This imperative and resulting global journey highlight the importance of defining purpose in an organization and of communicating the “why,” as well as the “how” of what companies do.
In a global survey among 474 executives conducted by the Harvard Business Review, 90% said that purpose matters and their company is aware of its significance, yet only 46% believe it meaningfully informs their decisions.
Even more strikingly, the EY-sponsored study found that companies with a clear purpose were more likely to see revenue growth of 10% over three years and avoid flat or declining revenue over the same period. Half of these companies had also seen purpose drive a shift in strategy over the past three years, illustrating its effect on a company’s ability to transform.
But back to the CEO on the road, trying to distill a fresh purpose for his company.
“We asked ourselves how we fit into the world — what we contribute,” Weinberger remembers. “And we realized all of our work was united by a clear mission: building a better working world. That’s been our purpose ever since.”
Because EY consists of over 230,000 people globally, the road trip never really ends.