Leading in the Meaning-Based Economy
In his recent book The Search: Finding Meaningful Work in a Post-Career World, author Bruce Feiler argues for a shift from a means-based economy to a meaning-based economy. Feiler makes the case that people are meaning-seeking creatures and that our money-driven model isn’t meeting our needs.
As individuals, this makes intuitive sense. We all want more than a paycheck - we want to know that our time, our efforts, and our output mean something. We crave the meaning that comes from belief that we matter, that our work matters, and that we’re improving our capabilities.
From a business perspective, tapping into the power of meaning promises to be the holy grail for human-centered CEOs and talent-driven Chief People Officers. People who find meaning in their work don’t just outperform those who don’t - they leave them in the dust. Recent reports from McKinsey, Deloitte, and Gallup confirm what academic research has shown for decades - meaning fuels motivation, engagement, productivity, innovation, retention, and long-term business success. It also improves individual wellbeing, job satisfaction, and even overall happiness.
Feiler, and others before him, have offered a range of tools, strategies, and practices that each of us can use to identify and acquire more meaningful work for ourselves. Jane Dutton and Amy Wrezniewski have constructed highly-effective frameworks for job crafting - the practice of redesigning our set of tasks around the things that matter most to us. Adam Grant popularized the concept of prosocial work (work that helps others) and quantified the enormous impact of connecting with the beneficiaries of it. Geoffrey Cohen has shown us how to build belonging and Carol Dweck how to adopt a mindset of mastery. As individuals, the way forward has been well-lit. But that’s only half of the equation.
There’s a limit to what individuals can do on their own to succeed in a meaning-based economy. Leaders need to trade on the same terms. And while the shift to a meaning-based employment model has begun to take hold, leaders who understand the huge promise of meaningful work have largely been left without a map.
Over the past several years, Zach Mercurio, Tamara Myles, Jer Clifton, and I have worked to close this gap for meaning-driven leaders. We recently published research outlining evidence-based leadership practices that increase meaning at work. This set of practices, accessible to leaders at every level, is drawn from interviews with high-performing, meaning-driven leaders at companies like Microsoft, HubSpot, Marriott, Zappos, BetterUp, Chick-fil-A, and Google.
We’ve spent the past several years quantifying the impact of these practices and proving their power with real-world clients. The result is the first draft of a playbook for leaders who want to succeed in a meaning-based economy.
A staggering 48% of an individual employee’s sense of meaning can be tied back to this playbook of six leadership practices. Analysis shows us that these practices hold their impact across gender, generation, and race. They work just as effectively in-person as they do remotely.
When leaders employ these practices, every job can be more meaningful:
Communicate the Bigger Impact of Daily Tasks
When employees understand how their tasks contribute to others, meaning increases. Leaders must make the connection between an employee’s daily tasks and the impact those tasks have on customers, coworkers, and communities.
In an experiment with radiologists, researchers gave each of the participants two CT scans. They received the first one at the start of the study and the second one three months later. Although the radiologists didn’t know it, both scans were identical. One of the scans, however, was accompanied by a picture of the patient. Just seeing the picture led to more accurate diagnoses and more detailed reports.Recognize and Nurture Potential
It’s not enough to offer opportunities for growth. Meaning-driven leaders actively look for stretch assignments and push employees to take them. They must see potential that employees don’t yet see for themselves. Leaders should identify the unique strengths and potential of each team member and provide them with opportunities for growth and development.
Managers at Chick-fil-A restaurants have the ability to nominate employees for the company’s two-year Leadership Development Program. Although many aren’t sure if they’re cut out for it at the start, the push from managers gives them the confidence to pursue their potential. Perhaps this practice is why a surprising number of Chick-fil-A’s hourly employees eventually become franchise owners.Foster Personal Connections
The business value of belonging has been well documented. Believing that we can show up authentically and that we are valued as people drives our sense of meaning. Leaders who foster psychological safety and create opportunities for personal connection build a community where people do meaningful work.
On their first video calls with the team, new employees at Google are encouraged to show people where they live. Seeing someone’s home sparks conversation about their life and their interests, and helps to build authentic relationships with from the start.Prioritize Values Purpose During Hiring
Culture matters. Leaders begin shaping organizational culture from the first recruiting call. When leaders make a point to prioritize values in the hiring process, the candidates who get hired find work more meaningful for their full tenure at the company.
Zappos, the online shoe retailer, is famous for their commitment to company values. In addition to the typical skills-based recruiting process, Zappos also conducts a values interview with every candidate. Regardless of how well they perform elsewhere in the process, high marks on the values interview are required to move forward.Role Model Integrity
The quickest way for leaders to destroy meaning is to say one thing, then do another. Integrity doesn’t so much increase meaning as protect it from erosion. Walking your talk is the price of admission in the meaning-based economy.
In a remote organization, it can be difficult to visibly role model values. A-B Partners CEO Andre Banks developed a practice of recording videos for his distributed team to explain major decisions. By clearly tying company strategy and policy to the organization’s values, Banks has earned a dedicated and loyal staff.Giving Employees Freedom
Empowering employees with autonomy and trust enhances their ownership over their tasks. Finding their own way to achieve goals, within the bounds of your company values, promotes intrinsic motivation and meaning-building personal growth.
Every employee of The Ritz-Carlton is empowered with a budget of up to $2000 to resolve any customer issues that arise, no questions asked. Employees are trained on the company’s 12 service principles and given freedom to bring them to life however they see fit.
A recent report from BetterUp found that nine out of ten people would accept a lower salary for more meaningful work. The meaning-based economy has arrived. Leaders who create meaningful work will build thriving organizations.