Does your business struggle to retain your most valued people? Consider using your company vision to engage and retain your employees.
Today’s employees want to be part of something bigger than themselves. Since the tumult starting in 2020, employees are revisiting their priorities, with nearly two-thirds reflecting on their purpose in life. Moreover, 70% said that their sense of purpose is largely defined by work, according to the McKinsey article, “Help Your Employees Find Purpose – or Watch Them Leave.”
“Employees expect their jobs to bring a significant sense of
purpose to their lives, and employers need to help meet this need,
or be prepared to lose talent to companies that will.”
Like it or not, as a company leader you play an important part in helping your employees find their purpose and live it. Encouraging them to engage with your company vision is one step in the right direction.
What Do I Mean By Company Vision?
A vision is a clear and compelling picture of what you want your business purpose to be in the future. It’s “why” you exist—and usually has something to do with improving the world.
Here are some examples of vision statements:
- “To help people and businesses throughout the world realize their full potential” – Microsoft
- “To provide access to the world’s information in one click” – Google
- “To save people money so they can live better” – Walmart
- “To capture and share the world’s moments” – Instagram
- “To create a better everyday life for many people” – IKEA
The Entrepreneurial Operating System (EOS) offers a systematic way to crystalize your company’s vision and then operationalize an action plan to get results.
As the founder of the EOS system, Gino Wickman, says, “Vision without traction is merely hallucination!” Given employees’ need for purpose at work, vision without traction will dramatically affect retention, as well.
Unfortunately, we have a tendency to spend countless hours and money creating our vision—only to get bogged down in daily operations, putting out fires, chasing shiny balls, and missing the opportunity to attract, engage and retain talent.
We also might be missing bottom-line business implications from vision and purpose. According to McKinsey, people who live their purpose at work are more productive. They are healthier, more resilient and more likely to stay at the company.
When employees feel that their purpose is aligned with the organization’s vision, the benefits include:
- Stronger employee engagement
- Heightened loyalty
- A greater willingness to recommend the company to others
A sound vision that’s shared by all can also be a catalyst that brings down departmental silos, inspires staff and managers and propels the organization forward—with everyone rowing in the same direction.
Clear Purpose for Greater Impact
Here are 3 steps to help ramp up the impact your company’s purpose has on your organization:
1.) Dust off and polish up your company’s vision statement
If you’re running your company on EOS, update your Vision/Traction Organizer. And passionately communicate it often in as many venues as possible, sharing anecdotes and regularly praising those who live by these values in every part of the business.
According to McKinsey, employees are 5 times more likely to be excited to work at a company that spends time reflecting on the impact it makes in the world.
2.) Make sure your leaders and managers can articulate and passionately own the vision
Managers must integrate vision and purpose into every one of their employee-related processes—all the way from hiring to firing, reviewing, rewarding, recognizing and coaching people.
They also must be prepared to share their own purpose with others and role model these skills. According to McKinsey, people whose managers didn’t provide them opportunities to reflect on purpose stood a 7 percent chance of fulfilling their purpose at work!
3.) Help people live their purpose at work
Give people opportunities to connect with the company’s vision and live with purpose in their day-to-day work. Engage their ideas in town hall meetings and other forums. Provide training and professional development opportunities to help them translate your company’s vision into purposeful actions, so they can more easily find more purpose at work.
A Final Thought
A company that fails to define a clear and compelling vision for itself lacks direction and so will its employees. If they don’t know how your company intends on improving the world with vision and purpose, they can’t help you achieve it—and they are more likely to move to companies that will.
Find more tips and strategies on the Better Traction blog on how to create a company vision that attracts and retains the best talent out there.
To learn more about how EOS can help you build and maintain a company culture that sets your business, leaders and team up for success, schedule a consultation with Expert EOS Implementer, business coach, and speaker, Chris Naylor, M.A.
Send Chris a message to get in touch, and she’ll connect with you shortly.