To find out how companies in Singapore navigate the concept of purpose, Ferdinand de Bakker and Amanda Huan of Nanyang Technological University, in partnership with Sedgwick Richardson, look at how 100 Singapore companies approached purpose.<\/p>\n\n\n\n
The research analysed 100 leading Singapore companies and how they describe their corporate purpose, mission, vision, and values, as well as how they communicate these concepts to stakeholders. Our findings show that most companies rely on traditional concepts like mission, vision, and values that have been used globally for over 40 years. Even though these concepts differ inherently, companies frequently confused them in their communications.<\/p>\n\n\n\n
In contrast, purpose is a relatively new concept. The study found that only 47 companies explicitly articulated their purpose. Most purposes revolved around creating value and improving people\u2019s lives and communities. Some statements were generic, like \u201cMake great products for customers that create value and improve lives\u201d or \u201cHarness technology to empower people and businesses and create a sustainable future.\u201d As purpose statements become more widespread, they are likely to improve and become more concise over time.<\/p>\n\n\n\n
There is no doubt that articulating a clear corporate purpose provides significant benefits and leads to greater success, especially during challenging times like the COVID-19 pandemic.<\/p>\n\n\n\n
Singapore\u2019s National Volunteer and Philanthropy Centre\u2019s \u201cCompany of Good\u201d ecosystem supports and enables purpose-driven companies. The industry-led \u201cAlliance for Action on Corporate Purpose\u201d and its report \u201cCorporate Purpose \u2013 A Framework & Blueprint for Businesses in Singapore\u201d are also welcome developments.<\/p>\n\n\n\n
In summary, the report provides insights into how Singapore companies define and communicate their purpose to key stakeholders. It highlights both the progress made and opportunities for improvement to help businesses strengthen their purpose and performance.<\/p>\n\n\n\n
The concept of corporate purpose as a way to describe why exactly businesses are in business has gained significant popularity in recent years.<\/p>\n\n\n\n
Learn how 100 Singapore businesses approached purpose with our latest report published in collaboration with the Nanyang Technological University of Singapore.<\/p>\n\n\n\n