The power of purpose
For increasing numbers of younger people in particular, work is not just about financial return, but also about whether the company’s social and environmental values align with their own.
Glassdoor’s Mission & Culture Survey 20191 found that 79% consider a company’s mission and purpose before even applying. Purpose matters. At its most basic level, purpose articulates why a company does what it does and for whom it seeks to create value.
Within large organizations, some executives think their company has gone far enough in its purpose journey. Mid-market companies, with their leaner operating / leadership models and narrower focus, can often articulate and live their purpose with greater ease and more authenticity.
By promoting their purpose externally, and living their purpose across the business, mid-market companies are enhancing the employer value proposition for candidates seeking to join purpose-driven organizations. A logistics company that wanted to drastically reduce the time taken to deliver products while improving the lives of its truck drivers stayed true to its purpose when it developed a completely new operational model for road logistics. It ensured every truck driver returned home every 10 hours rather than being away in his truck for weeks and still improved its margins. And it is now attracting new drivers and consequently solving its issue of driver shortage.
Once mid-market companies discover, articulate and authentically live their purpose, they can expect to attract highly engaged talent who are committed to the organization’s success; thereby reducing staff turnover and enhancing the company’s leadership pipeline.