As we are watching the coronavirus crisis unfold and wreak havoc on businesses, the workforce, the world economy and change life as we know it, we also see the unintended benefits it is having. With countries under lockdown, we are experiencing noticeable drops in greenhouse gas emissions and pollution in some countries. How can this virus achieve what we and our political leaders, at least thus far, cannot? Furthermore, fashion designers, vacuum manufacturers and other businesses are helping to make ventilators, medical masks, hospital gowns and more to help combat the pandemic. As we move to revive businesses and restart economies, we need to ask ourselves, now more than ever, what we can do to make the world a better place. So, what is your company’s purpose and how does it impact talent acquisition?
The Importance of Purpose
Your company’s purpose beyond making money has an immense impact on overall business. It will majorly influence marketing and advertising campaigns (think using AI for good with Microsoft AI), as well as public relations and perception. Without positive public perception, you won’t have much business. Your purpose can be anything from giving back to the community in which you operate, to major charity work. However, it is important to note that your purpose does not need to be charity. Of course, not every business has the power to change the world. Your purpose can be as simple as providing superior products or services, but you do need to have one.
The Impact of Purpose on Talent Acquisition
Defining and marketing your brand’s purpose will give you an advantage in attracting top talent. It needs to take center stage in your employer branding efforts. It is no secret that people want to work where their work has meaning other than just financial gain. In fact, 9 out of 10 people are willing to take a pay cut to do more meaningful work. You can offer top talent an attractive compensation package and unlimited paid time off, but without a clear purpose this will not set you apart from the competition. Elon Musk, founder of majorly purpose-driven businesses like SolarCity and Tesla, once said “Technology leadership is determined by where the best engineers want to work, putting in long hours for a corporation is hard. Putting in long hours for a cause is easy.”.
Of course, the effort of marketing and living up to the company’s purpose does not end when the talent has been successfully recruited. It should also play a role in the business’ talent retention strategy. There needs to be a clear focus on constantly visualizing the overall purpose so that talent is reminded of the impact their work has.
Purpose is engrained in everything humans do. Make sure you allow your workforce to fulfill this need in their professional lives as well. At Research Partners, we are passionate about helping companies build purpose-driven teams and can support you in uncovering and hiring the best talent for your business.