Significant Stat: Companies Driven to Improve People’s Lives Outperform Others
Companies with ideals of improving people’s lives at the center of all they do outperform others by 400%. (source)
Advice from The Ritz-Carlton Leadership Center:
At the core of every robust mission is a distinct “why” a person, team or business does what he, she or it does. The “why” provides motivation and reinforces the commitment to the mission. While the “why” can engage the workforce in any company, a “why” that is centered around improving people’s lives is also correlated with increased profits. A study spearheaded by Jim Stengel, former Global Marketing Officer of Procter & Gamble and author of Grow – How Ideals Power Growth and Profit at the World’s Greatest Companies found that companies driven to improve people’s lives outperform the competition that lack this higher sense of purpose by 400%. Douglas Wick outlines the five categories for brand ideals that improve people’s lives as determined by the Stengel Study: providing happy experiences, enhancing connections between people, helping people discover new experiences, providing increased confidence and strength in self and affecting society broadly. Identifying how you and your organization can serve a higher purpose is important, but equally important is ensuring that these ideals are communicated to your employees and that they are continually inspired to fulfill them. At The Ritz-Carlton, the idea of “inspiring exploration” certainly resonates with our vision of inspiring life’s most meaningful journeys. Each Lady and Gentleman is reminded of our higher purpose by our Pyramid, which includes our mission, vision and values as well as company-wide goals for each year. ∞
The Ritz-Carlton Leadership Center offers advisory services, courses and presentations to organizations that wish to benchmark the award-winning business practices of The Ritz-Carlton. Your organization can learn about The Ritz-Carlton methodology for customer service, employee engagement and leadership development. We also guide organizations through a multi-step process in order to achieve sustainable culture transformation.