Activating your brand’s purpose to attract and retain talent
DATE
20/09/21
PUBLISHED BY
Huw Morgan
A Microsoft survey of more than 30,000 global workers has found that 41% of them are considering quitting or changing jobs this year.
Oxford Economics estimates that the average cost of losing an employee earning £25,000 is over £30,000 once you’ve factored in advertising the role, recruitment fees and the cost of training up a new replacement.
On top of the financial impact, the business risks losing its most innovative, influential and productive people and the departure of colleagues, friends, managers and mentors can have a big impact on office culture.
So what’s behind this talent trend?
There’s no doubt that the pandemic has precipitated a shift in priorities for many workers. Some are looking for a change in career, some want a fresh working environment or to re-calibrate their work life balance. Others are leaving because they feel undervalued, underpaid or burned out.
These ‘push’ factors will be prompting tens of thousands of employees to consider their career next steps. But arguably the biggest risk to talent attraction and retention in the post-pandemic workplace is an absence of purpose in the employee experience.
In a recent study from Deloitte, as many as two in three millennials said they would quit their job if they sense that their current employer has no clear purpose beyond profit.
Activating a purposeful employee experience
A brand’s purpose is essentially why a company exists. It defines a company’s core reason for being and its resulting positive impact on the world.
When employees understand and buy into their brand purpose, they are more likely to stay loyal to the company and go the extra mile to further that purpose.
According to McKinsey’s Corporate Purpose report: “The majority of employees in the corporate world are agitating for decisions and behaviours that they can be proud to stand behind and gravitating toward companies that have a clear, unequivocal, and positive impact on the world.”
Whatever your view of its controversial and outspoken founder, electrical vehicle manufacturer Tesla has a brand purpose that breeds fierce loyalty among its employees.
Tesla’s employees don’t see themselves as making electrical cars, they are on a purpose-driven mission to “accelerate the world’s transition to sustainable energy”.
And many of Tesla’s staff are so motivated by that purpose that many find it more compelling than the bigger salaries and benefits that they could potentially earn elsewhere.
2 in 3 millenials said they would quit their job if they sense their current employer has no clear purpose beyond profit
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This was published by…
Huw Morgan
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