In today鈥檚 world of heightened consciousness around social and environmental justice, 鈥榗orporate purpose鈥� now goes far beyond the traditional mindset of delivering on a corporate鈥檚 duty 鈥� which has historically been to primarily focus on serving the interests of shareholders, employees and customers.
鈥淭oday, a higher order of thinking is expected,鈥�
says Benedict Burke, Crawford鈥檚 chief client officer, Global Client Development. 鈥淎 company鈥檚 purpose and core values should be the foundation stones of its strategic process 鈥� which includes being open to the expectations of the communities we serve.鈥�
Those expectations are now abundantly clear; according to Deloitte, more than 70 percent of millennials, now aged 22 to 38, expect employers to focus on societal or mission-driven issues. Meanwhile, a recent survey of nearly 30,000 consumers by Accenture found that 63 percent prefer to buy goods and services from companies that 鈥渟tand for a shared purpose that reflects their personal values and beliefs 鈥� and are ditching those that don鈥檛".
Jim Crawford founded Crawford in 1941 on the key principles of honesty and integrity, hard work, knowledge and creativity. More than 80 years on, our purpose has evolved to 鈥渞estore lives, businesses and communities鈥� and our core values are RESTORE 鈥� Respect, Empowerment, Sustainability, Training, One Crawford, Recognition and Entrepreneurial Spirit. 鈥淭hese values support our purpose, shape our culture, define our identity and help us make good decisions,鈥� says Burke.
In 2020, Crawford introduced a (or 鈥楥ode鈥�) laying out the standards we are expected to uphold. In May 2022, we released our inaugural Global Citizenship Report, 鈥楽tronger Together鈥�, which outlines all the ways the company is working to fulfil its corporate responsibility goals and have a positive impact on employees, clients, communities and the environment.
Among the Fortune 500 companies, 424 have a mission statement. However, less than a quarter have gone as far as writing a 鈥榩urpose鈥� statement 鈥� despite the growing evidence of a strong link between having a clear corporate purpose and performance as an organization.
Research by Raj Sisodia, author of the bestselling Firms of Endearment, found that companies operating with a clear and driving sense of purpose, beyond the goal of just making money, outperformed the S&P 500 by a factor of 14 between 1998 and 2013. 鈥淲hen values align with an organization鈥檚 purpose or mission, the speed at which they can achieve results also accelerates,鈥� says Burke.
There are also internal benefits; Deloitte has found, for example, that purpose-driven companies retain employees 40 percent better and have 30 percent higher levels of innovation.
Burke believes corporate purpose is also key to crisis management 鈥� though there is currently less data illustrating the link between purpose and crisis outcomes. 鈥淚ntuitively, it feels right that in a crisis, corporates with purpose will respond differently and better than those without,鈥� he says.
鈥淔or a corporate to effectively manage a crisis, there must be an alignment of individuals鈥� values with corporate purpose,鈥�
Burke argues. 鈥淭he intersection of the two is where differentiated value emerges, as both the individual and corporate鈥檚 survival instincts are mutually beneficial.鈥�
This draws on Maslow鈥檚 classic Hierarchy of Needs theory, which references 鈥榮afety鈥� 鈥� including factors like emotional stability and financial security 鈥� as a fundamental personal need.
鈥淚f, as individuals, our motivation includes safety then the survival instinct in us all will likely rally around a common corporate purpose where it, too, promises safety,鈥� Burke explains, adding: 鈥淎s Nietzsche once said, 鈥榟e who has a 鈥榳hy鈥� to live for can endure almost any 鈥榟ow鈥欌��.
As a world leader in claims management, responding to crises is in Crawford鈥檚 DNA. Our Code, values and clear purpose ensure we continue to do so in a manner befitting of the communities we serve.
