Why does your organization exist?
Think of it this way: If you asked your internal and external stakeholders the above question, would they point to the products and services you’re bringing to the marketplace … maybe talk about revenue numbers on a spreadsheet? Or would they indicate something bigger — a specific cause your brand stands for that both employees and consumers can passionately rally behind?
If you chose the latter, then it sounds like you’re lucky enough to be involved with a purpose-driven organization, a concept Chris Irwin, Director of Partnerships at the Navy SEAL Foundation, chatted with the BillGO team about recently. Read on for Irwin’s take on the numerous ways organizations benefit when their “why” goes beyond the bottom line. He also offers tips for successfully finding a purpose that fits your culture and explains how this practice comes to life every day in his work serving the Naval Special Warfare community.
Having a purpose pays off
As former Navy SEAL, Irwin was already well-versed in the importance of mission, values, and being a part of something bigger when he joined the sports drink startup Kill Cliff as president in 2013. The company’s founder, a fellow SEAL, “had the idea that the company would be the largest contributor to the Navy SEAL Foundation,” Irwin says. “He wanted that purpose built into the DNA of the organization. I had never thought about it that way before.”
He soon learned that running a purpose-driven organization has a host of benefits for employees, consumers, and brand strength. They include:
•Inspired employees: “Employees want to feel good about what they do every day, beyond their basic job functions,” Irwin says. “They want to know they’re making a difference. If you have a company mission that resonates with the culture, then there’s passion behind what [employees] are doing.”
The data backs him up: A Great Place to Work report found that employees who felt their employers were making a positive impact on the world were four times more likely to go the extra mile, 11 times more committed to staying with their organizations, and14 times more likely to be excited about coming to work.
•Loyal customers: “Consumers want to buy from companies that have a purpose and are doing something to give back,” Irwin says.
The stats tell the story: A recent survey showed that American consumers are more likely to think positively of (89 percent), trust (86 percent) and remain loyal to (83 percent) brands that put purpose first.
• A healthy brand: Purpose-driven businesses historically outperform the market, and “everybody wins if you’re able to do that,” says Irwin. “At Kill Cliff, the more successful [our purpose] made us, the better it made us as a supporter.”
The facts don’t lie: A 2018 study by Kantar found that purpose-driven organizations saw their valuations surge 175 percent over 12 years, compared to a growth rate of just 70 percent for brands uncertain of their purpose.
Quick tips for developing your organization's purpose
So, select a worthy cause, tell everyone about it, and reap the benefits — that's it, right? Not quite, says Irwin. To properly lay the foundation for your organization’s purpose, there are some critical steps you need to take first. Remember:
•Authenticity matters: Make sure your purpose resonates with the overall background and goals of the business. “When I was at Kill Cliff, supporting the Navy SEAL Foundation worked because there were former Navy SEALs on the leadership team,” Irwin says. “We didn’t do it because it was cool or as a marketing ploy to make money. We truly wanted to give back to the community.”
•Collaboration is key: “You’re going to get a lot more buy-in on your purpose if you get employee feedback first,” Irwin says. “Gather people together in a room and ask, ‘What matters to you?’” Doing so helps build a culture of team members working together toward a common goal, and in turn helps boost retention rates.
• Tell your story: “You want to market your purpose internally and externally,” Irwin says. Make sure you have a cohesive message in place about why your purpose is important and why it was chosen.
A purpose-driven org in action: The Navy SEAL Foundation
Irwin sees the impact of a purpose-driven organization daily through his work with the Navy SEAL Foundation. The organization, which just celebrated its 20th birthday, is committed to providing “immediate and ongoing support and assistance to the Naval Special Warfare community and its families.” Serving more than 25,000 personnel including active and reserve service members, veterans, and their families, as well as the families of fallen warriors, the non-profit provides a comprehensive set of programs designed to:
• Improve health and welfare
• Build and enhance resiliency
• Empower and educate families, and
• Provide critical support during times of illness, injury, loss, and transition
“Our service members and families sacrifice daily and sometimes, because of the work that they do, needs arise that the Navy is not equipped to support to the level that is needed by these warriors and families,” Irwin says. “That is where the Navy SEAL Foundation comes in.” After more than 18 years of sustained combat, “the growth [of the organization] has just been amazing,” he adds. But it needs your support. Learn how you can help here.
We asked Irwin: After years of serving their country, will members of the military transitioning back into civilian life be more likely to work for purpose-driven companies? “I can’t speak for everybody,” he says with a smile. “But all other things being equal, that’s a much better organization to work for in my opinion.”
We want to learn about your purpose!
If your organization is driven by something “bigger,” we want to hear about it! Come on, we’ll even get things started: At BillGO, we believe everyone deserves access to a healthy financial future. So we’ve reimagined a bill pay solution that delivers choice, speed, and intelligence.
Now it’s your turn — reach out to us on LinkedIn, Twitter, or Facebook, and tell us how your team is making a difference.