Purpose-led organizations can:
- Attract more workers, especially younger employees
- Unify a diverse workforce
- Boost holistic well-being across the workforce
- Retain workers more effectively
Purpose has become a hot topic for organizations across industries – largely because it’s a hot topic for consumers, employees, and society as a whole.
More organizations than ever before are talking about their purpose. That’s largely because employees want to work for organizations that share their values and consumers are paying more attention to the societal impacts and contributions of the companies they do business with.
Purpose can certainly help guide employers in identifying the social issues – from climate change to economic inequality to bias based on race, gender, and sexual orientation – that are most meaningful to their employees and customers. The rise of stakeholder capitalism has also advanced the dialogue around purpose by highlighting the needs of customers, workers, the environment, and communities, along with those of shareholders.
But purpose can seem like a nebulous concept, which challenges many organizations to make their values more than just “words on a wall” (or website). To become part of ongoing operations, purpose must be connected authentically to what organizations offer their customers and workers, as well as their unique core values. Purpose can then be embedded in the cultural fabric and employee experience by linking it to DEI programs, benefits and HR policies, sustainability efforts, and community and philanthropic investments. Employers that “co-create" purpose, based on C-suite leadership and strong, grass roots engagement, have the most success.
MetLife’s 2022 Employee Benefits Trends Study highlights workers’ increasing interest in their organizations’ purpose and in having purposeful work. Purpose also benefits organizations by providing a rallying point and common ground for heterogeneous workforces, including employees with different skills, roles, and backgrounds.