Can we find purpose and get paid for it?
A guide to show you what the search for meaning and money can look like. My best tips for an employee, freelancer and an entrepreneur.
Hello, my dear reader. I hope you’re well. I’m back at my desk, and it’s a joyful feeling, really. In the last few days, I’ve been redecorating my office space and even bought a room diffuser that smells like green tea to make my working space a joy. It’s all about the vibes, right?
After a month of video, I’ve been eager to return to my writing routine. The time away reminded me of the importance of taking a break from the things you love just so that you can reconnect with the joy they bring. (If you enjoyed the videos, don't worry. I’ll make them a regular habit as well. More on that soon…)
Anyhoo, this time has also allowed me to reflect on what’s going on with the world and my clients. I’ve been devoting a lot of time to reading the news, trying to understand where the world lies and how I feel about it all. I’ve also kicked things off with new coaching clients, who are looking for their next meaningful career step in a world where landing a new job seems to be more and more difficult.
Today, I’ll explore a topic that is a frequent conversation starter in my coaching sessions. This will be a big post, and you might want to return to it, so make sure you save it in your email folder.
Can we find purpose and get paid for it? Or more specifically, can purpose and profitability exist within the same job, business or freelancing career or do we have to choose one over the other?
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On a societal level, the jury is still out on this one. But let’s start with the macro level and narrow our way down to the more personal bit so you’ll get the full story.
There are a few advocates who believe it’s possible to marry money with meaning. For example, the authors of Conscious Capitalism, Patagonia founder Yvon Chouinard, and economist Kate Rawworth.
I’ll briefly explain their views, so you’ll get the bigger picture.
The 2013 book Conscious Capitalism – Liberating the Heroic Spirit of Business was one of the first to coin the term ‘conscious capitalism’ and start a movement where businesses started discussing purpose. Written by the American Whole Foods co-founder John Mackey and business professor Raj Sisodia, one of the book’s key arguments is that companies that adopt conscious capitalism principles often see better financial performance than traditional business models. (On a side note: Mackey himself is a controversial figure who has received a fair dose of criticism for his views that haven’t always been in full alignment with the ethos of purpose over profit.)
One of the most cited examples of conscious capitalism is the outdoor brand Patagonia. In 2022, the founder, Yvon Chouinard, transferred 98% of the company's ownership to Holdfast Collective, which “will use every dollar received to fight the environmental crisis, protect nature and biodiversity, and support thriving communities, as quickly as possible.” The remaining 2% belongs to The Patagonia Purpose Trust. So, even though Patagonia is a for-profit company, its profits are directed first and foremost to environmental action through a not-for-profit organisation.
Kate Rawworth is a British economist best known for her work on Doughnut Economics, an alternative economic model to capitalism in which human thriving doesn’t need to happen at the planet's expense. Drawing from many schools of economic thought, such as ecological, feminist, institutional, behavioural and complexity economics, the model encourages an attitude shift where GDP isn’t the sole measure for success. The doughnut shape is derived from a set of two boundaries, ones that respect what humans need to thrive and ones that represent what the planet needs to thrive. See a screenshot below for a visual, retrieved from Doughnut Economics Action Lab.
What can we as individuals do with these ideas?
The abovementioned economic models and corporate strategies offer essential insight into improving capitalism. But they do very little to answer our deeply personal questions, such as:
Can I find a job that is truly purposeful?
Can I start a successful company without becoming an a**hole making a profit at the expense of others?
I need money. Can I afford to work only with causes I believe in?
So, I put together a little guide to help you explore the topic further. We’ll start with the concept of purpose and then examine it from the perspectives of employees, freelancers, and entrepreneurs to help you gain even more clarity about your personal situation.
What does purpose mean, to you?
Purpose is a subjective and hard-to-determine concept. What gives me a sense of purpose might not work for another. I’ve looked into the research on purpose, and I must say, it’s messy out there. There just doesn’t seem to be any simple way to determine what makes a job purposeful for all. But that’s a topic for another day.
However, because purpose is a subjective concept, we need to stop and look for the answer within ourselves instead of others. For some of us, purpose might mean working for a cause we care about. For others, purpose lies in the ways in which we work.
For example, I’ve worked with so-called do-gooders, scientists, sustainability organisations, and foundations for years. However, my sense of purpose significantly increased as I became self-employed, allowing me to work with leaders on a more individual and intimate, coaching-type level. So, for me, it’s been imperative to work for a cause and also experience an authentic connection while working. I’ve also complemented my purpose palette by teaching yoga because it gives me a sense of community that I can’t find within the other aspects of my work.
