They come for the job; they stay for the purpose

The importance of company purpose

While the type of purpose your organization may choose could vary—fighting climate change, helping customers improve their health, or applying technology in new ways, for example—results from our research make it clear that having some form of corporate purpose is a big deal to employees of all ages. Sixty percent of employees said it is extremely important or very important to them that the organization they work for has a higher purpose other than making money. That’s all employees, not just younger generations. 

Businesses with a higher purpose create a more open path to making employees feel valued. Valued employees are more loyal—and loyal employees tend to be in it for the long haul.

In our survey, employees working for companies with a higher purpose reported increased engagement with daily work, enhanced role clarity, and a strengthening of team performance—all factors that raise employee worth and meaning to further fortify loyalty.

We asked about agreement with the statement “My organization’s purpose helps keep everyone aligned and working toward the same goal.” Seventy-five percent of employees surveyed agreed or strongly agreed. The statement touches on two factors that increase retention: role clarity (aligned) and team performance (working toward the same goal). 

Aligning people and purpose-driven work culture

If you’re thinking that aligning corporate purpose with the individual purpose of every employee simply isn’t doable, you might be surprised. Truist Leadership Institute consultants have helped thousands of leaders become aware of and define their personal purpose. For example, we’ve found that a conversation around envisioning the impact of living with personal purpose, and then extending that to envisioning a connection between personal and organizational purpose, can have a profound effect.

Actions as simple as having the conversation with others at your organization can be beneficial. Talking about how you can align purposes shows that leaders know that the employees on their teams are individuals working together on something that can have an impact on the world—proving you care not just about them, but with them.