Just Capital released its 8th annual Americans’ Views on Business Survey in October. The results underscored the incredibly complex stakeholder landscape facing CEOs today, but they also provided real encouragement for corporations seeking to adopt a leadership role in society going forward. Our annual People’s Priorities Report, presented here, follows the Views on Business survey with a detailed breakdown of what, exactly, the public expects of business at this point in time, which issues matter most, and where the greatest opportunities for business leadership and differentiation may lie. The issues raised by the public and their prioritization of those issues will underpin the 2025 Just Capital Rankings of America’s Most Just Companies, coming soon in Q1.
The findings of this report resonate strongly with the sentiments that drove the results of the November 2024 election cycle – Americans are concerned about their economic well-being, about how they are treated as consumers, about being able to support their families. And they appear distrustful of institutions as they repeatedly call for increased transparency, corporate accountability and leadership.
In a hyper-divided world, this report offers a playbook for understanding and addressing stakeholder demands, and provides examples of how companies can unlock competitive advantage through action. For CEOs, boards, and other business leaders seeking to make sense of things, it represents an invaluable, practical, and very timely strategic guide.
The public is unified in wanting companies to treat their workers and their customers with respect, humanity, and fairness. Of the 17 key issues we identified and evaluated, almost all of the top ten are connected to how companies act on basic worker- and customer-related factors. In addition, the desire for integrity in business leadership rose significantly in ranked importance. In contrast to four years ago, when CEOs were expected to speak out or take a stance on hot-button social issues, the public says that today leaders should direct their focus to core operational, strategic, and financial matters. Moreover, it is deeds that matter far more than words. The public is less interested in hearing about company commitments, pledges, and targets and much more focused on understanding what a company is actually doing on the issues of greatest importance.
Key findings include:
Overall, there is a tremendous opportunity for corporate America to take a leadership role in tackling some of America’s more intractable economic and societal challenges, and in doing so, to become a unifying force in the country.
Just Capital’s annual Rankings process begins with small-group discussions with a diverse and representative mix of Americans across the U.S. to understand the actions and behaviors they expect from a “just” business. Focus groups enable our research team to hear the unvarnished voice of the public speak about what issues matter most, and whether these opinions have changed over time. The polling team then distills the major themes of these discussions into statements that capture these concepts, or “Issues,” which become the foundation by which we annually track and evaluate companies in our Rankings of America’s Most Just Companies.
This year, this work yielded 17 Issues (see Fig. 1 below). Over time, we have seen that many of these Issues are evergreen, in that they are consistently mentioned year after year when we engage in conversation with the public. Since all of these Issues are deemed essential to a just business model, we conduct a follow up exercise wherein the public gives us the relative importance of the 17 Issues.
Each Issue is color-coded by the Stakeholder it impacts most. While we reference the public prioritizing several Issues in this report, please note that many of the Issues’ relative importance varies by a fraction of a percentage point.
The People’s Priorities are determined by responses to a survey of more than 3,000 U.S. adults, who are a fully representative cross-section of Americans. This means we hear from a variety of voices, both by demographic groupings such as race/ethnicity, gender, income levels, and age, and by other descriptive data such as political ideologies and whether or not respondents are active investors. We expect to see some variation in how each group ranks the 17 Issues provided, yet Figure 2 shows a remarkable consistency. Across demographic groups in the three highest-ranked Issues: Pays a fair, living wage, Acts ethically at the leadership level, and Supports worker well-being. These findings signal that the public is united, not divided, across political ideologies around the issues they want companies to prioritize.
Fig. 2: Top 5 Issues by Demographic Group
Yet there is indeed some variance in the Issues’ relative importance when comparing demographic groups. For example, “Provides benefits and work-life balance” is the #5 issue on average, Republicans and adults age 65 and older prioritized it much less, and Issues related to sustainability and the environment ranked higher among young adults and those identifying as Democrats than among their older or more conservative counterparts. But by and large, the pattern of responses is generally the same in terms of where Issues fall in relative rank and weight.
Conceptually, Americans agree on what they considered to be just business behaviors. The terminology that one group uses to express a concept can contrast with how another group interprets the issue. We will uncover those differences as we dive deeper into our data.
