Companies that focus on impact have 12-14 times more income than those that focus only on profit. They even perform better than best practices companies in Jim Collins’ Good to Great list.
You have distinctive positioning. This is especially important for crowded markets and those with established and well-regarded players. Both millennials and over-40s are drawn to companies with a higher purpose, by knowing that their purchases matter. People are increasingly willing to look at products and services not just as commodities, but as the opportunity to have a high value experience grounded in impact and the ability to contribute themselves just by supporting impact-focused companies.
You attract the best people, ones that are motivated by your mission. That means an engaged workforce. People are inspired to perform above and beyond, to bring themselves more fully into their work. Fulfilling work, where we spend so much of our days, helps us have a fulfilling life.
You reduce the churn of employee departures. You avoid money and knowledge lost due to increased turnover and the loss of valued employees It’s a renewing wheel where you retain valuable employees in the older age range with their wealth of experience and promising young performers too, and bring in even more engaged people into your workforce, and potentially even new customers as engaged employees become brand ambassadors.
You thrive with a higher purpose. What helps you get through those challenging times is a bigger picture, a greater contribution that you are willing to make. So you move through obstacles more easily, you stay motivated to move through them, and you don’t waste a lot of time and energy wishing things were different.