Nearly 70% of companies have a defined Business Purpose. 84% of them have it written down and shared with employees and almost 9 out of 10 believe that it brings value to the business and contributes to improving the company's profitability, according to the The Economist.
This is the main conclusion of the First Business Purpose Barometer in Spain, produced by APD y Transcendentwhich analyses the results of a survey of nearly 300 executives to understand the trends and challenges in defining, activating, measuring and understanding the value that Purpose creates for companies and their stakeholders. Companies from more than 20 sectors participated in the survey.
The survey reveals some key findings, which are presented below:
- The level of knowledge about the company's Purpose is consolidating, although there is some confusion about the concept. 26% of respondents confuse the Purpose with the vision of the company.
- There is still work to be done to ensure that the Purpose permeates all levels of the organisation. There is a gap in the knowledge of Executives and Middle Management compared to the Rest of Employees category, with the latter having the least knowledge of the definition.
- Purpose is a lever to attract talent at all levels of the organisation. 79% of respondents express interest in working for companies with Purpose. More than a quarter (27%) would be willing to change jobs even with a reduction in salary.
- Although the Business Purpose is already very present in companies, according to this study, the degree of awareness is still unclear. For 39% of the respondents, the Purpose is confused with the concepts of vision and mission.
There is little doubt about the perception of Purpose as an element of value for the company, at least according to 76% of respondents.