In every one of the eight years we have fielded this survey, the public has clearly conveyed that corporate America’s #1 priority should be its workers. For our annual survey, we categorize our 17 Issues by which core group they affect most (their main “Stakeholder”): Workers, Communities, Customers, Shareholders, or the Environment. The public generally gives Issues under the Workers Stakeholder their highest prioritization, and this year is no different – 4 of the top 6 Issues for the 2025 Rankings are related to Workers (see Fig. 1). These Issues are arguably “closest to home,” and the consistency of their placement over time signals that most Americans believe that worker treatment is fundamental to a just company.
“Pays workers fairly and offers a living wage that covers the cost of basic needs at the local level” continues to be ranked 1st across nearly every demographic cohort. However, with a weight of 11.6%, it comprises a lower proportion than it did in the 2024 Rankings (17.7%), and 2023 Rankings (21.1%). This suggests that while a fair, living wage continues to be fundamental to the public’s perceptions of just corporate behavior, wages may have risen enough in the past few years (via talent demands or rises in states’ minimum wage level) that the relative importance has decreased.
While fair pay is the most important element of just business leadership, how focus group participants interpret this issue varies. For some, fair pay means that workers are able to pay their bills, support their families, and have a bit left over to save each month; for others, fair pay means that employers are more transparent about publishing pay ranges; others still talk about fair pay in terms of wage equity: that companies pay the same amount for the same job both internally and in terms of what is fair for the market.
I am thinking about [retailer]… I really want to see their employees not seeming so stressed out at work… A wage you can actually live on. A wage that you can pay your bills and you’re not trying to take out payday loans or get extra credit cards.
– F; 45-49; Moderate; Post Grad; White; Kids; Pacific
At my current job, you can be a 25-year vet and there can be somebody who just started two years ago and you’re making nearly the same amount. It’s strange.
– M; 40-44; Moderate; Republican; HS Grad; Black/AA; Kids; South
“Supports worker well-being and provides safe and healthy working conditions” is the second highest-ranked of the Workers Issues, comprising 9.8% of a company’s score and ranking #3 in overall importance. Indeed, a recent survey from Deloitte on human sustainability underscores our own data, showing that only about half (56%) of workers feel their overall well-being is “excellent” or “good.” Over time, the public has said that this issue is an essential part of just leadership, although in the past few years, our focus group participants have spoken about this issue more broadly than companies simply providing a physically safe work environment. Almost equally often, respondents named other examples of positive worker treatment, including actions such as providing mental health support options or culture-building initiatives (such as providing sessions for employees to give leadership upward feedback).
A [company’s] responsibility to their employees? Treat them well. Safe working environment.
– F; 55-59; Moderate; Bachelor’s; White; No kids; Midwest
Good leadership is being open to feedback from the employees. You may not do everything they say, but at least you’re open to hearing them out in things that could help the job overall.
– M; 40-44; Moderate; Republican; HS Grad; Black/AA; Kids; South
Benefits ranks 5th among the public’s priorities: “Offers a quality benefits package that supports work-life balance for all workers” comprises 7.2% of a company’s score, roughly in line with the previous year (7.6%). Across demographics, the public largely agrees that a fundamental element of a competitive pay package is good benefits, but what those benefits entail can be different depending on life stage or other factors. Some mentioned flexible scheduling, paid time off, and corporate care benefits so employees can look after children or aging family members. Other mentioned monetary investments like insurance, a 401(k), and stock packages.
A good work-life balance, allowing for those that have young families to be able to take care of their children, take care of spouses, not be held just to having to work a certain number of hours.
– M, 35-39 Somewhat Liberal; Democratic Post Grad; White; No Kids, Midwest
Companies that have big stock packages [should make] both the corporate shareholder and employee shareholder benefits standardized so everyone has a stake in the company and feels like they’re part of the investment goals of the company themselves.
– M; 30-34; Somewhat Conservative; Bachelor’s; White; No kids; West
The Issue on Ethical Leadership rose 5 places this year to reach the #2 spot, driven presumably by a widespread desire to rebuild trust between institutions and the people they serve, several high-profile examples of poor ethical leadership by corporations, and a growing sense of cynicism in society overall. “Conducts business ethically and honestly, and takes responsibility for wrongdoings,” comprises 10% of a company’s score in our 2025 Rankings.
While ethics can be extremely subjective, we found there is general agreement on the interpretation in a business context: across demographics it means being open, and honest about business operations, companies doing what they said they were going to do, not misleading people or covering up unjust acts, and operating with a greater sense of corporate responsibility and good citizenship.
I think being transparent and honest, our lenses into being fair and just, I think acting with integrity and definitely with ethical behavior are further ways to provide fair and just behavior or services.
