Black Rock's CEO published an open letter that made waves on Wall St. We discussed on #BoldBiz.
Posted by BoldTV on Saturday, February 10, 2018
Millennials want a reason behind a career or their investments. They want a purpose. Some of the fastest-growing careers for millennials are with companies that place value in the purpose of the work rather than the income. This new drive and focus in the workplace is shifting how companies attract millennials.
What is being purpose-driven?
Some examples of companies that are purpose driven are Toms, Patagonia, Method and Etsy. The website Game Changers has compiled a list of more than 500 companies that have an identified purpose. The reason behind this purpose is largely to combat pollution. This is due to the 3,000 largest corporations globally. They created $2.2 trillion in environmental damage every year. Companies are now looking for ways to stop this destruction, and they’re hiring purpose-driven millennials to do so. Working for companies that seek to help the earth is of the fastest-growing careers for millennials.
A 2016 global study found that 74 percent of millennials seek careers where they feel like their work matters. Millennials place more importance on leading a balanced life than the amount of income they make. Companies can use this to their advantage because employees who are inspired produce three times the amount of output.
“A Sense Of Purpose”
Larry Fink, the founder, Chairman and Chief Executive Officer of BlackRock, Inc., saw that businesses work best with a sense of purpose. So he wrote a letter to CEOs about creating a new way of governing their business. In the letter, he writes “Companies must ask themselves: what role do we play in the community? How are we managing our impact on the environment? Are we working to create a diverse workforce?” This all ties to the central idea of purpose. For companies to improve and work to create a better environment in the workplace, as well as globally, they must strike a sense of purpose within their workers.
In order for any company to continue becoming one of the fastest-growing careers for millennials, it must focus on purpose. Millennials find work that feels like they are creating change to be the most important. A sense of purpose can mean better quality work and eventually a more sustainable environment.
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