McKinsey & Company found that purpose can be an important contributor to employee experience. They found that business with clear purpose had higher levels of employee engagement, stronger organisational commitment and increased feelings of well-being.
While business leaders prioritise the commercial value of purpose, employees see purpose as a way to bring meaning to their work and understand the contributions they are making to the company, as well as society.
A PwC survey found that 79% of business leaders think that purpose is central to business success. Even with this level of importance only 34% of leaders make and align decisions to their organisation’s purpose. The survey found that Millennials are over 5 times (Non-millennials over 2 times) more likely to stay when they have a strong connection to their employer’s purpose. Again only a limited number of business leaders (only 27%) of help employees connect their own purpose to the work of the company.
All too often leadership do not place enough focus and importance on purpose. This is especially the case within the professional service sector. Never has there been a better time for business’s to have a a clearly defined purpose and truly live it.