GoodUp predicts a Great Year for Purpose Driven Companies!
Luckily we are not alone. Mark Sadovnick, the Managing Director of Stanton Chase states: “In 2018 ‘Leaders Who Care’ will be the winners. They will attract the top talent and have the best results in their talent development, and retention”. In addition to that Ryan Rudominer, a Brand expert who regularly writes for the Huffington Post predicts the influence of a company’s purpose on marketing as well: “Companies that lack empathy in 2018 won’t control their narrative. Someone else will.” And: “In the polarized climate we’re living in, I predict that empathy will be the new currency in the marketplace.”
The companies that are already clear on their legacy and the social issues they are willing to stand up for – their so called ‘Purpose’ – simply have a better case in engaging the customers whom want to change the world with their wallets. Next to that, they will prove better at attracting and retaining talented millennials that are more and more inclined to only work for those companies that align with their values.
Corporate Giving & Volunteering
Even bigger benefits are available for the companies that actively engage their customers and employees in turning their Purpose into action. The easiest way to do so is by offering your employees time. Time to execute their ideas that are in line with your company’s Purpose. Time can be used to do relevant volunteer work or to initiate internal innovation aimed at increasing sustainability within your supply chain for example. Corporate Giving is another easy way to reflect a company’s purpose and values. According to Deloitte Millennial Survey 2017, opportunities to be involved with “good causes” at the local level, many of which are enabled by employers, provide millennials with a greater feeling of influence. It is in the workplace where millennials feel most influential and, in turn, accountable. This is an important point for businesses to acknowledge as it offers a starting point from which to build each employee’s sense of purpose and, ultimately, a more engaged workforce. Employees who think their jobs have meaning, or that they are able to make a difference, exhibit greater levels of loyalty.
Employee Experience is the next frontier
A company’s Purpose that is broadly shared among its employees is not only good for the world but is good for business as well. Forbes already declared that 2018 will the year of Employee Experience (EX), the one differentiator that will make the difference between competing companies. Because a lot of companies are already reasonably on top of their game, when it comes to Customer Experience, the Employee Experience is the next frontier where the winners will be separated from the losers.
Actively engaging your employees (besides your customers) in your Company’s Purpose might be the way to go to boost your EX up, since the creation of the ultimate EX is not about perks of HR strategies. It is about your company’s culture, the very core of everything. What is your story and how well do you walk that talk?
This prediction is in line with a trend signaled by Julie Hootkin, Partner of the Global Strategy Group: “Year after year, we’ve seen the appetite for corporate engagement grow. In 2018, that trend will only intensify. An increasing demand for real-time engagement and responsiveness – around macro issues and current events – will require companies to be more prepared and more nimble than at any time in the past. In fact, our most recent Business & Politics Study underscores that, in our current environment, companies will face a real penalty for inaction – for consumers, for legislators, and for employees, doing nothing is no longer an option.”
As we say at GoodUp – not doing Good is simply not an option any more. Click here to get the ‘doing good’ started.