Your purpose is at risk of being pointless if you don’t use a single overarching purpose, ensure stakeholders buy into it, implement strategies for operationalizing it....
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Most of my clients consider the issue of defining their purpose to be too touchy-feely, uncomfortable, not worth the time to work on, or disconnected from doing business. As the other indicates there are a variety of well-known publications and authors articulating the need to define purpose.
Here's a quote from the article:
"In a recent McKinsey survey, 82% of U.S. workers said that it’s important for companies to have a purpose, but only 42% reported that their company’s stated purpose had real impact."
Here's my perspective on purpose - without a purpose that employees can get behind, it's hard for individual employees to determine whether they matter in the achievement of your purpose - and whether they want to be aligned with it. When there is a lack of purpose, or a misalignment then employees drop down the engagement pyramid / Maslow's Hierarchy of Needs - and they they give you rock-bottom, minimal levels of productivity they think you'll tolerate without firing them.
Shame on many companies for not having a purpose and allowing employees to feel like they matter - and accepting sub-par levels of productivity.