1. Purpose can help you win the war for talent
We know that 80 per cent of millennials are now asking, “Is this company part of the problem, or part of the solution?” during their job interviews.
It’s of real benefit to be able to say “Look, this company is really concerned about social causes and this is what we’re doing about it”. Purpose can be used to differentiate yourself in this instance. If you try to differentiate yourself with candidates based only on money, that’s an arms race you’ll never win.
And it’s not just millennials. Purpose is a great way to win the war for talent among people in their 40s and 50s, too. I call these the “mid-career switchers”. They’re people who’ve had a great deal of success in their careers, and they find themselves saying, “Is this it? Is this all there is?” There are more and more people in this situation now. They’re too young to retire, they’ve got enough of a nest egg to take a risk, and they don’t just want to go grind out at yet another business that makes rich people richer.