Why Meaningful Work is Crucial for Talent Retention

Keeping employees happy and on board seems to boil down to putting in some real effort. When companies don’t make a conscious push to engage their staff, it looks like workers are more likely to head for the exit. Get this: only 30% of employees who didn’t feel their company was making an effort said they planned to stick around for another year. That’s down from 36% in 2022 and a whopping 53% in 2021.

HR experts should keep in mind that different groups of people view work goals in their own way:

• Gen Z workers, in particular, want to see their company have a clear purpose and make a positive impact on society
• Older generations tend to care more about how their work aligns with their personal goals and gives them a sense of purpose

When it comes to keeping people around, meaningful work is a big deal for Hispanic employees, Gen Z, remote workers, and others.

HR departments should know that goal can be personal as well as organizational. While some workers want for alignment with more general corporate goals, others are driven by supporting their families or by improving professionally.

When it comes to goals, different groups see things differently:

• When deciding whether to keep in their present employment or start a new one, nearly 6 out of 10 workers (58%) say that having work that feels purposeful is a deal-breaker
• Particularly Black workers (62%), Boomers (63%), and women (61%), had substantially more higher numbers
• Comparatively to just 43% of all employees, 50% of Gen Z workers feel clear purpose and positive community influence are “must-have” benefits when thinking about a new employment

Surprisingly, only about a third of companies (34%) say they’re planning to focus on providing meaningful work as a way to attract or keep talent in the future. This suggests there might be a gap between what employees want and what companies are planning to offer.

Looking at the big picture, HR professionals play a key role in fostering a sense of purpose at work. By tackling this issue head-on, companies can boost employee happiness, loyalty, and overall well-being, which in turn improves how they manage their talent. With today’s job market being so competitive, putting emphasis on meaningful work becomes even more crucial for attracting and holding onto great employees.