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Beyond Paychecks: How Purpose-Driven Culture Is Attracting And Retaining Millennials In The Workplace

Technology has paved the way for a transparent workplace culture which has led millennials to be more aware and demanding of what they deserve. Millennials are unwilling to compromise when it comes to purpose and meaning in the workplace. According to PWC reports, 43% of employees want to work in a company where the organizational purpose aligns with the individual purpose. Young workers expect their workplace to give them a sense of belonging and align with their sense of purpose. If not, they will not think twice about switching to another company that satisfies their needs.

Building a Workplace That Combines Purpose And Passion

8-70% of the Indian workforce is the millennial workforce according to NASSCOM reports. Therefore, it is crystal clear why organizations must look into what millennials want in their workplace. Studies and researches show that millennials want purpose. However,  companies must understand what millennials mean when it comes to workplace purpose. 

Purpose: Foundation Of Millennial Work Ethic

Understanding the purpose from the perspective of millennials is crucial. Does purpose mean they need a self-serving sense of purpose from the current job to move forward? or Does purpose mean millennials want to be a part of something larger and contribute to the team, society, or world? Paying attention to the needs of the millennials in the workplace and making space to offer fulfillment is important for business success. 

Three Tiers Of Purpose: How Millennials Define Meaningful Careers?

A CONE study shows that 76% of millennials are willing to take a pay cut if they get to work with a socially responsible company. They have their own definition of success, and it is not just about the money they make from their job. This shows how the modern generation is highly idealistic and fond of creative millennial workplace trends

Professional Purpose

Millennials prioritize growth opportunities and professional progress in their workplace. Deloitte's study shows that 33% of Indian millennials look for learning and development opportunities when they choose an organization to work for. However, the insatiable craving for a sense of professional purpose leads many millennials to experience burnout. Organizations should improve professional growth opportunities for their entire workforce. 

Career development opportunities created after understanding employees will deliver professional purpose for millennials. They will understand that their company nurtures talents while also motivating in-house talents to advance their careers. 

Team Purpose

Millennials with a sense of belonging show significant progress in their performance, as 71% of Indian employees believe their contributions help their team. The team needs a clear direction to move forward, which is possible by establishing open lines of communication. The team and individual objectives must be conveyed clearly to complete projects successfully. Employees will be more involved if the managers share insights on goals and their purpose, helping the team understand the ‘why’ factor behind the objectives. 

Additionally, organizations should encourage strong peer-to-peer relationships. To recognize and appreciate the efforts of everyone in the team, managers can launch peer-to-peer recognition programs to emphasize the importance of individual contribution towards the larger team's purpose. 

Community Purpose

Millennials expect their employers to give them opportunities to contribute towards a greater purpose. The younger workforce widely recognizes mission-driven companies that pay it forward with community service. Employees respect and engage with companies that offer CSR employee benefits even if the business is not inherently philanthropic. Studies show that companies engaged in CSR have 50% lower employee turnover. The younger workforce wants their employers to have a positive impact on society and they prefer to be a part of it. 

Companies With Purpose Outperform Their Competitors

Millennials want to work in an environment that cares about them and offers a sense of belonging. When companies create a culture that motivates employees to do their best, they attract top talent and make them feel valued. A stronger workforce boosts business productivity, and engaged employees boost business productivity more than disengaged ones.

Investing in people will turn out to be the best investment for a business. In addition, when employees are actively engaged, it combats burnout and makes employees like their workplace culture even more.

Find new possibilities for creating a purpose-driven culture with Batik

So what's the takeaway? In many ways, the question of millennials in the workforce is more complex than it first appears. But it's possible that a shift to a more personalized approach to employee benefits will help employers attract and retain millennials in their workplaces, reduce employee burnout as well as cultivate loyalty in the long term. Batik empowers employers to offer their employees the freedom to choose the benefits they need and appreciate without any administrative burdens.

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