Especially starters and newcomers to the labor market expect different things from their employers than their parents. Ninety percent (pdf) of millennials want to do 'something good' in their working life and are looking for meaningful work with impact. According to a recent study (pdf), the generation after them (the so-called centennials ) finds purpose even more important. For them, it is the factor that weighs most heavily in the search for a new job. Experiencing a higher purpose in their work ensures that they stay longer. From an HR perspective, therefore, reason enough to link work to a higher purpose. However, there are also many other benefits for the organization that are about more than just earning money.
It seems that having a higher purpose and making money go hand in hand. For example, a meta-study by the aforementioned Gallup shows that higher employee engagement has numerous positive effects canada whatsapp number on traditional management figures. According to Gallup, this engagement yields the following:
22% more productivity
21% more profit
37% less absenteeism due to illness
48% fewer industrial accidents
41% fewer production errors
The world's top consultancies are also doing their bit: according to BoozAllen, banks that are organized around purpose enjoy 11 percent more return on equity . Numerous studies seem to point in the same direction. If you want to earn more as an organization, you have to talk about other things than money.
High expectations
And what do engaged customers think of organizations that pursue a higher purpose? The corporate world is collectively trusted 11 percent more than government and only 1 percent less than charities. 61 percent of millennials and centennials (Generation Z) prefer brands that stand for something. 80 percent of this target group expects organizations to improve the economic and social conditions within the communities in which they operate.