Deloitte Study Says Strong Sense of Purpose Leads to Sustained Business Success
(3BL Media/Justmeans) – Deloitte LLP has released its third annual “Core Beliefs & Culture” Survey that highlights a key connection between a strong sense of purpose and business confidence, profit and investment. The survey findings show that companies that are driven by a strong sense of purpose are more confident in growth prospects, while others focus on short term monetary goals.
Businesses that work with a clear purpose to deliver positive impacts for stakeholders – including clients, employees, investors and community – tend to achieve sustained business success. The research also highlights a need for business leaders to articulate a culture of purpose and at the same time exemplify it consistently in action. Deloitte says this can be a blueprint for any organization that aspires to become and remain exceptional.
The results of the survey showed that 82 percent of full-time employees who work with a strong sense of purpose believe that they are confident of their organization’s growth this year, compared to only 48 percent of those who do not have a strong sense of purpose. The study also found similar gaps in confidence levels when it comes to investing in new technologies, developing new products and services, hiring and expanding to new markets.
Deloitte says that the debate around the idea that a business must look beyond just short term profits is beginning to grow. Deloitte clarifies its belief that to become successful over time, an organization must generate extraordinary profits. However, it emphasizes that in order to generate those extraordinary profits, the organization must have a focus that is beyond profits. The focus must be on how to serve the clients, how to hire, retain and nurture talent, the relationship that the organization has with the regulators and with stakeholders, and the relationship it has with the communities.
The survey findings show that a strong sense of purpose drives confidence internally, externally and provides a competitive edge. It also indicates a crucial link between organizational sense of purpose and stakeholder confidence.
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