For decades, executives have evaluated their company’s success based on areas of the business that can be easily measured – financial results, stock price, safety, productivity. But as the world has changed dramatically in recent months, so have the expectations of those we lead. And as employees rethink their priorities, the intangible aspects of a company’s brand – its mission, its values and its broader commitments to society ─ have taken on new meaning. 

Based on recent data, many employees are leveraging the dynamic pandemic environment to lock in better pay, more flexibility and remote work options. Others are opting out of the workforce due to family commitments or safety concerns. In fact, workers are walking away from their jobs at a record rate in one of the fastest growing markets we’ve seen in recent history. But the data is also telling another story – one that requires company leaders to foster a purpose-driven, inclusive, and socially-conscious culture to attract and maintain a competitive workforce.

A search for meaning in the workplace

The pandemic has triggered a need in people to search for meaning in all aspects of their lives, including the work they do. More specifically, the pandemic has made them reconsider their work through the lens of whether it brings purpose to their lives. Employees want to work for companies that are mission driven, that demonstrate a responsibility to society, and show leadership in ESG – environmental, social and corporate governance. They also want to work for companies that give them the opportunity to do work that contributes to the greater good ─ to do work that matters. And it’s this aspect of what some are calling “the great resignation” that leaders might find most challenging to address.

Most leaders have no problem setting goals, priorities and organizational tasks. But when asked to connect these tasks to things that their employees find meaningful, only a few have been able to do so ─ not because they lack the needed skills, but because they’ve never been required to do so. All of that has changed.     

Creating a purpose-driven culture

The pandemic has changed the way employees think about work and they now expect more than ever from companies. So, what does this mean for leaders?

To start, we need to build ─ and continuously cultivate ─ a purpose-driven culture if we hope to attract a purpose-seeking workforce. This will require we balance our business goals with our desire to meet employees where they are at this unique moment in history, so we’ll need to have a pulse on their priorities and concerns. We’ll also need to commit to making work exciting, engaging and meaningful for employees, and ensure the work they do is aligned with what they are passionate about. And by the way, when this happens, employees do their best work.

We also know that employees want to work for leaders who are committed to building an inclusive work culture. Leaders need to create a work environment where employees feel welcome, where their diverse talents and perspectives are valued, and where their differences are viewed as qualities that strengthen the organization. And increasingly, our employees expect us to take a position on social and racial issues that are in stark contrast to our internal values. We are members of the community and are expected to play a role in building a better society.         

Equally important, employees expect companies to demonstrate a commitment to sustainability. Employees will no longer accept slogans and lofty platitudes. They want to know what we’re doing to protect our planet. So, we must have a comprehensive strategy for achieving sustainable operations, building sustainable products, and measuring progress. And we need to be transparent about our efforts and regularly report our results.

Finally, we must demonstrate an unyielding commitment to ethics and integrity every day. For some employees, a company’s commitment to ethics is the top attribute they look for in an employer. Doing business right must be at the core of all we do if we expect to build and sustain a reputation for leading with integrity in the marketplace. It’s a commitment that begins with our C-level executives and cascades throughout the organization. And together, leaders and employees must be accountable for making the right decision and never compromise our ethics, values or integrity ─ no matter the circumstances or the pressures we may face.

Staying focused on what matters most

Thomas Edison noted that time is the only – and I would argue the most important ─ capital any human has. It’s the one thing we can’t afford to lose. This is an idea the deadly COVID-19 crisis has brought into focus for us all. So, it’s not surprising that after experiencing a global pandemic, employees are going to question how they should spend their time. They’re looking for a new order, one that balances their professional and personal interests.   

Building the work environment of the future

As our employees’ view of the world evolves, leaders too must adapt. We must change to remain relevant in the eyes of our employees or risk losing our most valuable assets. At Eaton, we’re listening and continuously recalibrating how we serve all of our stakeholders. And it begins with our employees because they make everything else possible. They’re the ones who serve our customers, deliver for our shareholders and give back to our communities.

And while we also recognize it’s up to our leadership team to build the work environment of the future, we know we’re not doing it alone. We can’t do it alone. This work is about our employees and for our employees, and it starts with them. So, we’re listening to them. We’re learning from them. We’re making it a priority to know what’s most important to them. And with their input, we’ll create a culture where they can do their best work every day – work that matters to them and to all of society.

Learn more about Eaton’s commitments to our people and to society.