Why purpose-led organisations will be rewarded in the long run, highlights Capgemini report
With the ongoing pandemic impacting consumers lives globally, organisations across countries are increasingly realising the need to be ‘purpose-driven’ especially as 79% of Indian consumers agree that companies have a larger role to play in society than just looking after their self-interests, a research note compiled by Capgemini stated. Titled ‘Why Purpose-led organisations are winning consumers’ hearts,’ the research highlights consumers’ expectations from organisations during this pandemic and how purpose-led organisations will be rewarded in the long run.
“Consumers increasingly want to hold companies accountable for doing the right thing, from taking a stand on climate change to driving workforce diversity. There is a growing expectation of companies to remain true to a clear set of beliefs and values,” the report stated adding that intense consumer attention on purpose is not specific to today’s crisis- it’s a tendency that will remain true for the longer term.
According to the report, 90% of Indian consumers will purchase products and services from companies that give back to society during this health crisis underlining the need for companies to work collaboratively and support consumers during these challenging times. This further goes on to show that consumers will financially reward organisations that contribute during the health crisis. In fact, 82% of Indian consumers feel a sense of gratitude and trust while 84% of Indian consumers feel a sense of pride and loyalty for companies that give back to society during this health crisis.
Giving back, not just to the society, but also to its employees, holds key relevance as 74% of Indian consumers believe that companies’ primary responsibility is taking care of its employees during a pandemic compared to 86% of consumers globally thereby stating the need for companies to “take care of their employees”. Hence, job losses and cuts at such times may work against the brand image.