In a statement released this month, nearly 200 CEOs fundamentally changed the definition of corporate purpose from shareholder primacy to one of corporate responsibility that benefits all stakeholders—customers, employees, suppliers, communities and shareholders. This new direction embraces modern principles of sustainability, transparency, diversity & inclusion and economic opportunity for all.
“Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”
Specifically, on investing in employees, the statement says, “This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.”
For years, the Business Group and its members have recognized the importance of investing in holistic well-being, including physical, mental and financial health, social connectedness and job satisfaction, for employees and their families. According to a recent Business Group/Fidelity Investments survey, 78% of large employers now consider employee well-being to have a meaningful role in their business strategy.
Moreover, large employers are aligning social needs from housing and transportation to education, child care and access to healthy food, with health and well-being strategies. These efforts aim to build a competitive, engaged workforce and expand the opportunity for life with meaning and dignity.
As corporations broaden and reframe their purpose, the Business Group is ready with actionable solutions and opportunities to engage in open, honest dialogues. Here are a few available resources:
- Achieving Optimal Well-being by Reducing Disparities and Promoting Health Equity
- Seeing the Bigger Picture: Beyond Wellness to Well-being