Culture | HRD reveals why company purpose is so important

Creating a clear and well-articulated company purpose can help organisations thrive.

According to Think Parrallax, having a defined company purpose helps set long-term business strategies, creates a competitive edge, inspires innovation, increases brand loyalty and can also help with employee attraction, retention and engagement. Employers can reap multiple benefits from having a strong company purpose, which is something that even those at the top are consciously aware of.

This is supported by statistics highlighted in PwC’s 2016 report Putting Purpose to Work: A study of purpose in the workplace, which found that 79% of business leaders believe that company purpose is central to business success. Whilst having a strong and clear company purpose is good for businesses in a commercial sense, PwC’s research found that Millennials with a strong connection to the purpose of their organisation are 5.3 times more likely to stay at the company. So, having a strong company purpose can have huge benefits for employers.