Before corona and the Ukraine war, in the years that seem good to us today, it was the latest trend in management fads: companies should formulate a higher purpose for themselves. Because employees who believe in the sense of their own actions are more motivated than those who only count down the days until retirement—an important competitive advantage.
At the moment, of course, more tangible competitive advantages are decisive for companies: Can I get cheap energy somehow? How quickly can I decarbonize my business model? And how do I get the missing parts from China to my factory?
The current crisis has also led to interesting shifts in terms of purpose. This is shown by a yet unpublished study by the management consultancy Globeone, which specializes in the subject. More than 4,300 consumers were asked how they judge corporate brands in terms of sustainability, authenticity, honesty, profit orientation and future viability.
The result is a ranking based on the calculated “Purpose Readiness Index,” which reaches a maximum of 100 points. Above all, those companies that consumers regularly encounter in everyday life land in the top places. An example of this is the drugstore chain dm (76.5 points), which took first place—followed by the German Red Cross (75.1 points).
It is obvious that for many companies, it is no longer enough to earn money, they want a purpose.
About the power of purpose
Purpose is an active expression of our values and our compassion for others—it makes us want to get up in the morning and add value to the world. The Power of Purpose details a graceful, practical, and ultimately spiritual process for making it central to your life.
Why having a sense of purpose is important?
The dictionary defines “purpose” as the reason for which something exists or is done, made or used. Sounds pretty boring, huh? But when you break it down, it turns out, purpose is pretty important—to your physical, mental and emotional health. It’s that big.
So, what is your purpose? According to researcher William Damon, who wrote A Path to Purpose, it is “a stable and generalized intention to accomplish something that is at the same time meaningful to the self and consequential for the world beyond the self.”
In fact, that meaningful intention can help you stay focused on the things that matter most to you like family, friends, faith, career, integrity and more. It helps you prioritize your life—allowing you to walk away from certain people or activities that don’t serve your purpose. It’s a main driver to stay motivated when things get tough, so you can set and meet short- and long-term goals. And maybe most of all, it makes you feel like you are making a difference in the world.
The Purposeful: You have found something that is personally meaningful to you and that contributes to the greater good. You’ve sustained interest over a long period of time, and you can clearly articulate your “why.”
There is no doubt in my mind that our “purpose” as businesspeople requires us to get ready for the future, including the future of wellness, the future of our digital strategy, the future of data partnerships, the future of integrity, among many other “futures.”
Let’s all contribute to be purposeful and commit to the creation of a great future!
If you have ideas regarding today’s subject, send it to me at hjschumacher59@gmail.com