Now, I define my most purposeful projects and clients according to a felt sense. It doesn’t matter whether my job is to coach, consult, or write for them; there needs to be something that clicks. Some projects click better than others, and that’s okay, but the point is that I can recognise purpose when I see it.
In the end, finding purpose comes down to knowing yourself, what you care about and stand for, and then looking for congruence in the world outside of yourself.
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How to think about purpose and profit if you’re an employee
When you work for someone else, money is a given since you’ll be paid a salary for your work. However, it’s up to you to decide how high that salary should be. Some of us are willing to trade some money for meaning, whereas others aren’t. Again, you need to get clear with yourself about what really matters to you.
The questions you want to ask are:
Is the organisation’s mission something I want to support in this world?
Are the values aligned with my own, i.e. do I get to be myself in this job?
What’s my bottom line when it comes to my salary? Don’t just focus on what you need to make; ask instead: What salary would you be content with? Make sure you look for jobs within organisations willing to offer this salary so you won’t be hitting your head against a wall trying to make impossible work.
If I were to trade money for meaning, what would the job have to be like to make up for the financial sacrifice? Get very specific about causes, hours, working culture, etc.
Can you advance some important causes within this organisation? For example, if you’re passionate about diversity, equality and inclusion issues, might there be a corporate club you could join or an event you could help put together?
How to think about purpose and profit if you’re a freelancer/portfolio careerist
When your work is a collection of projects, bundling clients around the topics and causes you care about is a good idea. When you focus on particular causes, clients or industries, you can strengthen your professional profile and gain networks to help you find the next project. This will also help you spend time doing what you care about most and gain subject expertise.
This can be a liberating experience for anyone who has many different skills. When your portfolio is tied together by themes and causes, you won’t have to stick to a specific skill or talent. For example, if vegan diets are a cause you care about, you might easily find projects where you can combine your talents in project management, photography, writing, cooking, and event organisation.
The questions you’ll need to answer as a self-employed freelancer/portfolio careerist:
Look at the causes you’ve worked with in the past and see if there are any that you felt more aligned with than others. Could you specialise in this? What could make this cause even more interesting to you?
Like every self-employed person, you’ll need to be smart about your finances. Make sure your business is built on solid ground, meaning that you have money to pay all your monthly bills, taxes, social security and medical care and put some money in savings. If you’re building a business with a charity element, calculate how much more money you’ll need to charge from other work or how many more projects you need to have some extra money to donate. Or invest all your extra money in stocks and donate the returns to a cause you care about.
If you don’t have the money but would love to support not-for-profits, consider doing pro bono or charity work on the side of your paid work. Many self-employed people have the luxury of flexibility and time, so if you can devote a few hours of your week to something that you care about, your sense of purpose might grow.
If you need to compromise and work on projects other than your most purposeful ones, how can you ensure they feel meaningful to you? Is there a certain style of working you can practice, a set number of hours you dedicate to them or a slice of profit you can set aside? Find ways to amp up the meaning even in projects that aren’t fully aligned with your purpose.
How to think about purpose and profit if you’re an entrepreneur
An entrepreneur is like a self-employed person but often deals with more significant revenues and costs. You might have staff to manage, salaries to pay, and a board of directors to answer to, so overall, your situation is more complex than that of a self-employed person. You can’t just decide things on a whim. Ultimately, the credibility of your purpose-driven initiatives will be judged not only on their own merits but also in relation to your leadership. So whatever feels purposeful to you should also feel purposeful to the people you serve, i.e. your employees.
The questions you’ll need to ask as an entrepreneur:
What is your business's financial basis? Is it meant to accumulate wealth for its shareholders, divide its profits with the employees, grow until it reaches a certain impact, or create profit that can be redirected toward a cause you care about? Your financial structure is your most important decision because it will ultimately dictate the logic you and your employees are meant to follow.
How does your company define success? What metrics do you use to measure how well things are going?
What kind of workplace are you trying to create? How do you serve and reward your employees and manage their workloads? How do you ensure they stay motivated and have a clear purpose for their work?
Do you have a long-term vision for the company and its role in the world? What else are you trying to achieve besides growth or profit? How are you contributing to improving your society? How do you ensure that you respect planetary boundaries?
If you work in an industry that is harmful to the environment or people in some way, how could you do things differently? Could you be the pioneer who transforms the industry for the better?
If you need to make compromises to guarantee a steady paycheck for your people, can you be open and honest about them? Can you include your employees in the decision-making process regarding which clients or projects you choose and show their financial returns and costs? The more transparent you can be as a leader, the easier it will be for your employees to decide if the job is aligned with their purpose.
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Work with these questions and let me know what kind of revelations you might find.
Thank you for your time and presence.
And remember, hope is not given to us but created within and by us. So keep going for the things you believe in.
With the warmest wishes,
Aurora