Purpose has become key in work life. Employers must provide it
The world has changed significantly over the past few years, with the Covid-19 pandemic and the cost-of-living crisis driving considerable socio-economic shifts.
As these upheavals have forced many people to re-evaluate work and their expectations, employers must adapt to meet these new needs.
To understand how employee expectations have evolved, MetLife conducted a nationwide quantitative survey, collecting the views of nearly 2,500 respondents across different industries, company sizes and demographics.
The findings highlight employees’ priorities and what they want from work.
My world comes first
When it comes to priorities, the research found that employees care most about their personal world – health, family and friends, financial stability and individual freedom.
Priorities of a medium importance include personal growth, learning and development, making an impact on others, the community and environment and engaging in creative activities, while the least important priorities include belonging to a community, spiritual awareness and status at work.
Understanding these priorities and how they evolve under the influence of both external and internal factors enables employers to create a needs-focused and human-centric organisational culture.
The role of purpose in the workplace
Purpose, defined as ‘an abiding intention to achieve a long-term goal that is both personally meaningful and makes a positive mark on the world’ is seen as a necessity in the modern workplace.
A total of 84% of respondents say purpose is important even in times of economic crisis and uncertainty, with 76% saying it’s frustrating when they’re unable to pursue this purpose at work.
Organisations that can provide this purpose benefit too. Most respondents (85%) say that where a job aligns with their values and allows them to work towards their purpose, they are more motivated and likely to go the extra mile. This is particularly the case with younger age groups (18-34).
Purpose delivered?
Nearly two-thirds (62%) of respondents feel their current role enables them to achieve things that are meaningful at work, but this leaves a significant purpose gap.
This gap is more common in larger organisations, with 35% of respondents in companies with 250-1000 employees and 38% in companies with 1000+ employees saying their roles did not offer purpose.
The self-employed and employees in SMEs were least likely to say this, at 15% and 28% respectively.
To reap the benefits of a purposeful workforce, HR policies and practices should strive to narrow this purpose gap and empower employees to find and live their purpose.
When caution and purpose converge
Given the upheaval of the last few years, MetLife research also looked at how employee need for purpose is affected during times of uncertainty.
Although purpose is a key motivator, financial stability is important too. Only a minority are prepared to forgo higher remuneration for personal time (38%), more meaningful careers (30%) and more opportunities to make a positive impact (27%).
Employee benefits also have a key role to play. The perceived importance of workplace benefits has increased since the pandemic, offering employees valuable protection from stressors such as health problems and pay cuts.
Two-thirds (65%) of respondents say they would decline a competitive job offer if their current job provides better employee benefits.
From insight to action
As employees’ expectations change and they take steps to find purpose and meaning in what they do, organisations must support them.
At MetLife, we have identified four key areas – Purpose, Priorities, Personalisation and Protection – which should be taken into consideration when creating a more compelling employee value proposition.
Focusing on these four key areas will help organisations build workplaces aligned with the needs and aspirations of today’s employees.
Download the full report here.
In partnership with MetLife
At MetLife our aim is to help businesses prepare for the future, perform at their best and protect their people.
