Do you have the right people?

A few weeks ago, the Korn Ferry Institute released a study called "People on a Mission," analyzing how Purpose can drive talent's performance. It starts like this "Purpose is a fundamental component of a fulfilling life and a successful organization. People with a positive, energizing purpose tend to be focused, optimistic, and successful. Great purposes inspire both people and organizations to do great things".

There are few things in the world I believe as much as People and Purpose in the same sentence. As an entrepreneur, investor, executive, or board member, the only thing I have seen as a factor for business success or failure is the right people. Or the lack of them.

I agree with Jim Collins: first and most important is the WHO, then it comes the WHAT and the HOW. And it is elementary to lose that perspective in times like these. How much time have you invested during the pandemic discussing what to do, the following strategy to survive, or take the leap? But I can guess you haven't sponsored the same quantity and quality of time discussing if you have the right people at the right place, motivated by the Purpose of your organization and aiming to do great things.

The winning trifecta is very clear to me:

1 – Right people at the right place

2 – Clear strategy

3 – Incentives and Purpose aligned

Isn't it like a perfect dream to have not only a good business but also a business that also does well, embraces its role in society to impact the world positively around? It is only possible if you have RIGHT and GOOD people on board. 

A new capitalism has emerged aiming to contribute to society and set new organizational standards for success. Many studies show the superior success of purpose-driven companies, greater satisfaction of stakeholders, and increasing sustainability. The three main conditions which underlie the foundations of thriving organizations have been described by Korn Ferry:

• The CEO and others lead from values and Purpose to make decisions.  
• People are the top priority. Companies invest in people to drive growth. 
• As individuals carry their whole self to work, culture reflects the community of human beings. 

Towards a better world

Purpose-driven organizations flourish on many levels. They deliver superior financial performance, more significant employee commitment, client satisfaction, and social benefits for inclusive societies. We already know that the business case for purpose-driven companies is positive. However, most organizations are far away from having that in place. Why is that? For the very same reason corporations succeed or fail: they lack the right people in the right places to drive change – mostly on management teams and board of directors. They lack people to congregate with other great people with strategy and Purpose.

Experts agree that the ethos of Purpose is broader and more profound. Social obligation is concentrated on external social commitments. In genuine purposes-based organizations, however, leaders emphasize the objective of policy, organization, recruiting, worker growth, and ties with customers and stakeholders. The influence of the business covers all facets. Jay Coen Gilbert, B Lab co-founder, has seen the success of "a corporate responsibility enforcement strategy." He also saw an "opportunity strategy" where companies connect their external objectives with the internal purposes of their employees.

When the business has a higher objective and when each individual in the company, at all levels, is linked to this mission personally and affects the world. "The trend would likely become stronger in the years ahead given the achievement of goal-driven organizations, and their principles are attracting all kinds of workers, especially those of the Millenniums. Dunbar said on Conscious Company Magazine, "Millenniums want a meaningful job, and they want to be handled properly."

The power of the example

CEOs are one of the main success key factors on the purpose transformation journey. They should be motivated to be part of something greater than themselves and strive to influence the lives of others in a meaningful way. They should be committed to maintaining generate value for all stakeholders and the world at large. These are the leaders that are straightforward examples of how their organizations should be like. 

This is why it is so crucial that your corporate board has a strong and committed "talent and compensation committee" to constantly assess people, culture, and Purpose and make sure the organization has what it needed to thrive and continue to be relevant for the future world. Nothing is more impactful than having the right people these days.

Take a look at your calendar today and reflect on how much time you dedicate to what matters.