Deloitte Survey: Strong Sense of Purpose Key Driver of Business Investment
By Sarah Ford on April 25, 2014
New York, April 7, 2014 — The 3rd annual Deloitte Core Beliefs & Culture survey, released today, reveals that organizations with a strong sense of purpose — described as a focus on making a positive impact on customers, employees and the society in general — are more confident in growth prospects, are more likely to invest in initiatives that lead to long-term growth and enjoy higher levels of confidence among key stakeholders.
According to the results of the survey, 82 percent of respondents (executives and employees) who work full-time for an organization with a strong sense of purpose say that they are confident that their organization will grow this year, compared to 48 percent of those who do not have a strong sense of purpose. The survey identified similar gaps in levels of confidence when it comes to increasing investments in new technologies, developing new products and services, hiring and expanding into new markets.
“Lack of business confidence has been a hindrance to economic recovery,” says Punit Renjen, chairman, Deloitte LLP. “Through our surveys this year and last, evidence is mounting that focusing on purpose rather than profits is what builds business confidence. This is a critical finding — and underscores the significant impact a ‘culture of purpose’ can play in fostering a thriving business community.”
Confidence: focus on impact and quality
When the respondents were asked to name the top driver of confidence in their organization’s growth potential, respondents working for an organization with a strong sense of purpose name commitment to delivering top quality products/services. For those working for an organization without a strong sense of purpose, the leading driver of confidence is focus on the bottom line.
A similar trend emerged when respondents were asked about the priorities of their leaders:
- At organizations with a strong sense of purpose, the top priority is making a positive impact on clients.
- At organizations without a strong sense of purpose, the top priority is meeting short-term financial goals.