Are financial rewards and high salaries the answer to attracting and maintaining high quality candidates? A number of studies have shed some light on the issue.
Korn Ferry Executive Group in their study found that purpose and meaning were the key drivers for 73% of respondents, with only 3 % placing pay and financial rewards as their primary driver.
A further study by PWC which focused specifically on millennials found that individuals felt more purpose and drive towards their work if they were attuned with the values and culture of their workplace. Majority of this group placed more value on purpose and meaning. Financial rewards were a minority factor.
So how do we create and maintain employee purpose?
1. Hire candidates who are suited to their positions
Candidates who suit their positions are more likely to enjoy it and are therefore likely to feel purpose towards it. When you’re hiring someone, you should be assessing all their different qualities and interests and comparing these to the requirement of the specific role.
2. Roles that provide opportunities to learn and grow
The PWC study found that majority of people felt greater drive towards their work when the position enabled them the opportunity to learn and grow. Try to create roles that will better the candidate at hand. Constant review of a candidate’s position and where they are at can also help to achieve this.
3. Clear goals / Objectives
Clear goals and objectives is an important one and you’d be surprised just how often this is overlooked. You want to make sure not only that the employee has clear objectives about their personal tasks but that they are also aware of how their work fits in with the overall goals of the business. Being able to view how their work fits in with the overall business structure creates much more drive.
4. Office / Workplace Culture
The PWC study indicates the importance of choosing candidates who will be compatible with your office workplace culture as it’s found that this is a key driver of employee purpose. Before hiring someone it’s important to really inquire their values and outlook on life and make sure these wont clash with your business. See our article on cultural fit to learn more about how to achieve this.