What’s the purpose of having a Company Purpose?
Is company purpose a useless management fad?
I’m sceptical of management fads and jargon, as so many “new” ideas and terminology are mostly re-packaged old ideas. Remember those Vision statements that have been around for decades? Is Company Purpose just the re-packaging of a “Vision”?
The fact is, whether they are explicitly aware or not, people have a personal purpose, which is why we bother to get out of bed in the morning. If you aren’t sure about your own purpose, read my previous newsletter on the 9 steps to developing your personal purpose. Recent McKinsey research found that about 70 percent of people say they define their purpose through work (Naina Dhingra, McKinsey 2021). This means that more people will be drawn to your company if they identify with its purpose.
Since Covid, we have seen the great resignation, the “Great Attrition”, skills shortage. With this comes the importance of inspiring our people, so that they love our company culture so much that don’t want to leave our organisation.
So yes, your Purpose statement is a more contemporary term for a Vision statement. It also needs to be more powerful, more inspiring, and more meaningful in our current operating environment. They are then an important part of your commercial toolkit for hypergrowth.
Once you have defined your purpose statement it will guide everything you do:
…….Purpose will help you refine your strategy.
……Purpose aligns teams to pull in the same direction.
…….Purpose strengthens culture.
……..Purpose energizes your people.
………Purpose inspires customers.
Your purpose makes the world want you to win.
If you’re developing your purpose statement, take a look at the purpose statements from companies in your industry. Here are some examples, mostly from workplace tech and HR companies. Spot the odd one out! Let me know what you think of these statements in the comments. Would they be meaningful to you if you worked in the business? Would they inspire you as a customer? Which one inspires you best?
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I talked about purpose during my recent seminar at the Spark Festival. View the YouTube recording:
Contact me if you want to hold a #designthinking workshop with your team to develop your purpose.
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About Lisa Carlin
Lisa Carlin is a Strategy Execution Specialist. She works with business leaders to plan and execute their strategies in tough environments. Her clients love having her expertise and guidance to navigate their workplace culture and use AI to achieve success.
Lisa created The Turbochargers Hub, so leaders can master the art of strategic influence and generate momentum for organizational change.
Lisa is author of the globally acclaimed newsletter, Turbocharge Weekly, read by 8,000 business leaders.
Lisa’s career includes roles at McKinsey and Accenture, then running her own business since 1999. Over this time she has delivered over 50 implementations with a 96% success rate.
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Written by Lisa Carlin for FutureBuilders: https://www.futurebuildersgroup.com/is-company-purpose-just-the-re-packaging-of-a-vision/