– F; 35-39; Somewhat Liberal; Post Grad+; White; Kids; West
If [companies] post record profits, but pollute a river or lake, those profits came from the public then. They didn’t come from your innovation.
– M; 40-44; FT, Somewhat Conservative; Post Grad; White; Kids; West
Relatedly, transparent communication entered the top 5 Issues, with “Is honest and transparent in communications with customers about its products, services, and operations,” rising from the #12 rank last year to #4 this year, receiving a 7.7% weight. Although this issue is generally categorized as belonging to the Consumer Stakeholder, many focus group participants talked about this issue as fundamental to ethical leadership. Respondents describe a desire for companies to engage in transparent practices, honest communication, and corporate accountability.
I think being transparent … throughout the process of what they’re doing for their employees and what they’re doing for the environment for the better would help us, I guess, trust companies more because I think there’s a big lack of trust between the consumer and the customer and the seller.
– M; 40-44; Moderate/Dem; Bachelor’s; Hispanic; Kids; South
Being ethical to consumers. So no false advertisements and such.
– M; 25-29; Moderate; Bachelor’s; Asian; No kids; West
I tend to think favorably upon companies that are transparent and open and honest. And I think to your point, even if the data is lackluster or disappointing or whatever, I think being transparent and open and honest is a favorable trait.
– F; 35-39; Somewhat Liberal; Post Grad+; White; Kids; West
Another key finding from this year’s Survey is that in 2024, Issues related to the Customers Stakeholder are prioritized to a greater degree than what we have seen in the past few years, reflecting Americans’ ongoing concerns about kitchen table issues of the economy and inflation.
To that end, a new issue arose in our focus groups: fair pricing. The events of any one year can determine which To that end, a new issue arose in our focus groups: fair pricing. The events of any one year can determine which of the 17 Issues Americans deem more important than others. “Offers quality products and/or services at a fair price” debuted at #8 in overall priority this year and commanded a 6.1% weight, at least partially as a result of the persistent perception of high prices resulting from COVID-19-related inflation.
In the America’s Views on Business Survey, 79% of respondents agreed that “it is unjust for corporations to increase profit margins by keeping consumer prices high even as the cost of materials comes down.” Indeed, focus group participants mentioned being charged higher-than-usual prices for everything from soft drinks to baby formula, signaling that rising prices has been a key pain point for Americans over the past 18 months.
It’s not that ‘maybe groceries cost $200,’ now they’re costing $300 for their family on a monthly basis just due to inflation.
– Alexis; F; 25-29; Moderate/Rep; Some College; Black/ AA; No kids; Midwest
At the same time, a few express fair pricing as the price of a good or service being in line with its value and quality.
I want to get a quality product for my money, and in my mind I kind of have a price range that I’m feeling like is fair for a certain product… I definitely don’t want to spend extra on something and then be disappointed.
– F; 45-49; Moderate; Post Grad; White; Kids; Pacific
There continues to be a persistent call from the public that a just company “Values its customers by treating them with respect and providing a positive customer experience.” To some, this means having respectful, responsive customer service that resolves issues quickly. For others, it means simply delivering on the expectations they set for the performance and value of their products and services. Regardless of interpretation, fair customer treatment rose 3 spots for the 2025 Rankings, to #7 and 6.3% of the model.
I’m patronizing your business. If I have an issue, I just want to be treated with respect and I just want the issue to be taken care of.
– F; 45-49; Very Liberal; Some College; Black/ AA; No kids; Mid Atlantic
I think when you can get through to somebody, and someone actually answers the phone… Having a more personalized experience with somebody, as opposed to the AI, or the voice recordings that you get.
– F; 50-54; Moderate/Dem; Bachelor’s; White; Kids, West
I think the chief responsibility of the company is to provide the goods and services that it has committed to provide to its customers.
– M; 45-49; Somewhat Liberal; Post Grad+; $100K-$149.9K; Asian; No kids; Mid-Atlantic
Interestingly, even on Issues where there were markedly differing opinions across political or other demographic groups, there is a surprising amount of alignment once terminology is broken down.
Our #12 issue, “Fosters an inclusive and supportive workplace culture with equal opportunity for all,” is a prime example. Although people used different words to describe what “fostering an inclusive workplace” means (liberals used terms such as “inclusivity” and “diversity,” while conservatives preferred “equal treatment of all”), there was widespread agreement that companies should ensure they do not discriminate, consciously or otherwise, among employees and that people of all backgrounds should be welcomed and given the same opportunity to succeed.
