The FINANCIAL — EY announced on September 30 that it is making a Clinton Global Initiative (CGI) Commitment to Action to create a digital hub for the EY Beacon Institute, a global community of c-suite executives, investors, entrepreneurs and academics with the goal of advancing transformation of the working world.
The EY Beacon Virtual Institute will grant worldwide access to anyone interested in purpose-led transformation. It will serve as a virtual platform for knowledge and resources and a digital community for everyone to advance their collective ambition to transform the working world.
Valerie Keller, EY Beacon Institute Global Leader, says:
“The EY Beacon Institute is advancing the purpose-led transformation movement of corporations who are defining success beyond profit – growing and innovating in ways that generate sustainable, shared value for all their stakeholders. Through our commitment to CGI – the creation of the virtual institute, we will bring the insights from EY Beacon to companies all over the globe, equipping those who are on a shared journey of building a better working world.”
Through collaborations with leading academic institutions including Oxford University Saïd Business School, St. Gallen University and Harvard Business Review Analytic Services, the EY Beacon Institute deepens research driving the new frontier of innovation, transformation and growth in business that focusses on more than just profit.
New research uncovers the power behind purpose
The timing of the CGI commitment comes as new research commissioned by the EY Beacon Institute and conducted by Harvard Business Review Analytic Services (HBRAS) highlights how executives view the power of purpose to grow and transform their organizations, and measures the challenges of embedding it within their companies. The new report, The Business Case for Purpose , surveyed 474 c-suite executives globally and found:
Most executives believe purpose matters:
89% of executives surveyed said a strong sense of collective purpose drives employee satisfaction
84% said it can affect an organization’s ability to transform
80% said it helps increase customer loyalty
However, only a minority of executives say their company currently runs in a purpose-driven way:
46% said their company has a strong sense of purpose
44% say their company is trying to develop one
Importantly, companies with a strong sense of purpose are able to transform and innovate better:
53% of executive at companies with a strong sense of purpose said their organization is successful with innovation and transformation efforts
Just 19% report transformation success at companies where leaders have not thought about purpose
Launched at the 2015 World Economic Forum in Davos, Switzerland, the EY Beacon Institute hopes to catalyze 21st Century business transformation by deepening research and convening its community of executives, entrepreneurs, investors and academics to advance the change agenda, define critical barriers and implement solutions.
“EY is passionate about purpose-led transformation because it has been an important part of our journey, enabling us to work with our clients in a meaningful, transformational way – and serving as a powerful force for attracting new talent,” added Keller. “Extending the EY Beacon Institute is one way we are living our purpose of building a better working world – while expanding the frontier of innovation and growth for businesses globally.”
Today’s commitment represents the latest EY has made at CGI since 2008, others include:
In 2008, EY firms pledged $1 million in pro bono services to Kiva, the world’s first and largest online lending platform with a mission to connect people through lending to alleviate poverty.
In 2011, EY became a founding member of Third Billion Campaign—a global organization of corporations, government leaders and Non-Governmental Organizations dedicated to advancing economic opportunities for women worldwide.
In 2013, EY, in conjunction with WEConnect, Vital Voices and other leading businesses and nonprofits, committed to increase the spend on women-owned businesses in their supply chains and to support the development of women-owned businesses.
In 2014, Ernst & Young LLP expanded its existing College MAP (Mentoring for Access and Persistence) program in the US, annually adding four schools to the program and affecting a total of 1,100 students.