Purpose is crucial in organizations, particularly for millennials, who view it as equally important as financial performance. Deloitte's mission is to make a positive, lasting impact on the organization and its stakeholders. Companies that clearly define and commit to their purpose know they can achieve both purpose and profitability with the right focus, leadership, and branding. However, the growing focus on purpose may be overshadowing something even more vital: meaning.
While many organizations have doubled down on purpose, they often overlook meaning, which has become increasingly important in an era of disruptive technologies, leaving employees feeling more replaceable than ever. Millennials have shifted the perception of organizations, placing greater importance on purpose.
A 2018 Deloitte survey found that 83% of millennial workers believe business success should be measured beyond just financial results. As employee and customer expectations evolve, leaders are responding. For instance, BlackRock’s Larry Fink, in his 2019 letter to CEOs, urged companies to “embrace a greater responsibility,” noting that society now expects businesses to tackle social and economic issues. Deloitte’s 2018 Global Human Capital Trends report highlighted this shift as part of the “Rise of the Social Enterprise.”
While purpose can guide and inspire, it doesn’t always address the personal and collective needs of workers. What’s often missing is meaning. Meaning is a human-centered concept—it’s the sense of recognition and respect employees feel, knowing their contributions are valued. It’s the positive impact an organization’s actions have on its workforce. Despite an increased focus on purpose, many organizations fail to invest in creating meaning for their employees, especially in a time when technological advancements have left workers feeling less secure.
Drawing from Maslow’s hierarchy of needs, addressing basic needs like safety and physiological requirements is important, but it’s not enough to create meaning. True meaning comes from fulfilling higher-level needs—belonging through inclusion and job security, esteem through recognition and career growth, and self-actualization through learning, career mobility, and personal development.
So, how can organizations foster meaning in a workplace dominated by automation, AI, job uncertainty, and a widening skills gap—especially when more people define their identity through their work? This is the challenge organizations face today.
The Essence of Meaning
What exactly is meaning, and how can it be measured? In a speech, President Obama eloquently captured it: “Companies have to be built asking themselves, ‘How are we treating our employees?’” It is the treatment of employees that defines meaning. Leaders must consider how to invest in their employees’ development, reward their contributions, support personal and professional growth, and recognize them as valued team members.
Moving forward, organizations must reimagine the future of work to promote these values and unlock human potential. Involving workers in this transformation is key to success. As businesses adopt a more flexible approach to strategy and planning, responding to increasing disruption and risk, they can apply this mindset to their approach to work, always remembering that meaning is found in the work itself. These new perspectives can help organizations better understand the workforce they’ll need and the motivations that will empower employees in new, impactful ways.
While many organizations have doubled down on purpose, they often overlook meaning, which has become increasingly important in an era of disruptive technologies, leaving employees feeling more replaceable than ever. Millennials have shifted the perception of organizations, placing greater importance on purpose.
A 2018 Deloitte survey found that 83% of millennial workers believe business success should be measured beyond just financial results. As employee and customer expectations evolve, leaders are responding. For instance, BlackRock’s Larry Fink, in his 2019 letter to CEOs, urged companies to “embrace a greater responsibility,” noting that society now expects businesses to tackle social and economic issues. Deloitte’s 2018 Global Human Capital Trends report highlighted this shift as part of the “Rise of the Social Enterprise.”
While purpose can guide and inspire, it doesn’t always address the personal and collective needs of workers. What’s often missing is meaning. Meaning is a human-centered concept—it’s the sense of recognition and respect employees feel, knowing their contributions are valued. It’s the positive impact an organization’s actions have on its workforce. Despite an increased focus on purpose, many organizations fail to invest in creating meaning for their employees, especially in a time when technological advancements have left workers feeling less secure.
Drawing from Maslow’s hierarchy of needs, addressing basic needs like safety and physiological requirements is important, but it’s not enough to create meaning. True meaning comes from fulfilling higher-level needs—belonging through inclusion and job security, esteem through recognition and career growth, and self-actualization through learning, career mobility, and personal development.
So, how can organizations foster meaning in a workplace dominated by automation, AI, job uncertainty, and a widening skills gap—especially when more people define their identity through their work? This is the challenge organizations face today.
The Essence of Meaning
What exactly is meaning, and how can it be measured? In a speech, President Obama eloquently captured it: “Companies have to be built asking themselves, ‘How are we treating our employees?’” It is the treatment of employees that defines meaning. Leaders must consider how to invest in their employees’ development, reward their contributions, support personal and professional growth, and recognize them as valued team members.
Moving forward, organizations must reimagine the future of work to promote these values and unlock human potential. Involving workers in this transformation is key to success. As businesses adopt a more flexible approach to strategy and planning, responding to increasing disruption and risk, they can apply this mindset to their approach to work, always remembering that meaning is found in the work itself. These new perspectives can help organizations better understand the workforce they’ll need and the motivations that will empower employees in new, impactful ways.