The Purpose-Driven Future of Business

 The Purpose-Driven Future of Business
Marc Wachsberger, the CEO of Capital Hotels, Apartments, and Resorts

A study conducted by the Harvard Business Review found that over a period three years, most purpose-driven businesses (58%) experience growth of at least 10%, compared to just 42% of those with a less clear purpose. Numbers like these and the growing awareness of wellbeing among Gen-Z and millennial workers are driving more companies to adopt a purpose-driven approach. One such business is The Capital Hotels, Apartments and Resorts, one of the fastest-growing hotel groups in the country.

Marc Wachsberger, the CEO of Capital Hotels, Apartments, and Resorts asserts that the concept of purpose-driven leadership, often mistakenly dismissed as nebulous, is in fact grounded in tangible outcomes. His insights, sharpened by a recent advanced course at Harvard Business School, reveal that purpose-driven leadership not only drives superior business performance but also cultivates a work environment that is both healthier and more fulfilling.

“Recognising that the contemporary workforce spends a significant portion of their lives engaged in work-related activities, it’s important to cultivate a work environment that has meaningful purpose. This approach transforms the workplace from a mere time-bound transactional space to one where one can find with motivation and fulfilment, where the anticipation for a pay check is replaced by the pursuit of passion and contribution”, he says.

An ever-changing workforce

As the workforce evolves, understanding the differences between millennials/Gen Z staffers and older generational cohorts is crucial. Both millennials and Gen Z value work that allows for autonomy, flexibility, inclusivity, and social responsibility. While those in older cohorts may prefer more structure, discipline, and organised collaboration. Purpose-driven leadership bridges this generational gap by aligning organisational goals with individual values, thus fostering engagement and loyalty across all demographics.

A training ground to hone your skills

The hospitality industry is often thought of as being particularly tough, but The Capital Hotels, Apartments and Resorts is trying to change that. Through The Capital Hotel Academy, the group is instilling purpose-driven values into the industry’s future leaders.

John Skelton, Chief People Officer reflects, “It wouldn’t be ideal if we sat here preaching about leading by example and then did not do that ourselves. If we want to create and encourage purpose-driven leadership then we need to be the ones building incubators for it and that is what we are doing with The Capital Hotel Academy.”

Leadership talent at The Capital is not left to chance. A meticulous “9 box talent grid” is employed to map out key talents within the organisation, ensuring that each individual’s potential is recognised and fostered. The Capital’s Hotel Academy School is at the forefront of this initiative, offering groundbreaking training programs that aim to build a purpose-driven organisation. One such program focuses on the art of providing and receiving constructive feedback – a vital skill in any work environment.

Through their academy, The Capital Hotels, Apartments and Resorts is leading by example by sending many of their most talented team members to study at the Intelligent Leadership Online Academy Program where they can learn to apply the tenets of purpose driven leadership.

Skelton says, “We are not just training leaders; we are sculpting visionaries who will carry the torch of our company’s purpose with commitment and nurturing leaders who are not only adept at their roles but are also deeply aligned with the company’s mission.”

Spanning a transformative 10 weeks, participants in this exclusive program immerse themselves in the cultivation of core purpose skills essential for spearheading future success.

Recruiting the best and brightest:

Recruitment at The Capital is equally innovative, guided by a series of value-based questions that set the stage for each interview. This strategy swiftly discerns candidates’ alignment with the company’s core values, guaranteeing a recruitment process that is not only consistent but deeply rooted in the business’s overarching purpose.

Skelton explains, “We are deeply committed to purpose-led leadership, and it resonates through every layer of our recruitment process. We seek individuals who are not just looking for a job but are eager to join a movement that redefines excellence in hospitality.”

Businesses that want to adapt to the coming times are going to have to get on board with the teachings of purpose-driven leadership. Gone are the days when being a high performer meant burning yourself out or sacrificing your wellbeing, with purpose-driven leadership, organisations can boost their bottom lines while also fostering an inclusive and pleasant environment.

Ends.