Deloitte pushed out some survey results this week that confirm what leaders have been telling themselves ever since the first Millennials entered the workplace at the turn of the century: ‘purpose’ is just as important as pay.
Sure, guys. Sure.
A Deloitte survey of over 4,000 respondents* found that over half of employees (62%) consider an organisation’s purpose before deciding to join, with over a third (36%) saying that an organisation’s purpose was just as important as their salary and benefits package.
Over a fifth (21%) of respondents stated that purpose had helped them to decide between job offers, indicating that purpose does carry an influence in attracting new talent to an organisation.
The survey found that 84% of respondents valued working somewhere that provided meaningful work. Feeling proud to work for an organisation (83%) also scored highly. Respondents also thought it was important that organisations actively play a role in securing a better future for the next generation (80%).
Regarding that last line, this is why EY is going to have a helluva time recruiting in the next year or two. Current partners are securing their futures, future partners can get bent.
Payal Vasudeva, partner and consulting people & purpose leader at Deloitte, commented: “In a competitive talent market, employees are more attracted to organisations where they can find purpose in the work they do. Looking at these findings, we can see that organisations need to show genuine commitment to purpose if they want to retain and attract employees.”
Maybe that’s true in other industries but no one becomes an accountant to change the world, no matter what Gen Z recruiting initiatives might say.
And as we’ve heard repeatedly over the past twenty years, it’s the young folks that put purpose highest. I guess we’ve just accepted that home ownership is off the table for many of us so might as well feel good about the work we do every now and then?
The survey found that over a third (37%) of 16-44 year olds considered an organisation’s purpose before they applied. In comparison, only 21% of 55-64-year-olds and 24% of 65-75-year-olds had considered an organisation’s purpose before they applied.
Over a quarter (29%) of 16–24-year-olds also said they left their organisation as they felt it was ‘not true’ to its purpose and 17% of this group left their organisation as they didn’t feel aligned to its purpose. In comparison only 8% of 55-64-year-olds and 11% of 65-75-year-olds cited not being true to its purpose as the reason they had left their organisation. Only 4% of those aged 55-75 say they had left an organisation because they did not feel aligned to its purpose.
LOL at high schoolers leaving their job at the drive-thru because they didn’t feel a deep sense of purpose.
Anyway, those are the results. We buying this? Show of hands, how many of you consider ‘purpose’ to be as important as pay when deciding between offers?