{ INSTITUTE OF DIRECTORS }
MOTIVATING PURPOSE By Dean Orgill Chairman of Mayo Wynne Baxter www.mayowynnebaxter.co.uk • www.iod.com
A
few months ago, in this magazine, I asked as “just a thought”: “What is the purpose of your business? If your answer starts and ends with “profit” is that ultimately sustainable and/or satisfying for you or for your business?” From a recent survey of Millennials (people born after 1982) it is very clear that many of your employees and/or customers are of the view that profit as your sole motive will not sustain your business on its own. Certainly, it will not sustain their interest in you. The survey, which can be found at www.deloitte.com/millennialsurvey, posed a number of questions on attitudes to business of Millennials from twenty-nine different countries. A clear message came across that this group is looking for business to be conducted with a purpose, and not just for profit. For six in ten Millennials, a “sense of purpose” is part of the reason they chose to work for their current employers, and that sixty per cent figure rose to seventy-seven per cent amongst those who were high users of social media. What does this tell us? For me, two things. Firstly, to engage with this group as employees
or customers (which will inevitably become increasingly important over time) businesses must have a clear philosophy about why they exist in the wider social context. However, if you fear that this would add additional complexities for managing your enterprise, I would say it may in fact make it simpler. For example, if your business has a role to provide key services in a particular sector to a specified target market, surely that helps to feed into how you plan your future? It is easier to make a plan if you know what you are setting out to achieve. Secondly, businesses need to be more explicit and focused about their wider social contribution. I can think of very few, if any, businesses who will not “do their bit” for charitable causes when asked. Also, with the rise of the CSR culture we have seen more and more businesses actively seek out causes to help, and embed fundraising for those causes as part of the core activity of their staff. However, aligning this with a particular focus and purpose will make it even clearer why any activity is being undertaken and, I believe, make it more effective overall.
Not only will this bring with it the clearer sense of purpose increasingly being looked for, but the impact for the charities and causes is likely to be improved too. Returning to the Millennials as a group, only twenty-eight per cent of them indicated that they felt that their employers made full use of their skills. It makes sense therefore, if you wish to retain them, to help them feel part of an organization that knows and values both the role of a wider purpose and its own place in society.
JUST A THOUGHT Why not ask your staff “if they could change one thing about you, what would it be?”
15