BE PURPOSE-LED TO GET CUT-THROUGH IN TODAY’S RECRUITMENT DROUGHT
For many business leaders and entrepreneurs, one of the biggest challenges facing their business is the lack of available much-needed human talent. In the UK, the number of job vacancies reached yet another record of 1.3 million from March to May 2022, which highlights the acute need for talent across every sector. In the tech world, it is estimated that there are as many as 64,000 vacancies. While there are contributing factors to the current recruitment challenges, it is often easy to ignore that being a Purpose-led brand is such a crucial element in attracting new people to our organisations.
A recent YouGov survey found that 37% of UK workers think their jobs are meaningless. Additionally, many workers are willing to earn less money for more ‘rewarding’ roles.
Before 2019, Purpose was high on many management agendas, but the pandemic escalated the stakes even higher. More of us are re-evaluating the role work plays in our lives and what truly matters to us. So, any employer not addressing this issue risks losing good people at a crucial moment in post-pandemic growth and renewal.
WHY IS TALENT ATTRACTED TO PURPOSE-LED BRANDS?
Research shows, when given a choice, talent is far more likely to opt for purpose-led brands over brands with no clear purpose. Purpose-driven brands build a positive, proactive, and aligned internal team, and they attract the best talent to your organisation.
Purpose can be defined as the reason why a company exists. It is the fundamental reason you are here for your customers and stakeholders. The best purpose-led brands are organisations that are crucial to their customers, communities, staff, and demonstrate their Purpose to these stakeholders through brand actions. According to consultancy firm McKinsey, your Purpose should answer the question, “What would the world lose if my company disappeared?”
Consumer brands such as Ben & Jerry’s and Unilever make their Purpose front and centre of everything they do. This is because Purpose provides a clear compass for all business decisions and gives customers and your teams a motivational north star for committing to what you are striving to achieve.
Today, talent migrates to purpose-led brands. So, to future-proof the business, tech leaders need to be purpose-led to get cut-through in today’s recruitment drought.
And if getting cut-through in today’s recruitment drought isn’t enough, then studies and data show that purpose-led brands can make more profit, have more engaged employees, garner loyal customers, and are also better at transformational change.
HOW TO BE A PURPOSE-LED BRAND?
1. The “why” you exist is your Purpose: Everyone in your organisation, your customers and your stakeholders, all need to know the core reason you exist as a brand or business – beyond just ‘making a profit’ or ‘driving shareholder value’. They need to see the benefit you bring to the world, and it needs to move them to action. If no-one knows “why” you exist then you don’t have a Purpose.
2. Actions speak louder than words: Every single thing you do as a brand or business needs to “speak” to your core purpose. Your actions bring your purpose to life, and this is what your people can see, touch and commit to. If you say one thing, then do another, you’ll lose that commitment.
3. Weave your Purpose into everything you do Your Purpose needs to be integral in every single thing you do as a brand or business. It needs to drive the way you operate, the products or services you make, the way you connect, interact and empathise with the world around you. In short, everyone in your organisation has to live and breathe your Purpose 24/7, every day of the year.
Many companies, particularly those in the tech industry, already believe they have Purpose; after all, they exist because they solve complex problems for customers and clients. But defining your Purpose and aligning your business and brand to this requires an additional element of commitment and action. This is where Made By Giants comes in. Our team has years of experience working with B2B tech brands worldwide to build successful purpose-led brands that are changing the world.
Want to learn more about how we can help your business, too? Drop us a line at firstname.lastname@example.org.