Culture of purpose
Building business confidence; driving growth
“An organization’s culture of purpose answers the critical questions of who it is and why it exists. They have a culture of purpose beyond making a profit. An organization’s culture of purpose answers the critical questions of who we are and why we exist through a set of carefully articulated core beliefs. A culture of purpose guides behavior, influences strategy, transcends leaders–and endures.” - Punit Renjen, Deloitte Global CEO
Business confidence—it fuels investments, innovation, and long-term growth. However, the current climate of uncertainty has greatly diminished business confidence, slowing economic recovery.
2014: Culture of purpose
For the past three years, Renjen has commissioned the Deloitte Core Beliefs & Culture Survey. The 2014 survey found that focusing on purpose rather than profits builds business confidence and drives investment. This is a critical finding—and underscores the significant impact a “culture of purpose” can play in fostering a thriving community.
An array of key indicators shows an economy of fits and starts. Everything from hiring to business inventories is up one month and down the next. As a result, many businesses continue to sit on excess capital rather than put it to productive use. But not all businesses. Those committed to creating meaningful impact for all stakeholders (including clients, employees and communities) foster strong cultures of purpose. This sense of purpose inspires confidence among leaders and stakeholders alike—and can lead to a competitive advantage in a time of economic volatility.
2013: Culture of purpose
- Organizations that focus beyond profits and instill a culture of purpose are more likely to find long-term success.
- 91% of respondents (executives and employees) who said their company had a strong sense of purpose also said their company had a history of strong financial performance.
- Yet employees (68%) and executives (66%) believed that businesses were not doing enough to instill in their culture a sense of purpose aimed at making a positive impact on all stakeholders.
In the news
Chief Executive: What Really Drives Employee Engagement
FastCompany: Being a Purpose-Driven Business
Fox Business: Strong Company Culture Predicts Long-Term Success
Huffington Post: Does Focusing on “Society” Limit Business as a Force of Good?
“There is a clear connection between a sense of purpose that delivers positive impacts for all stakeholders and sustained business success. Furthermore, leaders need to articulate a culture of purpose–and, equally important, serve as a visible, consistent example of those behaviors. That’s a terrific blueprint for any organization that wants to become and remain exceptional.”
- Punit Renjen