Peter is the CEO and co-founder of Seniors Helpers, a leading national non-medical in-home senior care franchise.
I played sports all my life. Growing up, I was always part of a team. When I played basketball in college, I was by no means the star, but I played well and knew my skills contributed to the team.
I had an aha moment when I realized that my role on that team wasn’t one-sided. Being on the team also made me better. I had a purpose on that team, and it provided purpose in my life—the consequence was that it was a win-win for both sides.
That’s how I feel in business today, and it’s a lesson I pass on to my current team. Leading with purpose means contributing something meaningful to society and going beyond mere profit generation. Being part of a purpose-driven company means there is a broader mission that resonates with all touchpoints: employees, customers and stakeholders alike.
The Business Of Purpose
Purpose is essentially brand identity and answers the question: “Why does this organization exist?” Using purpose as your North Star is effective. According to Deloitte, “Purpose-driven companies witness higher market share gains and grow on average three times faster than their competitors, all the while achieving higher employee and customer satisfaction.” In the marketplace, we’re in an era of consumers placing significant importance on brand value when making purchasing decisions, so meeting a brand promise is crucial.
Make It About People
Perhaps the most impressive result of leading a purpose-driven organization is the effect on employees. According to the same Deloitte Insights report cited earlier, purpose-driven companies have 30% higher levels of innovation and 40% higher levels of retention.
This is because when your job, where you usually spend the majority of your day, contributes to the greater good and has meaning, it also gives employees meaning. The organizations that succeed in making their mission personal to employees see performance that sets them apart. According to Gallup research, “just a 10% improvement in employees’ connection with the mission or purpose of their organization leads to an 8.1% decrease in turnover and a 4.4% increase in profitability.” This explains why, when surveyed, nearly 70% of CEOs are now placing more emphasis on purpose.
I’ve found that when your team understands their role and the greater purpose of the company, it creates a much-needed connection. Your team is hungry for it, actually. A McKinsey and Company survey revealed that 82% of employees surveyed feel it’s important for a company to have a purpose, and 72% feel that it’s more important than profit.
Three Ideas To Fulfill Your Purpose
The question is, are you leading a purpose-driven company? Is everyone sharing the vision all the way down the line? Here are some ideas to consider.
1. Build Your Team
Résumés are important. Of course, I want to see a candidate’s work experience. But when I interview, whether for our corporate team or for prospective franchise owners, I interview for character as well. I ask the folks sitting in the chair across from me to give me a five-minute commercial about themselves. I want to hear them tell me 10 adjectives that they would use to describe themselves. I ask, “What would your current manager say about you?”
Here’s why this matters: These are potentially the people who will represent your company. You need to gauge key factors like how well they accept change, whether they have a servant’s heart and whether they align with your company’s purpose.
2. Find People Who Are Motivated—But Not All About Money
I get it, people have to make a living, and companies have to grow. The challenge is getting that done while serving the community and doing your part. People want to feel like they’re a part of something. I believe that was a big reason why the Great Resignation took place. Folks were searching for something more.
In a recent podcast, it was revealed that 70% of people define their purpose through work. That’s why you usually see tenure at purpose-driven companies; it’s because they create a positive culture—and serving others, frankly, feels really good, supplying the motivation to stay.
3. Be Authentic
Define the purpose of your company, perhaps with buy-in from your team, and clearly communicate what your company stands for. For many brands, this might mean adopting policies about hot-button issues like sustainability or other matters of the social good. Make it about people. In a world of technology and robots, people are beginning to feel displaced, so giving your team purpose can help keep things personal, not transactional.
My Lesson From The Basketball Court
Beyond the several companies I’ve started whose existence is purposeful, I currently lead a franchise dedicated to caring for seniors in their homes through companionship and specialized care. I believe in a servant’s heart because I know we are all here to help each other; whether providing service or improving the planet, we all need to find our purpose.
From my basketball days, contributing to the team made me recognize how a career can serve a greater purpose. Thankfully, it’s been a slam dunk.
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