Profit with purpose can help our planet and local communities as well as increase the wellbeing and retention of employees. And none of this has to come at the expense of the bottom line.
Retaining Talent
Employees' need for purpose is clear and the consultant's view is simple - help your employees find purpose or watch them leave. After a year and a half of uncertainty, employees are burned out and looking to make a change. In fact, a survey by Employee Benefits revealed that 38% of workers plan to look for a new job in the next 12 months.
There is already an "unprecedented rise in loyalty” for organisations that meet
employees' need for purpose, (Deloitte Millennial Survey 2020) but developing purpose in the workplace doesn’t need to be complex.
It also has added financial benefits: A 10% increase in employees’ connection with an organisation's mission or purpose would lead to 4% increase in profitability, (Deloitte - Measuring the Business Value of Corporate Social Impact).
How Purpose Can Help Win the Hiring Race
In a 2018 Linkedin study on workplace culture, 86% of millennials said they would take a pay cut to work at a company whose mission and values aligned with their own, as opposed to just 9% of baby boomers. That's pretty huge if we’re considering this group to make up 50% of the workforce in the next few years.
To win the hearts of Generation Z and millennials, employers will need to highlight their efforts to be good global citizens. Actions speak louder than words: companies must demonstrate their commitment to a broader set of societal challenges such as sustainability, climate change and poverty.
How to Develop Perks with Purpose
- Consider implementing a volunteering initiative within your organisation. With more employees wanting to do more in their communities this can help develop self-worth and build social capital.
- Set up an impact community that includes those most passionate about caring for the environment and community. This helps bring focus and drive new initiatives forwards within the business.
- Gain senior leadership support for perks with purpose to increase engagement by 30% or more.
- Create an ‘impact hour’ once a month or quarter where everyone in the company has time set aside to focus on volunteering or sustainability projects.
- Celebrate and share what your team is doing to encourage others to get involved.
Talk to onHand to see how we can help your organisation with social good and sustainability action.
