Millennials want jobs with purpose, according to polls and repeated explanations by generational experts. There’s some truth to this, though I think Baby Boomers also wanted purpose—back when they were young and lacked mortgages and car payments.
The problem with for-profit companies is not lack of purpose, but lack of explanation of the purpose. Most human needs and wants are satisfied by profit-seeking businesses. Most companies have great stories to tell about helping people. Purpose is not monopolized by non-profits and government agencies. Let’s walk through some examples.
Sam Walton said that Walmart’s purpose was “to save people money so they can live better.” Wow! Helping people live better is pretty cool. This company that is trying to help people live better earns profits of $6.7 billion a year, but their pricing has been so much lower than competitors that economists studied it. Walmart charges about 15% less for food products than other stores when it enters a market, and competitors then drop their own prices. For all consumers, whether they shop at Walmart or not, their dollars go farther. People can live better.
Last year I spoke to convenience store owners, all of whom were out to make a buck. Their employees pump gas and work cash registers selling coffee, beer and cigarettes. One industry executive said, “We help people get on with their day.” Another wow! Everyone has things to do. For most of us, we need gas in the car, coffee in a cup or cold beer to go, in order to pursue our own goals for the day. The gas stations/convenience stores certainly helps us achieve whatever it is we want to do. The industry helped us to the extent of $654 billion of sales last year.
I have written about the credit union that was unsuccessful implementing a sales culture among front line employees, who viewed themselves as helpful people, not sales people. This highlights the common misperception that sales is not helping, but that’s too big a misconception to challenge directly. Instead, the sales consultant reframed the techniques as helpfulness acts. The organization’s purpose became “helping people with their money.” That is noble—and good business.
“Double Thank You” is the term (attributed to John Stossel) to describe the results of a typical commercial transaction. In his telling, the person buys a cup of coffee and the clerk says “Thank you,” and then the customer also says “Thank you.” Both parties are better off. The shop would rather have money than coffee, and the customer prefers the coffee over the money. Whenever customers are buying willingly, the business is making them better off—or else they wouldn’t buy.
Why do people buy from your company? Give that some thought and then describe it as simply as possible. You can probably do it yourself, but consider asking employees to provide the message. Use the Walmart and convenience store examples and hold a contest for the best statement of purpose.
Because purpose is so important for most people, highlighting your business’s benefits to people helps most employees feel more engaged and productive.
