When it comes to investing in people, the business world can be likened to that of the stock market. It is volatile, reactive and never stays in one place for long. In talent wars, companies compete to offer the best benefits and perks to attract and retain talent. However, once the competition dies down and the talent pool grows, these same benefits are often the first to disappear, leaving employees to wonder where their promises went. This overcorrection cycle can undermine trust, and the foundation that companies need to withstand market fluctuations and other challenges.
The companies that are able to break this cycle anchor their people strategy on something more durable than market trends, namely shared values. Consistent investment in employees, rooted in a sense of purpose and with a consistent approach can be a stabilizing factor. They feel that the leadership is truly interested in their well-being and growth, not only when it’s convenient but also as an integral part of the identity of the company. This kind of reliability builds loyalty, and creates an environment in which people are willing (and able) to give their best.
Recent Data show that organizations who have invested in strategic employee development are more profitable and twice as likely retain their staff. Companies that show a long-term commitment to the development of their employees will find their employees more confident in their roles, encourage them to innovate and grow, and, ultimately, boost their business performance. Companies can create a work environment where employees want to stay by investing in their people and providing development opportunities both at work and outside.
Value-Driven development: Putting the Purpose into Practice
Companies that offer employees the opportunity to engage in purpose-driven experiences can achieve remarkable results. Opportunities like nonprofit board services, skill-based volunteering, or extra-hands volunteerism are not just add-ons. They can be powerful laboratories of experience and growth.
The employees who take on these roles will return to their previous positions with a sharpened sense of judgment, increased empathy, and renewed mission. Lessons learned in these areas — such as navigating ambiguity and building consensus — can be translated directly into more dynamic leadership and stronger teams.
This in turn creates a ripple that transforms the work environment. The teams benefit from a new perspective and a better understanding of the world while individuals find new reserves of creativity and resilience. These experiences reward organizations with increased engagement, better retention and a reputation for attracting top talent.
How To Embed Purpose into Your Culture
Incorporating purpose into the culture of a company begins with a deliberate alignment that identifies opportunities that are in line with the mission of the organization and the passions shared by employees. Development can take place in two different ways when people are empowered by their values to pursue experiences.
The scaffolding provided by the employer is what enables this journey. employees can thrive when they have access to training, mentorship and a network of peers who are committed to making an impact. Structured preparation increases their impact in the community, and boosts confidence which translates into everyday work. The employees feel that their employers see them as an individual, and not just a product. As an example, a managing director of a prestigious firm told me that she did not think her leaders knew who she was before she was invited to BoardLead.
Businesses who invest in these support services see their employees return with new skills, stories and experiences that inspire others. This creates a positive ripple effect that encourages engagement and innovation.
Measuring what Matters: Long-Term ROI for Purpose
It is not possible to capture the true impact of HR initiatives that are based on value by merely counting volunteer hours and tracking participation rates. The true story is revealed in the stories employees tell: how an experience at a board meeting changed a finance leader’s approach to risk or how community service by a marketer led to a successful campaign.
These first-hand, real-life stories, combined with hard data about engagement and retention reveal a deeper truth. Companies that invest in purpose driven growth build teams who are more agile and loyal and invested in the long-term success. These benefits multiply over time. Employees who are supported and feel valued become brand ambassadors, driving innovation and collaboration. The organization is known for more than just what it does.
By Rob Acton. Founder and CEO of Cause Strategy Partners. The technology-powered board training and placement provider.
