According to a YouGov survey for Veolia, companies in the United Kingdom risk losing up to half their workforce if they fail to pursue a purposeful corporate mission.
The survey of over 2,000 employees revealed 50% would be likely to leave a company whose purpose did not align with their personal values.
Gen Z, those aged 18-24 years old, and younger Millennials, 25-34 year olds, were more likely to vote with their feet, with 57% of these age groups likely to leave a company that lacks purpose.
The YouGov survey also shows that despite the cost of living crisis, it is striking that over a quarter (28%) of all respondents would consider a pay cut in return for a clear company purpose, with Gen Z (18-24 year olds) most likely to do so (37%).
Moving up the age groups, respondents became less likely to take a reduced salary with only 26% of Gen X (45-54 year olds) respondents and 18% of Baby Boomers (55 and over) prepared to do so.
With staff retention and productivity high on the list of company priorities amidst the Great Resignation, businesses with purpose seem more likely to achieve greater success. 80% of all UK employees say they would be likely to go the extra mile and stay long term at a purpose-led organisation that aligned with their values, with 77% also agreeing that clear vision from management would likely keep them for the long term.
Since making 'ecological transformation' the focus of its activities in 2019, Veolia has undertaken independent surveys annually to monitor employees' understanding of, and connection to, its purpose.
In 2022, 94% of respondents said that they felt like their work contributed to the company's purpose, compared to 68% of UK employees surveyed by YouGov.
9 out of 10 of UK workers are aware of their company’s purpose but a gap remains in ensuring that it is properly embedded throughout all levels of an organisation
“At Veolia, we recognise that purpose plays a central role in creating a sustainable business model.
Not only does it ensure that our business is useful and around for the future, it provides long term growth, allows us to attract and retain talented people and affords all of our people access to sustainable career opportunities.
Pursuing purpose pays off.”
Veolia is committed to tackling climate change, resource depletion, biodiversity collapse, and pollution.
By developing new and innovative solutions the company is accelerating the process to radically change patterns of production and consumption and placing ecology at the heart of every process.
Veolia UK held its first Purpose and Values Week between 12th and 16th June, inviting all 14,000 staff to participate in activities to celebrate its purpose, create connections and champion colleagues who embody the company’s values.
