In recent years, we’ve seen workers leaving their jobs in unprecedented numbers. With many seeking better wages, advancement opportunities, or dissatisfaction with their work environments, businesses are spending more on to retain and attract employees to their ranks.
Providing livable wages and great benefits is only the beginning of keeping employees and recruiting new members of your team. More and more employees’ expectations go beyond a paycheck and perks. In a recent study, 49% of Gen Y workers (the largest generational cohort in today’s workforce) in the US would quit their jobs if it became clear their employer’s values did not align with their own.
Increasingly people want to know that their work has purpose - that it is meaningful and generates good in the world.
This often involves greater community involvement and contributions to local causes.
Companies that consistently live their values by getting involved in their community tend to see better employee retention, better teamwork, and better earnings over time.
Business leaders play a key role in inspiring purpose in the office and can proactively seek input from our employees to learn what they value and how they want the company to show up in the world. When employees are actively engaged in generating purpose in their company it builds trust and motivation.
Purpose is not only important in retaining employees but also attracting employees. When others see your company in action helping the community, it also inspires your stakeholders and boosts your business’ reputation. Engagement in Corporate Social Responsibility is often responsible for more than 40% of a company’s reputation. Having a plan for communicating your purpose is key to ensuring that your message is visible to the right people. You’ll attract supporters and like-hearted leaders to your team who will be motivated by a shared vision.
Enacting purpose in your business takes time and strategy. It also involves input from all stakeholders and a dedication to making a positive impact. Vital to implementing purpose effectively is aligning your business objectives with your impact goals. By aligning your objectives with broader purpose-related goals, you put your values into action, demonstrating to employees - existing and future - that your dedication to making a difference is genuine. This is where impact management can help maximize your ability to create positive outcomes both internally and for your community.
Looking to learn more about Impact Management? Check out our blog from earlier this year: What is Impact Management?
Interested in developing a strategy to drive purpose at your organization? Reach out to us!
Curio412 is a consultancy for businesses and nonprofits who want to improve their bottom line, build relationships, and scale meaningful impact. We believe in creating lasting impact. Which is why we share knowledge and tell stories to keep nonprofits, business, social enterprises, and charitable organizations informed about current trends, ideas, and impact.