The power of purpose is now a mainstream concept, and a survey reveals 92 per cent of Australian CEOs say their company has a clear purpose to guide their business activities and meet the expectations of stakeholders.
The 2023 Brandpie CEO Purpose Survey shows business leaders are shifting toward the adoption of purpose as a strategic tool.
Developed in collaboration with partner Brandpie, Strategy Partner and Purpose Practice Lead Ms. Joanne Kerr said Australian business leaders appear progressive in comparison to CEOs worldwide where 89 per cent claim to have a company purpose.
"While many CEOs claim to have a purpose, fewer actually used it for strategic decision making with only 63 per cent of CEOs saying they use purpose to help them make strategic decisions," Ms Kerr said.
"When asked about the outcomes purpose can deliver, Australian CEOs were 20 per cent behind every other market reflecting a lack of understanding about the potential of purpose.
"Australian CEOs prioritise stakeholders differently to their global counterparts, placing shareholders in first place followed by customers and then employees.
"This differs from the rest of the world where employees are placed number one, followed by customers, then shareholders.
Griffith University's Professor Nick Barter of Future Normal said business leaders worldwide have shown purpose delivers positive business outcomes.
"A lack of company purpose leads to debilitating business outcomes such as employee disengagement, poor company culture, loss of societal support for your company and brand, and a decline in profit," Professor Barter said.
"Results show the Australian market is behind the rest of the world in fully realising the value of purpose to power their business.
"Though at least 75% of the CEOs interviewed see the importance of purpose growing over the coming years, the number one challenge for CEOs globally and particularly within Australia is making it relevant and actionable.
Professor Barter will join Brandpie Strategy Partner and Purpose Practice Lead Jo Kerr to present the fifth annual 2023 Brandpie CEO Purpose survey findings and discuss challenges within the Australian context such as:
- Why aren't Australian CEOs seeing the value of purpose?
- What's driving shareholder primacy in Australia when the rest of the world has moved on?
- What are some of the blockers getting in the way?
- How can you start to have a conversation about the role of purpose in good business?
Register to join the conversation from Noon to 1pm (AEST), 12 December 2023.
