70% of Spanish companies have a business purpose
Nearly 70% of companies have a defined Business Purpose. 84% of them are written and shared with employees and almost 9 out of 10 believe that they add value to the business and contribute to improving the company's profitability, as published The Economist.
This is the main conclusion of the First Barometer on Business Purpose in Spain, prepared by APD and Transcendent, which analyzes the results of a survey conducted with almost 300 managers to understand the trends and challenges in the definition, activation, measurement and understanding of the value that the Purpose generates 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 purpose of the company is being consolidated, although there is some confusion surrounding the concept. 26% of respondents confuse the Purpose with the vision of the company.
- Work still needs to be done to ensure that the Purpose permeates all levels of the organization. There is a gap in the knowledge of Managers and Middle Managers compared to the Other Employees category, the latter being those with the least knowledge of the definition.
- The purpose is a lever for attracting talent at all levels of the organization. 79% of respondents express their interest in working in purpose-driven companies. More than a quarter (27%) would be willing to change jobs even with a reduction in salary.
- Although Business Purpose is already very present in companies, according to this study, the degree of knowledge is still confusing. For 39% of respondents, Purpose is confused with the concepts of vision and mission.
What there isn't much doubt about is the perception of Purpose as an element of value for the company, at least according to 76% of respondents.
