Today, workers want more from their jobs; they are looking for a way to make a mark on society.
Studies show that employees are increasingly motivated to stay with a company—and even refer peers—if they believe the work they do contributes to a bigger purpose. In fact, half of today’s workforce would take a 15 percent pay cut to work for an organization with an aspiring purpose, according to a study by Net Impact.
In light of this trend, 21st century enterprises will increasingly need to create a purpose-driven culture if they want to attract and keep the best talent in the years ahead.
Having a purpose-driven culture offers companies other benefits as well. It can be the difference between employees delivering great performance instead of just average performance. What more, employees who feel a sense of purpose at work are less likely to call in sick and make fewer mistakes on the job. Conversely, disengaged employees can affect workplace culture, leading to safety incidents, high turnover, and absenteeism—all resulting in negative productivity.
How can you help employees discover the deeper meaning in their work and create a purpose-driven culture in your organization?
For one, it takes insight and communication. What constitutes purpose isn’t the same for all employees. Companies need to consider personal preferences, generational priorities, and geographic differences as they create their purpose narrative.
What is certain, however, is that companies where employees feel their job is meaningful can reap a number of benefits, like an enhanced reputation in the marketplace and lower turnover, which can directly affect the bottom line.
Richard Branson, CEO for Virgin Group, said, “It’s always been my objective to create businesses with a defined purpose beyond just making money.”
That’s not a bad model to follow.
So, where should you begin in order to define a purpose for your business?
This blog is one of several highlighting KPMG’s 6-part talent insight series, The future of work, which explores new workforce realities and how companies can leverage them to unlock value from thier greatest asset —people.