Old mindset of running organizations does not work anymore:
71% of employees are not fully engaged at work (Gallup study) due to misalignment with the work they do: they are not using their strengths and their values, and their purpose does not match that of the company.
Organizations are finding it very difficult to bring out the best in every generation so that they can work together in harmony.
The largest workforce (millennials) have a very high turnover rate and the cost of hiring is growing. (It is around $109K per employee based on Bersin Deloitte study.)
Purpose (beyond profit) is becoming your edge in the business world today. It also helps you make more profit as a by product! Employees (we call them stakeholders) with a Purpose-Orientation are the most valuable and highest potential segment of the workforce regardless of industry or role. On every measure, Purpose-Oriented stakeholders have better outcomes than their peers:
20% longer expected tenure
50% more likely to be in leadership positions
47% more likely to be promoters of their employers
64% higher levels of fulfillment in their work.
(2015 Workforce Purpose Index • © Imperative)
This is not only crucial for our people but also our clients. A study by Nielsen found that “55% of global respondents are willing to pay extra for products and services from companies that are committed to positive social and environmental impact—up from 50 percent in 2012 and 45 percent in 2011”.