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Wealth Beat News > Small Business > Shared Purpose As A Key Enabler Of Organizational Success
Small Business

Shared Purpose As A Key Enabler Of Organizational Success

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Last updated: 2023/09/26 at 9:03 PM
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Irma Becerra is president of Marymount University, a comprehensive doctoral-granting university known for its innovative curriculum.

Contents
Follow Your Passion And Discover Your PurposeThe Benefits Of Purpose-Driven Leadership1. To Encourage Engagement, Trust And Collaboration2. To Inspire Organizational Resilience3. To Attract Top Talent4. To Cultivate InnovationImplementing Purpose-Driven Leadership

Today’s leaders are confronted daily with new leadership theories. For me, one approach stands out for its transformative nature—purpose-driven leadership. With purpose at the forefront, leaders can deliver benefits that ripple throughout organizations.

As a higher education leader, my purpose has always served as my North Star. I am a Cuban immigrant who learned early the value of determination, resilience and the pursuit of a greater purpose. As a child, my grandmother inspired me to reach far and pursue higher education. And her wise words still guide me daily.

I owe all my accomplishments and success to higher education. After earning a degree in electrical engineering, I secured a job coding the computer models that monitor the reliability of Florida’s power grid—quite the responsibility for a 23-year-old college graduate! Although I was a solid Fortran coder, that work did not ignite my passion. A volunteer opportunity working in adult education made me realize teaching was my true calling.

Follow Your Passion And Discover Your Purpose

I am a strong advocate for education for all, because higher education is the great equalizer. As a young mother of two, I returned to campus to earn my Ph.D. in electrical engineering. My journey involved long days of studying while juggling motherhood responsibilities, but the sacrifices were worth it.

Pursuing a passion is seldom straightforward, and the path forward often presents challenges and uncertainties. You should expect setbacks, sacrifices and moments of doubt.

The good news is that the seeds of purpose are sown and nurtured through the struggles. Passion fuels our determination, enabling us to persevere in times of adversity. As we navigate the complexities of our chosen path, we gain insights, skills and experiences that eventually merge into a deeper understanding of our purpose.

The Benefits Of Purpose-Driven Leadership

Here are four reasons to exhibit purpose-driven leadership.

1. To Encourage Engagement, Trust And Collaboration

When purpose takes center stage in leadership, I’ve noticed a remarkable transformation occurs within the organization, where everyone views their roles as vital contributors to a shared mission. Purposeful leadership provides the context for meaning and belonging in all we do and fosters a deep connection between employees and the organization’s strategic objectives.

Purpose influences engagement, and motivation becomes intrinsic. When employees see their efforts as part of a grander purpose, they are more likely to invest their energy, creativity and passion into their work.

Shared purpose also fosters a collaborative and supportive work environment. Organizations do well to prioritize employee development in line with their mission—providing opportunities for employees to develop skills and contribute to projects that align with their passions.

2. To Inspire Organizational Resilience

A shared purpose can anchor an organization’s decisions, strategies and responses to challenges. It unites leaders and employees, making setbacks temporary rather than insurmountable. A shared purpose provides clarity in the path forward, which bolsters the organization’s resilience to adversity.

For example, when the global pandemic threatened to upend our operations, our teams worked collectively to uphold high standards in keeping with our mission and rose to the occasion. Their unwavering commitment drove innovative adaptations and galvanized our determination to keep moving forward.

3. To Attract Top Talent

In a competitive job market, organizations that embody purpose-led leadership tend to attract and retain top talent. Today’s workers seek more than just a paycheck—they crave a sense of fulfillment and alignment with a company’s values and mission. They want to make a positive impact, not only on the organization but in the world.

Top-class candidates search for roles that ensure meaningful work, making purpose-driven organizations particularly appealing. According to McKinsey, purpose-driven organizations have higher employee engagement and retention levels.

4. To Cultivate Innovation

Purpose-driven organizations catalyze innovation by encouraging a culture of exploration, risk-taking and out-of-the-box thinking. Organizations with a shared purpose can challenge the status quo, experiment with novel ideas and collaborate across disciplines.

Innovation is not merely about introducing new products or services. Instead, it is about having the intellectual curiosity to find solutions while advancing the organization’s mission.

Implementing Purpose-Driven Leadership

Given the aforementioned benefits of exhibiting a purpose-driven leadership, what are the necessary next steps for implementation? First and foremost, ensure that you have a clear strategic plan and vision, with clearly defined core values and mission.

Be authentic in your leadership, and lead by example. Communication is vital, so regularly communicate the organization’s purpose to your team.

Create a culture of transparency and inclusivity, and empower employees to contribute to the organization’s strategic goals. Encourage innovation that aligns with purpose, and invest in employee development to support their personal growth and connection to the organization’s mission, vision and core values.

Conducting a “purpose audit” could also help assess the current state of your organization’s alignment with its purpose. Stay adaptable and be willing to revise the organization’s purpose. It takes work to quantify the impact of purpose-driven initiatives, but it is well worth the effort.

As business continues to evolve in the post-digital era, purpose-driven leadership remains a guiding light that shapes the present while paving the way for a more impactful future. A shared purpose provides a moral compass and helps ensure a future where organizational success and positive impact go hand in hand.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

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News September 26, 2023 September 26, 2023
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