launches and includes questions and activities ethOs uses with our own clients to help them discover and articulate their purpose. The goal is to help make purpose discovery available to any business or nonprofit, regardless of how long they’ve been operating or size. The Journey includes a facilitator’s guide, videos on various discussion topics, activities for exploring history and vision, and step-by-step instructions for writing a purpose statement.

To learn more about Powered by Purpose, visit poweredbypurpose.org.

About ethOs

ethOs works with organizations to enhance the overall employee experience by empowering their people to bring their best self to work every day to fully engage in the organization’s purpose. ethOs uses a holistic talent strategy to develop and impact an engaged culture. The ethOs team considers aligning business goals with workforce demographics, organizational objectives, culture and environment when creating the most holistic approach for each client. ethOs was one of four community partners involved in developing the Powered by Purpose Organizational Journey.