I would ask if you’re in a community that’s diverse, how do you not have people working in the company providing a product to a diverse group of people?
– M; 50-54; Somewhat Liberal; Bachelor’s; Black/ AA; No kids; Mid Atlantic
My expectation in that regard would be … to treat everybody equally. As America has always done, you try and be capitalistic in a way that’s going to benefit the community as well as yourself as a company. So you shouldn’t be so concerned about any particular group, or race, or social status, or ideology.
– M; 45-49; Very Conservative; Post Grad; Hispanic; Kids; West
Likewise, Environmental Issues are on average prioritized lower than Worker or Customer Issues, even among the demographic groups who support these issues the most (e.g. younger Americans, Democrats). Yet even among groups where the idea of climate change is not universally accepted, there was broad agreement that companies have a disproportionate influence on the environment and, therefore, have a responsibility to minimize negative impact.
Let’s say if a big corporation moves into my area. It’s probably going to boost up the economy, but should we be concerned about the pollution? How do they plan to do something else with their company’s resources? Are they dumping into the water or the rivers?
– M; 40-44; Moderate Republican; HS Grad; Black/ AA; Kids; South
A great product … shouldn’t mess up the earth. It shouldn’t make the earth worse no matter what you’re selling, what you’re promoting. It shouldn’t make our living worse. It shouldn’t make the air worse. It shouldn’t affect us in a negative way no matter what it is.
– F; 45-49; Very Liberal; Some College; Black/ AA; No kids, Mid Atlantic
Companies could use their position as a market leader to set an example for other companies. By going green, for instance. If they take the first steps in initiating something that could show how they can shrink their carbon footprint, then others would be more likely to follow.
– M; 40-44; Moderate/Dem; Bachelor’s; Hispanic; Kids; South
I do think one thing [that] is very concerning is the fast fashion. I’m trying to stay away from such brands because of the toxic environment.
– F; 35-39; Moderate Republican; Post Grad; Asian; Kids; West
To me, the main message is that whatever company it is, is it taking the appropriate action to reduce any harmful environmental impact that they might be producing?
– F; 25-29; Very Conservative; Bachelor’s; White; No kids: Mid Atlantic
A lot of the time, I’ve seen executives say things like, “We’ll talk about going green by 2030,” but that’s just an overarching statement. It’s a marketing ploy for their customers or their shareholders to say, “Hey, look what we’re trying to achieve,” without any actual goals of how they’re going to do it. And so, within a certain timeframe, if there’s not milestones and ways to achieve those goals, then it’s just fodder. Great leadership would have exact steps and processes in place on how to achieve those goals. And then in doing so, that could achieve long-term success.
– M; 40-44; Moderate/Dem; Bachelor’s; Hispanic; Kids; South
In each of the eight years since Just Capital has fielded this research, the public has consistently told us they support a movement away from shareholder primacy toward a more value-driven operational model of business. What is more, they have then connected the dots between stakeholder value improvement and long-term revenue generation. To that end, the following quotes from our focus groups reflect most participants’ agreement that positive returns are directly related to meeting the needs of key stakeholders, such as a company’s customers and workers.
I believe [companies’] chief responsibility is to churn out quality products that customers demand, but also balance that out with treating their employees right. And I think those two things can lead to shareholder profits, which I know is really their main thing.
– M; 40-44; Somewhat Conservative; Post Grad; White; Kids; West
I want to [invest] with the company that has the better [workers], but if you’re not treating them well, I may be a little apprehensive. Because it can then end up that the [workers] want to pull out, and the investors want to pull out. I don’t want to deal with that type of thing when you’re dealing with my money.
– F; 45-49; Very Liberal; Some College; Black/ AA; No kids, Mid Atlantic
Yet again, the American people have provided clear guidance on the specific actions businesses can take today to rebuild the public’s trust in business and markets as a force for good. This year’s Survey shows plainly and emphatically that regardless of demographic background or political ideology, Americans agree that companies should prioritize their workers and customers. Moreover, they are demanding more ethical leadership in the form of greater honesty and transparency about business strategy and operations.
Focusing on actions that create value for multiple stakeholders – such as encouraging a healthy environment and creating good jobs by investing in renewable energy, supporting human rights and stronger communities by enforcing ethical labor practices, and developing training and educational pathways for employees to grow their careers – is another pronounced theme. Americans do not see different stakeholders as separate business interests competing for attention; they see them as part of an integrated whole.
