What are purpose-driven rewards?
Purpose-driven rewards, when combined with non-monetary rewards, are the next big step in taking a holistic approach to designing a total rewards package. Purpose-driven rewards are intended to appeal to whatever it is that helps an employee feel like their work is fulfilling and makes a positive impact.
These rewards can help create a deeper connection between employees and the business by aligning the company’s mission and values with an individual’s sense of purpose. For executives, these rewards might include the following:
Opportunities to lead or help shape the company’s sustainability initiatives
Public acknowledgment or rewards for contributions that positively impact society
Positions on nonprofit boards or advisory panels that reflect the executive’s values and interests
The ability to mentor future leaders inside or outside the firm, or participate in educational programs focused on ethical leadership
Company support for an executive’s personal charitable projects or foundations
Why Purpose-Driven Rewards Matter
Purpose-driven rewards help attract and retain executive talent motivated by more than just financial compensation. They appeal to professionals who seek fulfillment and alignment between their roles and personal values.
Including purpose-driven rewards as part of a holistic approach to total rewards can help boost executives’ job satisfaction, motivation and engagement, ultimately benefiting the company with increased productivity and reduced turnover in critical leadership positions.