A company’s purpose is more than a statement on a website or a plaque on the wall. It’s a living, breathing entity that informs every decision, from strategic planning to customer service. Purpose nourishes motivation, inspires innovation, and creates a sense of belonging among employees.

Research backs this up. According to EY and the Harvard Business Review, companies with a strong sense of purpose outperform their competitors in revenue growth, job creation, and innovation. Companies with purpose are also better at attracting and retaining employees and customers—upsides that ultimately result in higher productivity and profitability. Another study found that leaders who lead with a clear sense of purpose are more likely to inspire and motivate and are better able to adapt to change and steer their people and companies through challenges. 

 What’s more, over the last three years, the power of purpose has only increased. The pandemic crisis—and its toll on people’s mental health—has underscored the importance of finding and connecting to purpose in so many areas of life, including work. According to McKinsey data, nearly two-thirds of US-based employees have spent time since 2020 reflecting on their purpose in life. Seven out of 10 report that their sense of purpose is defined by their work. How closely it aligns with their employer determines whether they stay in a job—and as millions of quits during the Great Resignation and the months following showed, many people are willing to leave when there is a disconnect. 

 It’s not just employees who crave purpose; it’s also consumers. Purpose-driven marketing is on the rise, and customers are embracing it with their attention and their dollars. Consumers are voicing their preferences, from sustainable products and packaging to socially conscious brands and company values. Data from the 2021 Edelman Trust Barometer shows that nearly 70% of consumers believe they have the leverage to force corporations to change, and over 85% expect CEOs to take a stance and speak out on social issues. 

 Put simply, purpose matters—today more than ever. But it’s still an afterthought for many businesses and their leaders. How can your business unlock the power of purpose? Here are four ways to get started. 

1.     Put purpose at the core of strategy. The first step is to make purpose the foundation of your strategy. Purpose should ultimately be a guiding light for your company, giving shape and direction to your long-term goals, your brand, and your company culture. It’s essential to define your company purpose clearly and use it to inform every decision you make. Many leaders need to start, though, by understanding what the day-to-day organization looks like. Getting an accurate understanding of your team’s effectiveness and levels of current employee engagement can help you understand where the gaps are and how to close them. When you do, everyone will understand your business’s purpose and rally around it so that it becomes a source of shared strength. 

2.     Embed purpose into your culture. Simply defining purpose is not enough; your company needs processes and systems that reinforce that purpose and recognize employees who demonstrate and live it. Employees should feel that they are contributing to something meaningful and that their work has a higher purpose than company profits. In addition, your company purpose should be baked into your hiring practices, training programs, and how you measure success. 

3.     Create accountability around purpose. This brings us to the next step: leaders and managers must champion purpose and create on-staff accountability to celebrate examples of purpose-driven performance (and the wins it creates). It’s almost impossible to engineer this internally, so companies that are serious about embedding purpose and creating accountability should look to leadership development experts who can help to guide effective programs and coaching to develop and strengthen purpose—and bring employees together around it.

4.     Communicate purpose clearly and consistently. To truly unlock the power of purpose, your company needs to communicate it clearly and consistently, across channels. The first part is sharing purpose with everyone who cares about your company, from your employees and customers to partners and investors. The next step is putting your purpose at the center of your brand and using it as a lens to communicate your story, values, successes, and social proof clearly, consistently, and authentically across your website, customer service, social media channels, and more. When you do, your company will stand out, no matter how crowded your market is. 

Your purpose is not going to show up and knock on your company’s door. It’s something that you have to find, and when you do, it will help your company win—the right way. 

Ready to find your company purpose—and unlock its power? We can help. Purpose-Fueled Leader helps create thriving cultures by equipping leadership teams with tools and training that increase employee engagement, effective communication and emotional intelligence. Learn more at https://www.purposefueledleader.com.