Corporate purpose – myth or reality
Burson-Marsteller, one of the global leaders in PR and communication area, according to the Holmes Report for 2015, in partnership with leading European Business school IMD, conducted research named „Keeping it real – How authentic is your corporate purpose“.
Conducted studies identify key parameters of authentic corporate purpose, and show how companies can assess and evaluate themselves in order to discover, define and fulfil their corporate purposes.
The results of the study show that company with expressed and enduring „corporate purpose“, which is the base of their business strategy and clearly communicate to internal and external public, have a significant advantage. Results from last year research called indicator of corporate perception which conducted Burson-Marsteller and which showed, that in public, there is a state of scepticism to behaviour of companies and their leaders.
Research „Keeping it real “identify 12 key parameters of corporate authentic and purpose. They are divided on parameters of identity – respectively how companies see their purpose and parameters of company’s reputation – how external public interests see company purpose. These parameters are within the range of transparency and openness to self-regulation, long-term orientation and consistency, also considering parameters like passion and originality. Results of this research show that there is a strong need that corporate purpose is in a close cooperation with company business strategy, and to have authenticity, which company''s target groups requires.
During the presentation of research results, Mike Barry, director of responsible business in company Marks&Spencer said: „You can''t have purpose if it is not integrated into your business strategy“. Also, CSR strategies should transform in responsible business strategies which will be in the forefront of what companies are doing.
In Serbia, from the business perspective, it remains to consider is it possible to implement a corporate purpose into a business environment filled with challenges on an everyday level. We hope it is possible, but if it is not, I believe that it is up to us to create that kind of environment for business with wider social purpose.
Complete study can be viewed at the following link.