24 May 2019 Shaquib Wasif

How do purpose led companies attract the best talent?

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Modern times have seen a big shift in work place culture. In the past salary, status and prestige were the most important considerations while selection of an organisation with which one would want to work. The focus has now shifted to factors besides a monotonous job for generating stable income. This is the primary reason that loyalty factor is on the downhill and the average tenure in companies is declining. People look for job which add more meaning to what they are doing and something that is greater than themselves. Sense of achievement and zeal to work towards accomplishing of a larger goal are the motivating factors at work place. With changing patterns, organisations are using the “Power of purpose” to appeal and attract the most talented individuals to come and work with them.

In a typical modern work place, talent is driven by purpose and this has a major impact on individual as well as team performance. Skilled employees do not find their jobs engaging and want to escape organisations in the absence of purpose. Hence, cultivating a sense of purpose at the organisational level is a pre-requisite to ensure success.

Purpose led brands:

A study by Insights 2020 revealed that when brands or companies were purpose linked, approximately 80% of them demonstrated a trend of outperforming the market and hence attracted the best talent available in the market place. Brand like Amul work for the betterment of dairy cooperatives and farmers. The purpose has been loud and clear even since inception of the Company and this is a unique attractive proposition.

Higher happiness quotient:

Employees of purpose led companies experience far more satisfaction and happiness at their work place. Low attrition rates are proof of loyalty.

These days’ organisations also take initiatives for ensuring healthy and fit employees. This includes mental as well as physical fitness. Insurance incentives, fitness rewards, access to healthy goods at the work place, subsidized fitness plans, gym, yoga, meditation, personal trainers are a few health-related facilities that are being extended at work place. These are aids to take good care of its employee strength and constitutes an important consideration in attracting new manpower.

Preach by practice to set examples:

Lots of Companies come up with new and innovative approaches to define their purposes and bring out more for their people. Unilever, Google, Chobani are few such brands which have established their goodwill amongst young talent by the wonderful examples they have set in terms of purpose leading. Chobani by mode of empowering its people by entitling them to equity, Unilever by foregoing short term profits and Google by giving off grants have set examples. When talented candidates experience such purpose adherence by organisations, the appeal is high and the desire to work with the said employer gets a boost.

It may further be added that a few jobs were taken up as vocations in the past. However, every attractive job proposition now comes in with an element of vocation imbibed in it. A job is no longer a job only, it is perceived as an opportunity to grow and contribute to something bigger. Purpose has transformed the recruitment industry and the thought process as to how open roles are perceived.

What is your strategy to attract the best talent?