Why Purpose-Driven Businesses Matter (And How To Build A Fulfilling Career)

April 3, 2023

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It’s an eternal question: why are we here and does what we do matter?

At Stella Insurance, we’re big believers in the positive impacts of living a purpose-driven life and purpose-driven business. That means finding what matters to you and making it the reason you get up in the morning.

And because work can often take up a huge portion of our time, aligning your career with your personal purpose can lead you down the path of motivation, fulfilment, and a sense of meaning. Studies have even found that having a greater sense of purpose can decrease your risk of physical health concerns, from cardiovascular disease and lower mortality.

Interestingly, purpose is being deemed as the new ‘promotion’ for employees in 2023. Recent research* has shown that there is a cultural shift towards finding work that makes an impact, with 67% of employees researching a company’s values before applying for a new role and 25% reporting that getting meaning or purpose from the work they do is their top priority in their job search.

So whether you’re looking to find purpose as an employee or are in a position of leadership with the capacity to bring a sense of purpose to the workplace, read on to learn the benefits of building a purpose-driven business (or seeking out a rewarding career).

How do you define your purpose?

Discovering your purpose and finding a way to bring it to life can seem overwhelming. But it’s helpful to remind ourselves that finding our purpose doesn’t necessarily have to change the world.

The Japanese word, Ikigai, is a concept that refers to finding that which gives your life worth, meaning, or purpose. It’s made up of four components: what you love, what you’re good at, what the world needs, and what you can be paid for.

In a nutshell, an expression of your talents and a desire to help your family, friends, or community is really all it takes to lead a purpose-driven life. And the same can be applied to your business or career, too.

Okay, but how do you find it?

As an individual or as a company there are four steps to finding and implementing purpose:

Define it – identifying your purpose and pinpointing your why.
Articulate it – finding ways to clearly communicate what you value and care about.
Action it – this could mean dedicating your spare time to actions that align with your values or making policy decisions in your business that are driven by purpose.
Check in – monitor it, measure it, and adapt it. The world changes, so stay on top of your purpose, redefine it if that’s what makes sense, and find new ways to implement it.

Here are two fun exercises to find professional purpose:

Write down your top three dream professions and write a list of ways that they can impact the people around them.
Answer the following: What are three ways my job impacts the lives of others?

Remember, we’re not necessarily changing the world, just finding purpose. The local barista might find purpose in energising people for their day ahead or working in a place that facilitates conversation and community.

Purpose is everywhere, you just have to find it.

Why purpose-driven business matters

Wondering if the corporate world can go deeper than the pursuit of capital? Well, customers are demanding companies find purpose, and they’re willing to pay more for those who do.

Implementing a corporate purpose means finding a socially engaged reason for being, and it’s important to be human-centric here. Because authenticity is increasingly important, customers, and employees, are demanding measurable call-to-actions.

From the rise of the B-corp movement to building carbon-neutral companies, having a clear brand purpose and mission not only positively impacts the work but can also increase retention rates and build brand preference and loyalty.

Here’s what the stats tell us: 70% of employees said that their sense of purpose is defined by their work. So it’s important to find a place where your personal purpose aligns with that of the organisation you’re working for.

A study published by Harvard Business Review also found that purpose-driven companies have better growth. 52% of purpose-driven companies experienced over 10% growth compared with 42% of non-purpose-driven companies.

How to take action and implement purpose into business

Ready to turn this new knowledge into action? At an individual and company level, here’s how to build purpose into everything you do at work.

For individuals

Now that you’ve got your clearly defined purpose, it’s time to have a look at whether your current career is aligned with what’s important to you. It’s always good to take a second and check in with yourself: do you feel fulfilled?

If you’re feeling like things at work aren’t aligning with your personal purpose it may be time for a change. Here are a few places to look for positions at purpose-driven companies:

Certified B Corporations – a global initiative to certify businesses who balance profit and purpose

Ethical Jobs – This Aussie-based job board lists positions from charities, not-for-profit organisations, and social enterprises
NGO Recruitment – recruiting for not-for-profit organisations in Australia and across the Asian Pacific region.

For companies

As a business owner or leader, building purpose into your company comes with stacks of powerful benefits (both for your team and your bottom line). Here’s a list of ways a company can action their purpose to have a real impact:

Donating products or services to causes you care about
Getting involved at the community level and contributing to community projects and events
Using purpose or company values to inform business and policy decisions
Supporting employees to volunteer and give back with additional days of paid leave

While there’s no one way to find or define purpose, discovering what lights your fire can motivate and give meaning to your work. Igniting your inner resolve within a workplace with meaning is a recipe for career success and personal happiness.

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