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Why Is Purpose Key To A Culture Of Innovation?

By 15/06/2019Nov 23rd, 2021No Comments

WHY IS PURPOSE KEY TO A CULTURE OF INNOVATION?

 

Shared purpose inspires unified momentum towards a vision. This unification increases the velocity with which the vision is achieved. Purpose is quite simply the most essential ingredient to innovation success. Purpose provides meaning and requires meaning for optimum well being which is essential to performance.

 

A recent study from Korn Ferry showed that companies with teams focused on their organization’s purpose had annual growth rates nearly three times the annual rate for their entire industry. https://www.forbes.com/sites/williamvanderbloemen/2017/01/29/why-purpose-should-be-a-pivotal-part-of-your-business-strategy/#13c4cc4b4135

 

WHAT IS PURPOSE?

 

Purpose if why you do what you do. In a business environment a company’s purpose is the collective of its vision and mission. A purpose must be sufficiently compelling to inspire and must be supported by clearly defined values that are actively experienced in the organization.

 

“90% of people who worked in a purpose-driven organization reported feeling engaged in their work. In companies that aren’t as focused on purpose, only 32 percent of employees reported feelings of engagement and connectedness with the work they were doing.”

https://www.forbes.com/sites/williamvanderbloemen/2017/01/29/why-purpose-should-be-a-pivotal-part-of-your-business-strategy/#13c4cc4b4135

 

HOW DOES A COMPANY DEFINE ITS PURPOSE?

 

The best analogy I heard was that defining purpose was akin to building your dream house. If you had no limitations what would you like your dream home to look like? This in essence is your vision. The clearer and more specific you get the better. Once you are satisfied with the design of your dream home and it is clear and specific you start building. Building is in essence your mission. Your values are how you will go about building the house for example using quality materials, sourcing ecological suppliers, remaining to design changes, committing to excellent workmanship and so forth.

 

Your company vision is what you would like your legacy to be, your mission is the daily action you will take to get there and your values determine how you will take action.

 

“Companies that are not simply profit-driven are more likely to succeed and that the same goes for people. Individuals who align their daily job with their life’s work will be happier and more productive.”

https://hbr.org/ideacast/2019/04/why-people-and-companies-need-purpose

 

WHAT IF A COMPANY DOES NOT HAVE A STRONG PURPOSE?

 

When all human energy in a company is aligned towards a common purpose that inspires and that is lived within the organization, goals are achieved with ease. Without this alignment the pull of human energy going in different directions means goals, if achieved are a struggle. We are geared to have meaning and without it wellbeing will be compromised and lethargy will set it. An employee not driven by meaning is untapped energy and potential.

 

“The need for purpose is one the defining characteristics of human beings. Human beings crave purpose, and suffer serious psychological difficulties when we don’t have it. Purpose is a fundamental component of a fulfilling life.”

https://www.psychologytoday.com/us/blog/out-the-darkness/201307/the-power-purpose