Editor's Note: This is the second in a three-part series on how purpose can help the accounting profession gain and retain talent by Go Beyond Chief Purpose Officer Greg Sloan. The former financial advisor now advises CPAs on finding purpose in the workplace, their profession and overall firms on how to empower their employees to find purpose as a critical retention and performance approach.
Retaining and increasing talent in the era of the “Great Realignment” is a challenge like no other. Younger workers are seeking greater flexibility in their work, among other benefits. Unfortunately, these solutions are not enough. Workers are searching for something more meaningful than general perks.
Seventy-three percent who work at accounting firms said they had lost an employee in the last 12 months
In a May 2022 Accountingfly webinar, 73% who work at accounting firms said they had lost an employee in the last 12 months. By that point, it had been over two years since the pandemic hit the US and offered benefits, such as but businesses were still losing people.
Why? Because there was a lack of purpose in the workplace.
Aligning common goals and personal dreams of family members, friends, or business partners requires adjustments during financial planning. Without a clear set of priorities, creating an effective financial plan can be impossible.
You and your team are all too familiar with pivoting to assist clients when things change in their lives. I want you to consider applying this same approach when re-aligning Company Purpose.
Start with Purposeful Onboarding
A 2019 article in Organization Science found a relationship between a strong Company Purpose and better future accounting and stock market performance. And, in a 2022 article, Deloitte shared research showing that high-purpose brands can double their market value four times more quickly.
There is a clear connection with purpose and stronger business.
“Purpose isn’t what you do, it’s how you do your job and why.”
“Purpose isn’t what you do, it is how you do your job and why,” according to the Harvard Business Review. In the first article of this series, "Why It's Important to Define Who and What Your Company Is," we discussed Personal Purpose and Company Purpose. You can reference back for a refresher on the distinction between the two. In this article however, we’re focusing on Company Purpose.
Finding a sense of purpose provides direction for the right priorities. It is at the root of increased talent retention and strengthened client relationships, as both employees and customers want to engage with companies that stand for more than products and profit. This needs to be clearly communicated from the very beginning of your workers’ employment journey一from onboarding to furthering skills of veteran workers.
If the Company Purpose is simply a slogan or tagline, it will be little more than a footnote to workers. After onboarding, imbue your Company Purpose into all aspects of the business. Workers are curious how their Personal Purpose fits in with the Company Purpose. There needs to be some alignment between the two.
You can help increase talent fulfillment by working with them on what their future will look like at your company. For example:
- Leadership opportunities
- Paths to promotion
- Schooling/training
- Skills development
Stay Flexible
When instilling purpose in your organization, keep flexibility in mind. This comes back to the Company Purpose not being a static tagline—it needs to be a living, breathing idea. Every worker from new hires up to leadership should be able to know what it is by heart.
It is the first thought on everyone’s minds as to why your company exists. It should also be reflected in how the company operates, makes their decisions and functions on a day to day basis.
When getting serious about your financial organization’s purpose, it cannot be dropped onto a current worker’s desk, such as HR. They’re already busy with their own important task list. If the company leadership has a flexible mindset, they may want to consider adding a new role. This is where a Chief Purpose Officer (CPO) comes in—someone who is the authority on your Company Purpose.
Forbes says, “A good CPO sets the tone and path for the organization, directly influencing the way it operates.” They have the power to interweave the Company Purpose into everything the organization does, including working with the CMO. Translating the C-suite’s mission and vision into marketing campaigns is how a CPO can share the organization’s purpose with its audience.
If your organization isn’t quite ready for a CPO, consider finding someone within the organization that could focus on this portion of the business and help guide and define Company Purpose. And, don’t just stop there. Make sure the Company Purpose is reflective throughout the organization so employees have a clear understanding of what the company stands for and what the long term goals of the organization embody.
Stay tuned for our next post to learn why activating workers’ Personal Purpose is the key to talent retention and gaining new talent.
Greg Sloan is Chief Purpose Officer at Go Beyond. Go Beyond’s Company Purpose is to support leaders of organizations to help their workers find their Personal Purpose. He started his journey as a financial advisor in 1995. Feeling unfulfilled, he went on his Purpose Journey, discovering that his Personal Purpose is to help creative leaders figure out how to leave a mark.
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