The value of meaningful work
We millennials are infamous for wanting to have purpose in our jobs. (I would argue that most generations want the same but aren't as vocal about it.) We’re not a generation that wants to come into the workplace, punch in, do our jobs and then punch out.
The workforce as a whole is evolving, people want meaningful work that integrates easily with the rest of their daily lives. Unfortunately, most organizations don't provide this opportunity. According to the Deloitte Global Millennial Survey 2019, more millennials than ever — 49% — would, if they had a choice, quit their current jobs in the next two years.
This decision is often motivated by more than just money. While more than half of millennials want to earn higher salaries, the ability to travel and see the world tops the list of millennial aspirations, closely followed by the desire to make a positive impact in their community.
If your organization isn't adapting to the evolving employee landscape, you risk your top talent eventually becoming burned out and leaving for an organization that's able to motivate its employees — or even leaving to start their own company. In fact, according to an Inc. article, 66% of millennials have goals to start their own business. Why is this, and how do we address it?
Employee motivation matters
Before we dive in any further, let’s define our terms. When I say motivation, I define it as finding meaning in your job (how YOU make a difference to the whole). Consider the following quote:
“If you want to build a ship, don’t drum up people to collect wood and don’t assign them tasks and work, but rather teach them to long for the endless immensity of the sea.”
— Antoine de Saint-Exupery
People want to work for something more than just a paycheck. They want to find meaning. A 2018 survey from Harvard Business Review reveals that more than nine out of 10 employees would be willing to trade a percentage of their lifetime earnings for greater meaning at work. Employees who find work highly meaningful are 69% less likely to plan on quitting their jobs within the next six months, and on average, have job tenures 7.4 months longer than those who lack meaning.
For millennials, this desire for greater purpose extends to a company’s mission overall. A global study from American Express reports an average of 62% of millennial workers want to be known for making a positive difference in the world, and 75% say it’s important for the values of the company they work for to match their personal values.