More than 90 percent of employees will stay at their jobs for reasons beyond paychecks. ¹ In today’s competitive job market, candidates are more likely to be satisfied and engaged when they feel a sense of purpose and fulfillment. They don’t just want to work. They want something more profound—to feel they’re making a meaningful impact at their jobs.
Many businesses devote time and resources to determining why employees leave their jobs but are they missing anything? It’s probably time for you to start paying attention to other actionable strategies like creating a purpose-driven work culture.
So, if you’re committed to retaining your employees, keep reading to learn more.
The Interdependence of Purpose at Work and Employee Retention—Why One Can’t Exist Without the Other
Organizations that understand the importance of retaining their employees know that any effort invested into improving their staff experience eventually yields a productive work environment.
You can use different metrics in measuring employee experience in the workplace. The purpose at work is increasingly becoming a significant determinant of whether an employee stays or leaves their current employee.
Gartner’s study revealed that more than four million people in the U.S. resigned from their jobs willingly. In response to the research conducted in 2021, 52 percent of the respondents strongly agreed that the pandemic has made them question the purpose of their jobs.²
According to McKinsey’s research, more than 69 percent of employees feel their sense of purpose comes from their work.³ If your answer to whether employees are proud to be associated with your organization is ‘yes,’ you’re probably on the right track.
Typically, people who live their purpose at work outperform those who do not. Chances are that they’ll have a sense of loyalty and commitment to work because they clearly understand how their roles impact the company.
A sense of purpose is what drives an individual. It’s what gets them up in the morning and keeps them going. When you take a deeper look at the subject matter, nothing last long without a sense of purpose—why should your employees?
When employees feel that their work is meaningful and aligns with their values, they are more likely to be motivated, engaged, and committed to their jobs. They tend to go above and beyond to perform their job responsibilities. This is because they’ll see their work contributing to something relevant.
Employees with strong motivation to work are more satisfied with their jobs. This, in turn leads to higher retention rates.
Strategies to Achieve a Purpose-Driven Work Culture
With the benefits that accompany creating a sense of purpose for employees at work, you probably don’t want to miss out on an opportunity to retain your staff. Here are five ways to go about it:
1. Communicate the Company Mission and Values
In a study by Gallup, four of 10 employees attested that the mission purpose of their organization makes them feel their job is important.⁴ The study also revealed that the first obligation of an employer to team members includes providing a compelling vision of the company.
Clear communication of the company mission and values involves helping employees understand their role in achieving its goals. One of the key ways to start is through the employee onboarding process. During orientation and training, hiring managers can use interactive exercises, such as Q&A sessions and in-house tours, to help new team members align to the company’s mission and values.
2. Encourage Employee Involvement in Decision-Making
Employees become more self-aware of the organization’s values when employers set corporate goals that align with their personal goals—for example, an invite to a team’s goal-setting and solution-finding meeting. Please provide them with opportunities to take on leadership roles and encourage them to give feedback on subject matters relating to the organization. This way, employees understand the bigger picture of their work and feel they’re making a meaningful contribution to the organization.
3. Recognize and Reward Employee Contributions
The decision of employees to stay with their current organization largely depends on how well their employer recognizes and rewards their contributions to meaningful work. In Achievers’ survey on employee recognition and engagement, more than half of 1,700 respondents indicated that they might leave their jobs because of the lack of recognition for their efforts by their current employer.⁵
Tech leaders looking to create a sense of purpose for employees can incorporate meaningful recognition such as praise in meetings, bonuses, or personalized awards. While incentive programs may mean extra costs, there are inexpensive ways to show employees that their contributions are recognized. Saying simple words of acknowledgment, such as “great job” or “well done,” can make employees feel that they’re making a relevant impact on the organization.
However, in recognizing teams’ efforts, it’s vital to ensure that you equally distribute incentives, rewards, and acknowledgment to prevent bias.
4. Encourage an Inclusive Workplace Culture
Inclusivity promotes a healthy work environment that embraces diversity among employees. This system rules out the fear of not being accepted at their workplace. It creates a welcoming environment that values and respects differences in race, ethnicity, age, sexual orientation, and other characteristics.
Here, individuals with different backgrounds, experiences, and identities are all equally welcomed. Rewards and recognitions are less likely to be associated with favoritism. This makes it easier for employees to make contributions and advance their careers.
5. Offer Opportunities for Growth and Development
Offering opportunities for growth and development is important for keeping employees engaged. By investing in staff development, employees may likely feel they matter to the organization. Here are some helpful tips:
Provide on-the-job training: Offer on-the-job training programs, mentorship opportunities, and job shadowing programs to help employees develop new skills and advance their careers.
Encourage cross-functional training: Offer cross-functional training programs that expose employees to different areas of the business and provide opportunities to learn new skills.
Support professional development: Provide financial support or time off for employees to attend conferences, workshops, or courses that support their professional development.
Offer career advancement opportunities: Encourage employees to take on new challenges, seek promotions, and advance their careers within the organization.
Foster a learning culture: Encourage a culture of continuous learning by encouraging employees to pursue their interests and offering opportunities for them to share their knowledge with others.
Provide performance feedback: Offer regular performance feedback and coaching to help employees identify areas for growth and improvement.
Encourage self-directed learning: Provide resources, such as books, online courses, or training programs, for employees to pursue their learning and development on their own.
While creating a sense of purpose is key to increasing employee retention, it’s essential to consider how the goals of every very candidate align with your organization’s mission. Finding the right employees whose goals are aligned with your company’s is key. It ensures you won’t waste your efforts in providing a purpose-driven work culture for your employees.
FIND CANDIDATES THAT ARE ALIGNED WITH YOUR COMPANY GOALS WITH THE FOX SEARCH GROUP
Unlock the potential of your workforce and build a culture of purpose. The Fox Search Group is a staffing solution that connects businesses with employees who align with their mission, values, and goals. With a supply of technical expertise, you can be confident that you’ll work with a team that shares your passion and drive. Contact us today to learn more.
- Abigail Hess. “94% of Employees Say They Would Stay at a Company Longer for This Reason—and It’s Not a Raise”. https://www.cnbc.com/2019/02/27/94percent-of-employees-would-stay-at-a-company-for-this-one-reason.html. Published last February 27, 2019.
- Jackie Wiles. “Employees Seek Personal Value and Purpose at Work. Be Prepared to Deliver.” https://www.gartner.com/en/articles/employees-seek-personal-value-and-purpose-at-work-be-prepared-to-deliver. Published last January 13, 2022
- Dhingra, Samo, Schaninger, and Schrimper. “Help Your Employees Find Their Purpose—or Watch Them Leave”. https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/help-your-employees-find-purpose-or-watch-them-leave. Published last April 5, 2020.
- Jake Herway. “Just How Purpose-Driven Is Your Organizational Culture?”. https://www.gallup.com/workplace/356093/purpose-driven-organizational-culture.aspx. Published last October 22, 2021.
- San Francisco and Toronto. “Recognition and Rewards Resonate as Key to Employee Retention”. https://www.achievers.com/press/achievers-survey-finds-without-recognition-expect-employee-attrition-2018/?zd_source=hrt&zd_campaign=5503&zd_term=chiradeepbasumallick. Published last January 18, 2018.