The JUST Report: How Are Politics Affecting Americans’ Views On Business?

With 11 days to go until the election, JUST Capital’s 2024 Americans’ Views on Business Survey, released this week, carries extra significance. Our longest running survey, it has captured how Americans – on a fully representative basis – feel about capitalism, business and society since 2015. Are we as divided on our views about the role of corporations in society as we are about politics? Which issues generate the greatest levels of public support and/or disagreement? How has that changed over the years? And how might CEOs, boards, and senior executives navigate today’s turbulent world? 

What emerges from this year’s survey is surprising agreement on many issues and a clear direction for corporate leaders. Here are some highlights:

• There is broad agreement about wanting capitalism and the economy to work for all Americans but deep disagreement politically about the degree to which this is actually happening.
• Conservatives and liberals alike believe that business can be a force for positive societal change, that CEOs should only take a stance on business-related issues, and that certain topics – e.g., providing equal pay for equal work, supporting local communities, advancing employee ownership programs – are vital to just business behavior.
• There was also agreement on the need for increased disclosure on things like a company’s product and safety violations; community involvement; political donations and lobbying; AI adoption; and lowest wage levels. 
• The biggest disagreements between liberals and conservatives are on whether companies are actually having a positive impact on issues such as worker health and safety, the quality of jobs, and the environment; on whether CEOs have a responsibility to take a stance on societal matters writ large; and on certain just business behaviors (notably climate commitments and DEI).
• The vast majority of respondents agree that companies should serve the broader best interests of their key stakeholders alongside those of their shareholders.

I urge you to check it out and of course, your feedback is always welcome. 

Be well, 

Martin

QUOTE OF THE WEEK

(AWS) 

“If there are people who just don’t work well in that environment and don’t want to, that’s okay, there are other companies around. When we want to really, really innovate on interesting products, I have not seen an ability for us to do that when we’re not in-person.”

• Amazon CEO Matt Garman, speaking to Fortune on his controversial policy to pull all office workers back in for 5 days a week by January 2025, and why, if workers disagree, they should go work at another company. 

JUST AI 

In the wake of the longshoreman strike, Kevin O’Leary, famed businessman, investor, and TV personality, explains his take on why he thinks automation could actually increase wages for workers at ports. 

Must Reads

The Wall Street Journal takes a hard look at the ongoing crises at Boeing and Intel. Their assessment: because these companies are so intrinsically tied to American business and safety, it is a national emergency to ensure they’re fixed, stating, “The U.S. still designs the world’s most innovative products, but is losing the knack for making them.”

Meanwhile, while it doesn’t solve the company’s problems, Forbes explains why Boeing’s 35% wage hike is a game changer. 

The Associated Press reports that Google and Amazon are each making massive nuclear investments in an attempt to power their data centers with clean energy. 

PepsiCo will be adding more chips into the bags in many of their snack foods to win back customers who’ve abandoned their brands thanks to higher prices and smaller portions. CNN has the story. 

Chart of the Week

This chart comes from our 2024 Americans’ Views on Business report and shows the nuanced landscape CEOs must navigate. While the number of respondents who agree CEOs have a responsibility to take a stand on important societal issues has remained consistent around 60% since 2018, the type of stand has changed. In 2024, 52% responded that CEOs should focus on societal issues where impact dovetails with business performance compared to 32% in 2020.  Explore the rest of the insights here.