Our understanding of leadership today is experiencing some radical changes. Leadership is no longer a few people at the top dictating how an organisation must be run. Leadership is now distributed throughout the various levels of an organisation. Purpose-driven leadership, is a leadership style that prioritises the purpose or values of a company, without compromising growth and profit. An organisation with purpose-driven leadership has an intentional values-based approach to the mission and vision. Purpose-driven leadership is a nascent approach that recognises the role of a leader to be an arbiter and advocate for an organisation’s purpose.
In order to lead in this way you must discover your leadership purpose, help the people you lead to discover their purpose, and align people’s personal purpose to that of the organisation. Here are three reasons why adopting this approach is important for success in the workplace.
Purpose ties the organisation together
Leadership experts have identified that purpose is essential to the successful navigation of the complex, volatile, and ambiguous business environment that characterises our contemporary business climate. A purpose-driven leader is able to bring people together for a common cause, which is business success. This leadership style provides the employees with the why of their work. Meaning and purpose in one’s work has the potential to be an effective driving force to achieve the desired results. Leading with purpose at the core is a practical way to transform the fabric of an organisation. It transforms employees into partners in the mission of the company, who see the value of their everyday contributions to the success of the company.
Purpose attracts and engages employees
A purpose-driven leader is able to unlock exceptional performance in themselves and those they lead, while also fostering greater well-being within the organisation. Research has shown that 70% of millennials place a great value on having purpose in their work. Millenials are fast becoming the most represented generation in the global workforce. Providing a sense of purpose in the workplace can therefore attract high-quality talent. A focus on the alignment of personal and organisational purpose in the workplace also improves the level of employee engagement.
Purpose increases profits
The inarguable proof of a business strategy is how it affects the bottom line. Studies on purpose-driven leaderships are revealing that purposeful companies are more profitable. Pure profit is no longer an adequate motivator for employee engagement and performance. Customers and clients are also more likely to remain engaged with purpose driven brands. Companies with a “culture of purpose” outperform those that focus on pure profit. By identifying and placing value on the purpose of a company, profits and sustainable success can be found despite the ups and downs of the market. This proves that the business case for purpose-driven leadership strategies is solid and necessary for long-term success.
Have you experienced purpose-driven leadership in your workplace? Let me know!