The Why Of Work

‘He who has a why can bear any how’ - Nietzsche

{{divider}}

This used to be on our board, just outside our very first x+why co-working space in Whitechapel, East London. As a team, we come from a variety of different backgrounds, but we were all drawn together by a common thread - to create more fulfilment in our lives, through the way we live and work.

{{divider}}

One of the most common complaints of the corporate modern era, is that people feel increasingly detached from themselves and a sense of purpose. Many people believe that finding your purpose isn’t easy, and it often does take some trial and error, but we also argue that purpose is something that can be created right where you are - through showing up for yourself and others every day, and working to make the world better.

{{divider}}

At x+why, our mission is to ‘unite, inspire and amplify’, by bringing together a diverse array of creatives, spanning across a vast range of industries, who are driven to be the change they want to see in the world. Sharing the space means we foster a collaborative over competitive environment, where new ideas are developed, plans are put into action, and a real difference ripples out across borders.

{{divider}}

Until now, purpose has often been seen as an add-on, something that simply serves to boost employee morale and commitment. But what organisations such as the B Corporation network demonstrate, is that baking purpose into the very core of your business and strategy is what drives all of growth, profit, change, commitment and sustainability.

{{divider}}

Changing the Rules Of The Game

{{divider}}

At x+why, we don’t play by the rules - we define them, because we believe that we can always do better than the status quo. One of the key differences between low and high growth companies, is that the former spend all their time and resources fighting for market share on one playing field, which restricts their potential. High growth companies aim higher, they see the bigger picture and look at things on a systems level, not just from a marginal point of view. In terms of their approach to a complex field, purpose acts as their internal compass and north star, and they understand that connection and relationships are what forms a network of new opportunity.

{{divider}}

When it comes to re-orienting in this way, start-ups already have a head start. Many larger organisations that have already been successful for many years find transformation difficult. However when it comes to long-term over short-term thinking, and playing the infinite game, most organisations will need to take the leap if they are to ensure their survival over the coming decades. To succeed, these companies will have to build completely different core competencies and devise new organisational structures - no mean feat. However, ensuring that every move made is aligned with the same core purpose is what will make such a shift much more likely to succeed.

{{divider}}

Defining The Core Purpose

{{divider}}

Defining your core purpose doesn’t have to be anything overly complex, enlightening or revelationary - it can be as simple as ‘creating more responsible choices every day’. This means making decisions that better benefit yourself, others and the environment at large. It also helps to remember that there are no overnight transformations, and every step counts. It’s the cumulative effects of little every day actions, that create the end tapestry. This is why, for many larger companies undertaking such a change, one of the most fundamental differences is often found to stem from reshaping company culture.

{{divider}}

Organisational behaviour and company culture are emergent properties of an organisation and its members. Whereas every day relationships are a ‘hygiene factor’, culture is a process that develops over time, through a shared network of interests and motivators. External incentives such as bonuses and other rewards may serve to encourage employees, but ultimately, it’s the authentic internal motivators that will most sustainably propel them forwards.

{{divider}}

“The best way to find yourself, is to lose yourself in the service of others.” ― Mahatma Gandhi.

{{divider}}

A Holistic Value Proposition

{{divider}}

A transactional approach to innovation can bring some quick wins, but it’s a purpose-driven approach that facilitates growth, broadens missions, and delivers lifetime value to customers. This comes from responding to changing needs, building on trust and focusing on pain points.

{{divider}}

Responding to changing needs can initially look like existential threats to an existing business, when really they just need to be reframed as opportunities to grow, and to the contrary, are what will ensure its long-term survival. This can come in the form of reshaping the value proposition, which will lay the roadmap for the changes that need to occur for the company to continue to best serve others.

{{divider}}

Building trust with employees and customers means strengthening integrity. Mahindra Finance, a $20 billion Indian conglomerate, encapsulated their value proposition in the motto ‘rise’ - inspiring employees to accept no limits, think alternatively, and drive positive change. When they made it their mission to expand to more rural areas “to address the unmet needs of underserved customers in an under-penetrated market”, the company had to figure out how to determine the creditworthiness of customers who were mostly poor, illiterate, and unbanked, with no identity documents, no collateral, and cash flows that were often impacted by monsoons.

{{divider}}

To do that, the company had to develop completely new ways to handle loan design, repayment terms, customer approval, branch locations, and disbursement and collection in cash. Not only that, but it had to figure out how to recruit workers who could speak local dialects, assess local situations, and operate under a decentralised model of decision making. Through robust practices, they managed to achieve all of this, while establishing trust with employees and customers alike.

{{divider}}

Focusing on pain points means having a holistic understanding of consumer behaviour and unmet needs - which means focusing on both rational and irrational aspects, as well as known and unknown factors. This often takes a combination of strong relationships, data science, and expertise, to continue to better deliver value.

{{divider}}

Looking Back And Moving Forwards

{{divider}}

Developing purpose combines retrospective and prospective approaches. The former looks back at an existing firms past and seeks to understand - where it came from, how it got here, and what makes it unique. The latter is what gives you scope to reshape that reason for being moving forwards. It allows you to take stock of the current situation and ecosystem, and assess your potential for impact.

{{divider}}

Retrospective and prospective approaches balance internal and external enquiry respectively. Looking to the future encourages an organisation to ask the questions - where do we want to go, for what purpose, what challenges lie ahead, and where is the potential for opportunity?

{{divider}}

A compelling purpose clarifies what you stand for, what action needs to be taken in the present, and holds aspirational visions for the future. It often encompasses a shift from volume to value, a corner stone of which is a need for improved communication and consumer education - through a focus on the why, what and how.

{{divider}}

Especially in todays environment, such a focus is not a one-off implementation, it often requires constant appraisal and reassessment of the situation and fluctuating changes in the greater landscape.  This demands a new kind of sustained focus, but over time the rewards and benefits have proven themselves to be tantamount.

{{divider}}

‍