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As the focus on purpose moves to the top of the list for the vast majority of business leaders, it is connected to the leadership decision making process only 34% of the time.
How does decision-making in purpose driven companies differ from decision-making in other organizations?
In purpose driven companies, the guidepost for leadership decision making is purpose – nearly 100% of the time. This is the case, because purpose is at the core of the organization and its every decision.
Purpose answers the question asked by Alex Edmans, author of Grow the Pie:
How is the world a better place by your company being here?
Purpose Driven Organizations – Where Purpose Guides All Decision Making
What is the purpose of a business?
A company’s purpose is the reason why a company exists. In purpose driven organizations, this is taken a step further: purpose is what the entire organization is built on and it informs its identity.
What is a business purpose?
The business purpose is the idea or product around which a business has been founded. For a company to succeed, this business purpose has value for founders, investors, employees and consumers alike. Purpose is the driver across the company and at the core of long-term vision as well as day-to-day tasks.
Three pillars of purpose shape a purpose driven company and promote its core values through everyday tasks as well as long term goals:
Meaningful work and knowing that they make a difference in the lives of others, for nature or for science is the “reason to get up everyday” for employees of purpose driven organizations.
Purpose driven organizations perform better financially compared to their competitors, have much less employee turnover and shine with high levels of innovation.
The Value of Purpose for Consumers
A study reveals that when consumers think a brand has a strong purpose, they are:
Purpose driven brands have a trust advantage with consumers, who are four to six times more likely to purchase, recommend or champion and protect purpose driven companies.
Key Search: Hiring The CMO for a Purpose Driven Company
Chief Marketing Officers have the unique role of defining and sharing the company’s purpose both internally to the employees and stakeholders and externally to customers and business partners.
For purpose driven startups and companies, ensuring the CMO shares the company’s purpose that will be at the core of their day-to-day work and strategic long-term strategy is crucial. Therefore, finding talent that shares this purpose is a key factor during the hiring process.
Key Search helped Berlin-based Afilio hire their Chief Marketing Officer. As a company built around the purpose of provisions planning from healthcare to insurance, finding a CMO who shared the company’s purpose was essential.
"As with most top talent Key Search helps their clients hire, Sarah was not actively looking for a new role. It was the shared purpose that piqued her interest. The CMO position at Afilio meant a role that would be built around a purpose and values that she could personally identify with."
In purpose driven companies, shared purpose is crucial for the company and the candidate. Identifying this in the hiring process is key to a successful placement.
Key Search Hires Leaders for Purpose Driven Companies
To find out more about the Key Search hiring process, our approach and the tools we use to find the right candidates for you. To find out how Key Search can help you hire leaders who share the purpose of your company, let’s have an introductory call.