Prudential Mission, Vision and Core values: An Analysis
Prudential financial is one of the Fortune 500 financial companies. Today, it is among the largest financial institutions of USA, Asia, Europe and Latin America. The brand has 4900 employees globally and 1.299 Trillion dollars of assets under management. The financial brand has been in business for 141 years and serves people in 47 countries and territories. Prudential provides a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. This is an analysis of the mission and vision of Prudential financial.
To help our customers achieve financial prosperity and peace of mind.
Prudential has a brief one liner for its mission statement. It shows the central focus of the business and what it strives to achieve. It is an example of customer oriented business mission statement. A mission statement is the reason that a company exists for. It tells what the company strives to achieve or what is the purpose behind its business. The main purpose of Prudential financial is to help its customers find financial security and prosperity for which it provides financial solutions. The brand has grown 141 years old. However, a mission statement also serves to guide decision making and resource allocation inside a company.
In this regard there are some other factors too that need to be highlighted through the mission statement. These factors are products, competition, financial position and concerns for stakeholders. While customers are very important stakeholders for any business, it is important to keep the concerns of other stakeholders in mind to like the employees and investors. Creating wealth for the shareholders and social responsibility are also important concerns for any business. However, the mission of Prudential while omitting these factors focuses mainly on the customers and their concerns.
To distinguish Prudential as an admired multinational financial services leader, trusted partner, and provider of innovative solutions for growing and protecting wealth.
The vision statement of any organization is like a course to the future. It highlights the future position that a company or brand strives to achieve. Vision statements too guide decision making inside companies and managers must see if their actions and decisions are taking the company on the right course. The focus of the vision statement of Prudential is on brand image and on growing into an admired multinational financial brand. It also highlights how it plans to serve its customers by growing and protecting their wealth. However, the vision statement does not focus on things like competitive and financial position of the brand that it is trying to achieve in future and other concerns like employees and CSR.
Rather than being specific about these things, it makes a generic statement regarding consumer trust and brand image. Vision statements must be specific while leaving space for further amendments as required in future. Companies update their mission and vision statements from time to time, which is just like shifting course based on the market situation. The financial services landscape has grown highly competitive and the vision statement must provide clear guidance over the competitive strategy. It helps at guiding decision making and resource allocation inside the organization.
Apart from its mission and vision, it is the core values of Prudential that drive its business. the brand adheres to its core values and does business ethically. Here are the four core values that are at the center of Prudential’s business.
Worthy of Trust:
Prudential focuses at building trust and does business in a manner that inspires trust between it and its customers.
Prudential provides quality products and services to meet its customers’ needs satisfactorily.
Respect for each other:
Prudential encourages collaboration and inclusion at the workplace where people treat each other with respect and work in harmony.
Winning with integrity:
Ethics and integrity are also an important focus of the brand and it strives to achieve superior results for its customers, community and shareholders.