January 21st, 2020 | Tim Stokes, Head of Sales EMEA, Sterling
Why Purpose-Driven Businesses Can Help to Attract and Retain Great Staff
The business world is evolving. Long gone are the days of an organisation’s purpose being focused solely on financial gains and profits. Although this may be an essential part of business and perceived success, first and foremost a company will need a clearly defined purpose, embedded into the mission of the organisation. Companies that recognise the importance, truly believe their existence represents something greater than merely the products and services they sell. As well as making a positive difference in the world, they are also propelled into a position in which they can leverage the numerous benefits that accompany this, such as improved employee satisfaction. This also places the organisation one step ahead of the curve when it comes to recruiting and retaining top talent.
Here, we dive into the benefits of a purpose-driven business and explore how an organisation can stand out from the crowd.
A Driver for Good
A purpose embedded into a company’s mission statement can convey to candidates whether an organisation is authentic or not. If this comes across as superficial or unrealistic it may make an individual wary, or perhaps may cause a candidate to have second thoughts about the company all together. A meaningful purpose on its own, is not enough – organisations will need to link their activities to their purpose, in order for this to be actionable and to deliver real value to stakeholders. A true purpose can act as significant differentiator, especially when you factor in that candidates have increasingly more employment choices. However, as a prime example of the impact this can have, research conducted by YouGov and commissioned by Danone UK, found that more than a quarter of British managers would likely accept a salary cut in favour of a company with a clear purpose beyond profits.
All of which adds to an organisation’s employee value proposition, which can be explored in more detail within our blog “attracting the right candidates with a strong employee value proposition”. Although in essence, corporations will want to identify individuals that resonate with their mission and are able to recognise how their work fits into the overarching purpose.
Arguably, businesses that possess a clear purpose are seen to be more successful, as reinforced by research from PriceWaterHouseCoopers, where 79% of business leaders were found to believe that purpose is central to success. The same study also suggests, that when it comes to millennials, a strong purpose makes it over 5 times more likely for them to stay with the company. Indeed, a strong sense of collective purpose is proven to drive employee satisfaction, according to 89% of executives surveyed by EY – and happy employees means a more productive workforce, 13% more in fact!.
The Sterling Difference
Here at Sterling, as a collective and individually, we’re part of something greater. We believe everyone has the right to feel safe and we’re on a mission to offer a foundation of trust and safety our clients need, to create great environments for their most essential resource, their people. We know people make the difference – in the workplace, hospitals, on the road, and in schools (to name a few) – and with services spanning across industries, professions and borders, we’re trusted to perform over 100 million searches annually, helping to make the world a safer place one check at a time. Not only do we serve our clients around the world, but we do so in an environment where people support one another and share a goal of driving our business forward, together. To us, its more than a career, it’s a purpose.
From increased productivity, maximised employee satisfaction to perceived organisational success, it’s evident that a clearly defined purpose can be the driving force behind great things.
If you can relate to our mission or want to echo our purpose – find out what Sterling’s all about and discover the difference that’s making the world a safer place.
This publication is for informational purposes only and nothing contained in it should be construed as legal advice. We expressly disclaim any warranty or responsibility for damages arising out this information. We encourage you to consult with legal counsel regarding your specific needs. We do not undertake any duty to update previously posted materials.