I have only realised in the last few years (5 to 10) that profit happens if you have a strong purpose and a values-based culture and your employees will, in fact, find it a more rewarding place to work! Collingwood is a purpose and values-led executive search and leadership consultancy and around 5 years ago we decided we only wanted to partner clients who align to our values. We felt that working with similar philosophies and cultures would ensure that we enjoy better relationships and ultimately result in us enjoying our work. After all, our purpose is focused on making our clients better than their competitors and so we really need to like them!! Going the extra mile is a lot harder when you don't align. In that case it becomes a chore and solely a job to put earn a salary.
A few inbound enquiries have slipped through our values assessment net and produced clients that have haven't enjoyed working with. In one case, we recruited a new CEO for a private healthcare client and, whilst we delivered a great result together, their relentless focus on profit before people has created some toxic relationships when the successful candidate arrived. The result is likely to be a short stay and high employee attrition.
Creating a values-based organisation has to start with the CEO and cascade downwards. We have consulted with a few clients who have a values-based senior management team but who are being held back by the CEO's lack of interest and focus purely being on profits. The team below the Board can get as excited as they want about being a values-based business but it will all end in tears and frustration if the senior team doesn't share this belief and passion to make it happen.
Here is another article I have written about the power of values https://thoughtleadership.collingwoodsearch.co.uk/post/102fgqt/why-being-a-values-led-business-is-so-important-to-collingwood
I’m often asked by leaders of organizations how values create value. What values and purpose have to do with the bottom line and how they might build culture. I’m at times confronted by leaders who don’t see the link between values, culture, purpose and strategy. As Larry Fink, CEO of BlackRock has said, “the inextricable link between purpose and profit.” Many years ago, in a collaborative session with the leadership group of a 2,000-person organization I was asked by the CEO (who arrived late, huffing and puffing, half-way through the session) why his organization needed values at all. The conversation before he walked in was wonderful. Purposeful. Staff that were previously disengaged were now paying attention because, for the first time they were asked how they wanted to feel when they arrived at work each day.