the new era of purpose driven companies

In recent times, many have found themselves feeling unfulfilled and unsatisfied in their careers. The pandemic challenged us to question aspects of our lives and determine what brings us true happiness. This has led to the “great resignation”, which meant we saw an increase of people leaving their careers and companies in favor of more meaningful work. A company’s purpose is increasingly becoming more important to employees and people desire to work for companies that provide respect, values, and beliefs that match their own. We naturally desire to be a part of something that is bigger than we are, as employees and consumers.

A study published by Harvard Business Review shows that purpose driven companies experienced 10% growth, have a higher rate of global expansion, and create more product launches. Studies also show that those who work for companies that have a defined sense of purpose report more meaningful work, more happiness, and increased productivity.

In response to the great resignation, companies must step up and provide a defined and clear purpose. So what exactly does a purpose driven company look like? Below, we will discuss four purpose driven companies and how they are agents for change.

Patagonia Patagonia is known for being environmentally conscious and its purpose is to preserve the planet. They pledge a portion of their profits to environmental charities year after year and practice activism within their company. Patagonia provides grants to many nonprofit environmental activist groups to promote the preservation of our land, water, and air all over the planet. Red Bay Coffee This California based coffee shop is committed to improving diversity in specialty coffee. They recognize that a lack of women and diverse individuals exist within the specialty coffee domain and their goal is to change that. Red Bay Coffee buys in bulk from African women and Indigenous farmers to promote representation and help minorities achieve financial freedom. They also connect underrepresented farmers to other buyers to further promote their reach and financial gains.

Lego This brand is an example of how companies can redefine their purpose and reshape their company to reflect a greater purpose. Known as a beloved toy company, lego has redefined their purpose to make sustainable products and run environmentally responsible operations. They even ended a 50 year partnership with Shell, as their values no longer compliment one another.

karuna and the karuna Happiness Foundation Here at karuna, 10% of all revenue and 100% of profits fund the karuna happiness foundation which, through annual grants, empowers women, youth and children to break the vicious cycles of poverty, abuse and neglect. Both karuna and the Karuna Happiness Foundation believe that everyone has a fundamental right to happiness and they follow a model of impactful wellbeing. Karuna aids those in need by providing financial support to organizations that are working alongside marginalized populations. If we spend 8 hours a day, 5 days a week, for 40+ years of our lives working, that’s over 80,000 hours. How would you spend that time on Earth to promote change and make a difference?