Editor's Note: This the final installment 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.
Based on our previous article, "Identifying Purpose (or a Lack of) in the Workplace," let’s say your financial organization has found its Company Purpose. That’s great. But what’s next?
If workers don’t know their Personal Purpose, they cannot connect with your Company Purpose. It’s important to help talent find their Personal Purpose, because purpose-driven workers increase not only their own health, but the health of the business as a whole.
Let’s review the top four reasons why activating Personal Purpose is the key to worker retention.
1. Less Burnout
Employee burnout is at a relatively similar level as it was during the height of the COVID-19 pandemic, according to a “2022–2023 Aflac WorkForces Report.” When employees are burned out, they feel exceptionally high levels of emotional and physical exhaustion. And as HR is all too familiar, this leads to talent considering another job as a solution.
59% of American workers are experiencing at least moderate levels of burnout
Roughly 59% of American workers are experiencing at least moderate levels of burnout. This is up from 2021 (52%) numbers, a return to reported levels from 2020 during the pandemic.
The Mayo Clinic shared these top causes of worker burnout:
- Lack of control — Having little to no say in their job functions
- Unclear job expectations — Not knowing what others in the company expect from workers
- Dysfunctional workplace dynamics — Lack of respect for workers
- Extremes of activity — Constant chaotic projects, tasks, etc.Lack of social support — Lack of teamwork
- Work-life imbalance — The job takes up most of their time regularly (loss of home life)
Helping workers discover their Personal Purpose can dramatically help them feel in control and confident in their work. They will know their job function has meaning, have more purposeful interactions with coworkers/leaders/clients, and see how their job helps fulfill their purpose in life.
It also opens the door to discussions where changes can be made to alleviate any issues an employee might be experiencing and retaining top talent.
2. Greater Sense of Fulfillment
Workers who have discovered their Personal Purpose are better equipped to see the bigger picture. Understanding Personal Purpose allows talent to see how their work makes a significant impact on the business, which will increase their own sense of fulfillment.
Instead of the notion of “work-life balance” where there's a strict trade-off between home and work life, Personal Purpose connects all aspects of life. Finding Personal Purpose leads to fulfillment in all areas of someone’s life.
This is called work-life harmony, which improves the sense of fulfillment for talent.
Fulfilled workers are more likely to stay at their job even in times of crisis
Fulfilled workers are more likely to stay at their job even in times of crisis. They have higher improvement rates, leading to confidence in their job and where they work. Your company will benefit too as fulfilled workers are happier and holistically healthy.
3. Healthier Work Environment
Finding meaning and fulfillment in work can strengthen workers’ sense of belonging at their job, which will foster a healthier mindset and emotional state. Workers whose Personal Purpose aligns with their job are less likely to engage in unhealthy workplace behaviors.
This will become evident not only in interactions with coworkers but clients and customers as well—productivity gains for the company averaging $9,000 per employee per year
BetterUp carried out a survey on the importance of meaning and purpose at work. They found that higher levels of job satisfaction can encourage people to work more hours, work with more focus, and take fewer sick days. This results in productivity gains for the company averaging $9,000 per employee per year.
4. Increased Talent Retention
Workers are more likely to stay at their current jobs when they have a strong connection to the Company Purpose where they work. 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.
Organizations with a strong Company Purpose show higher rates of employee happiness and engagement. KPMG has found that clearly defining its Company Purpose has helped them stand out from other organizations.
Ultimately, posting a mission statement or highlighting the company’s greater purpose on an “About” page won’t engage workers or clients. As we mentioned in our previous post, it is important that the Company Purpose is evident throughout the culture of the organization and the day-to-day operations.
By making Company Purpose a priority in your organization, employees will find a better sense of understanding who they work for and how they fit into the mix, both in the short and long term.
That will help your talent better align their Personal Purpose with the Company Purpose/ This will result in happier, more fulfilled employees, and the ability to retain talent in your organization and attract top talent in the industry. Now that is a win-win for sure.
Greg Sloan is Chief Purpose Officer at Go Beyond, which supports 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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