Biofore Magazine 2022

6

The pandemic and Great Resignation have transformed how, where and why we work. How is purpose shaping that? What's purpose got to do with it?

T he world is witnessing the largest transfer of wealth in his tory, withbabyboomers expected topass aroundEUR24.5 trillion on to millennials, a generation that sees societal improvement and not profit as the purpose of business. BlackRock CEO Larry Fink predicted in 2019 that this sentiment would drive their decisions as investors and employ ees. But it's not just millennials who are seeking more. Nomatter the level of experience, age or interest, many are seekingmeaning in what they do. “Belief that one is doing something meaningful is important to a person’s psychological and even physical health,” says Dr Jim Harter , Chief Scientist for Workplace Management &Wellbeing at Gallup. “Employees with purposeful work have higher overall well-be ing—they are more likely to be thriving in their overall lives. When times are tough, they are likely to be resilient because they can see the impact and bigger picture of their work,” he adds. Amatter of priorities Nearly a million employees in America said that the best places to work in 2022 were the ones that prioritised employee well- being and fostered cultures of inclusion, purpose, genuine listening, caring and empathy. There is pressure on employers to strengthen an employee’s sense of belonging, engagement and well-being, even as they nurture diversity, inclusiveness and collaboration. However, employees are not adequately convinced. Gallup’s State of theGlobalWorkplace: 2022Report found that just 21% of employees feel engaged at work and 33% are thriving in their overall well-being. It estimates that this low engagement costs the global economy EUR 7.6 trillion and accounts for 11% of global GDP. “Employees with purposeful work have higher overall well-being— they are more likely to be thriving in their overall lives.” Employers must close this gap because it can have dire consequences. A Korn Ferry survey of 684 professionals last year found that nearly half were now more likely to leave a role with out securing another job thanbefore the pandemic. They said that theday-to-daygrindwas justnotworththeeffortandmanywantedto pursueworkoptions thatweremorefulfillingandprovidedapurpose.

Bridging the purpose gap A McKinsey study revealed the wide gap between how peo ple in different positions perceive fulfilling their purpose in their daily work. While 85% of executives and upper management felt they were living their purpose at work, barely 15% of front-line managers and employees agreed. Experts say that even though organisations value increasing the emotional connection with employees, they don’t know how to execute it. Harter points out that despite clearly stat ing their mission or purpose, most firms fail to make the pur pose statement succinct enough for easy recall. “Importantly, they fall short by not upskilling their managers to have the right kinds of ongoing conversations with their employees to revisit goals, reviewprogress and recognise them for the contribution they are making to the organisation’s mission or purpose. Managers must articulate how each job contributes to that overall mission or purpose,” he elaborates. Companies where employees strongly agree that the purpose of their organisation is important for society have better busi ness outcomes, lower absenteeism and better quality of work, resulting in higher overall well-being, productivity and profit. A better future for all Purpose-driven work offers organisations the opportunity to serve society better, enhance their reputation with existing and potential employees and stakeholders, and be profitable. One’s individual purpose is intrinsically linked with organisational purpose because work is where we spendmost of our time. According to McKinsey, 70% of people define their purpose through work. How can individuals align their purpose with that of an organisation? Harter suggests identifying the larger purpose of the company you work for by clearly knowing whom the company is serving and the intended impact of the work. “Clarify how the work you do every day contributes to that largermission or purpose, either directly or indirectly. Set goals that not only contribute to that, but also improve your individu al productivity. Collaborate with others in the organisation and establish objectives that bring customer value.” This is how purpose becomes the thread that binds individu als, organisations and communities to work for a better and brighter future for society at large. As BlackRock’s Larry Fink says, ‘Purpose is not the sole pursuit of profits but the animating force for achieving them’.