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The first tool is born to measure the corporate purpose of companies.
This is an instrument that surveyed 1,500 employees and 350 managers from 20 companies in 4 different countries that have developed a management system centered on the purpose
The definition of a purpose that links business objectives with positive social, ethical and environmental impact is one of the great challenges facing organizations, as reflected in the results of the report Approaching the Future 2019: Trends in Reputation and Intangible Management, prepared by Corporate Excellence in conjunction with CANAL, a leading global consulting firm.prepared by Corporate Excellence together with CANVAS Sustainable Strategies, based on a enquiry survey of more than 200 executives from large companies.
The need to measure the internalization of it and to know the levers to promote it in organizations has led Corporate Excellence - Centre for Reputation Leadership, Tecnun- Engineering School of the University of Navarra, Chair Management by Missions and Corporate Governance of the International University of Catalonia, NCH&Partners and DPMC to promote a project research of research and development+i in this field of knowledge. The results have been presented today at the new campus of Madrid of the University of Navarra in Madrid.
The results of Approaching the Future 2019: Trends in Reputation and Intangibles Management reveal that 56% of managers are already working on initiatives to implement and activate the corporate purpose through values and corporate culture and, of these, 92% say they have defined it, understanding that it is no longer based exclusively on business, but includes social, ethical and environmental values. But as Ángel Alloza, CEO Corporate Excellence - Centre for Reputation Leadership, says "until now there were no tools that allowed us to evaluate the strength and internalization of purpose at an organizational level; this need is what we have responded to through the Purpose Strength Model".
goal With the aim of measuring the Degree in which workers have internalized the corporate purpose , the variables that accelerate or slow it down, as well as the impact that this internalization has on the efficiency of a company, the research project Measuring the Purpose Strength was created.
In this first phase, 1,500 employees and 350 managers from 20 companies, in 4 different countries, who have developed a management system focused on purpose were surveyed. "The first analyses show that having employees identified with purpose can increase their organizational commitment by up to 70%. In addition, we have identified companies that have increased their profits by up to 30% as a result of developing an organizational model focused on purpose. However, we are still at an early stage and need to be cautious. To the extent that we have more empirical evidence, we will better understand the effects of purpose", says Álvaro Lleó, professor at Tecnun- Engineering School of the University of Navarra and director academic of project.
"The current environment of constant change, uncertainty and distrust, makes companies increasingly aware of differentiation around a shared corporate purpose ," explains Carlos Rey, director of the Chair Management by Missions and Corporate Governance at the International University of Catalonia.
"The sustainability of companies depends on managers clearly defining the purpose of their organization and being able to translate it into their day-to-day work. We need human companies, companies with a clear sense of contribution to society," says Nuria Chinchilla, a professor at IESE Business School, founder of the International Center for Work and Family and head of Chair "Carmina Roca and Rafael Pich-Aguilera" Women and Leadership.
New guide from reference letter to build businesses with purpose
The event also included the presentation of the book Purpose-Driven Organizations. Management Ideas for a Better World. It is a guide of reference letter to build companies led by a shared and differentiating purpose . The book, directed by Professor Carlos Rey, director of the Chair Management by Missions and Corporate Governance of the UIC, and published by Palgrave Macmillan with the support of the Corporate Excellence Library and the consulting firm DPMC, gathers, thanks to the contribution of 20 experts in this field of knowledge, the roadmap for the definition and activation of the corporate purpose .
"One of the great singularities of the work is that it will be available in open access. This is our great contribution to business management" explains Jaume Giró, president of Corporate Excellence - Centre for Reputation Leadership and Director General of Fundación Bancaria LaCaixa, who explains that "nowadays it is not possible to generate trust, reputation and commitment with stakeholders without a coherent and authentic purpose ".
The importance of linking purpose with profitability and profit generation is a priority for companies that has also been driven by investors, as evidenced by the annual letter to executives from Larry Fink, CEO of BlackRock (one of the largest global investment funds), on the need to combine profitability and purpose.
Best practices in purpose corporate
María Campo Bernal, Director of Brand and Corporate Reputation at Ibercaja, shared the process of definition, activation and implementation that her company has undertaken to generate a system of shared beliefs around it and strengthen corporate culture, the main driver of differentiation in the Economics of reputation and intangibles.
For his part, Nuno Pitta, CEO of DPMC presented success stories and concrete examples of companies that have driven transformation processes around a shared purpose and the repercussions it has had in terms of individual commitment, collective unity and business benefit. "The only way to generate a shared purpose is by a sense of mission statement. I live it every day in my family and in the organizations that trust us."