Now more than ever before, individuals want to find meaning in their work. As we continue to learn more about ‘The Great Resignation,’ millions of people are re-evaluating their careers which has resulted in a record-breaking number of open jobs. The pandemic has shifted employee values regarding how they view employment, company culture, employee retention, and job satisfaction. The days of hoping that bonuses, raises, and free swag will be enough for people to stay in their jobs is gone. This shift has caused employers to re-evaluate their retention strategies.
Why retention matters
Employee turnover can cripple a business. According to Forbes, turnover can cost employers 33 percent of an employee’s annual salary. There are many hidden costs as well. Top performers are typically saddled with taking on extra work left by those that have departed. This can negatively impact morale as others begin to question whether they should leave too. People want to enjoy going to work, and the conditions created by turnover can create unwanted stress and resentment.
The power of purpose in the workplace
One of the keys to improving retention rates is the cultivation of a human-centric working environment, specifically one that fosters a strong sense of purpose for employees. This can produce significant dividends for employees and employers. Studies suggest that people who see their work as purposeful are up to 11 times more committed to staying with an employer and are more likely to hold VP and top-level positions.
Purpose creates much stronger organizations because co-workers and teams are more likely to work together as a team for a common aim. When everyone shares a purpose for helping others, achieving a common goal, or producing a product together, more can be accomplished with a better result. Having a positive company culture that values purpose for its employees will inherently drive engagement, a sense of belonging, and a desire to grow along with the business. If you are eager to learn more about how you can help your team discover and share purpose, learn how Arctos360 can help.
