Purpose and Values Are Not Buzz Words

Now, more than ever, senior leaders must adhere to their values and organizational purpose to create and maintain employee and stakeholder trust. PricewaterhouseCoopers has been surveying CEOs for 20 years to gain their perspective on major trends affecting industry and the world economy. Its 2016 survey included interviews with almost 1,400 CEOs from 79 countries. The importance of trust in a time of globalization and technological change was front and center in their minds. Eighty-nine percent believe that a strong corporate purpose is more important than ever. Eighty-five percent think that business should take into account stakeholder needs, which can include customers, employees, communities and even governments, in addition to shareholders.

The CEOs regard collaboration with these multiple constituencies as serving a greater purpose and contributing to social well-being. They see business as a force for good. Conscious attention to values and purpose may be bearing fruit. In a separate PwC survey of the general public, 35% agreed that businesses have increased their focus on operating in a way that takes them and community into account. Trust follows.