By recognizing and embracing the critical importance of creating value for all stakeholders, businesses can lay the groundwork for sustained growth, innovation, and excellence. Companies in turn benefit by becoming more successful in the marketplace, and society benefits by realizing impact at scale.
Since its inception, Just Capital’s mission has been to demonstrate how just business – defined by the priorities of the public – is better business. Our goal is to help companies create value for all their stakeholders by focusing on the issues that matter most to the American public. The goal is to help companies improve, and in turn, improve the lives of their workers, customers, and society.
At the core of our work is a robust research program that starts with focus groups in which we ask the American public to identify the policies, practices, and behaviors companies should prioritize to be considered just (which we call “Issues”). These Issues include fair pay and a living wage; an inclusive workplace; stronger, healthier communities; good jobs; a cleaner environment; and more. Then, based on sophisticated polling of a representative sample of Americans, we estimate the relative importance of these behaviors – in other words, how important to defining a just company each behavior is relative to others.
Since 2015, Just Capital has surveyed more than 182,000 Americans – on a fully representative basis – asking them to define just business behavior. For the past three years, we have partnered with SSRS, an objective, nonpartisan research institution that provides scientifically rigorous statistical surveys of the U.S. population, to survey more than 3,000 Americans annually on their perspectives (see Fig. 3 below for demographic information on this year’s survey).
Fig. 3: 2024 Annual Survey Demographics
Before answering questions about the just behavior of large companies, it is important for respondents to have a clear definition of the concept. The definition we provided to our survey respondents is as follows: A just company demonstrates a commitment to doing right by its workers, its customers, the environment, the community, its shareholders, and the business itself.
We conducted the 20-question survey online with a probability-based sample attained through the exhaustive statistical sampling methods employed by SSRS. The SSRS Opinion Panel is a nationally representative probability-based web panel, and findings are generalizable to the general adult population.
The full survey was conducted from July 10 to July 16, 2024 among a general population sample of 3,008 English- and Spanish-speaking U.S. adults 18+ years of age, with an oversample of 606 Hispanic and 407 non-Hispanic Black respondents. Panelists were sent an email invitation to take the survey online as well as up to eight reminder emails throughout the field period. The survey program was optimized so that respondents could complete it using a desktop or laptop computer as well as a mobile device. In total, 1,023 respondents completed the survey on a computer and 1,970 completed it on a mobile device.
The margin of error is +/- 2.2% at the 95% confidence level. Results were weighted to U.S. Census parameters for age, gender, education, race/Hispanic ethnicity, and Census Division to ensure representativeness of the U.S. population. All margins of error include “design effects” to adjust for the effects of weighting.
To identify the priorities of the public, we calculate for each Issue the probability that an individual would choose that as most important to defining a just company. As such, there are 17 probabilities calculated from the 17 Issues. These probabilities can be referred to as weights as each represents the relative importance of one Issue versus another. To illustrate more explicitly, the Issue “Worker well-being” was assigned a weight of 9.8% as there is almost a 1 in 10 chance that a respondent chosen at random will identify this Issue as most important in defining a just company. By comparison, the weight assigned to “Creates and maintains the conditions for the company’s long-term financial success” has a 3.2% weight.
Our full body of survey work for 2024 also includes six focus groups conducted in partnership with The Harris Poll. To learn more about how this survey data drives Just Capital’s analysis and Rankings of the largest publicly traded U.S. companies, visit the Methodology section of our website.
Extraordinary leadership by companies on issues the American people prioritize is something we love to see. Yes, we know there is a strong business case for this, as our investment indices evidence. But sometimes they’re just great to highlight out of pure gratification.
Domino’s Pizza’s decision to lower prices back down to pre-pandemic levels – their “MOREflation” deals – in order to support customers struggling with the cost of living is a prime example. Heineken USA’s reverse mentorship programs, that allow employees of all levels to engage with senior leaders, is a great example of workforce development leadership. On the environmental side, Subaru USA, which has committed to being a 100% zero-waste company, recently celebrated 10 years of partnership with the National Parks Conservation Association to remove waste from national parks and divert it from landfills.
Paid leave is another important area we’ve spotlighted recently. Fully 86% of Americans say it is important for big corporations to invest in expanded childcare benefits, yet only around 16% of private sector workers have access to paid family leave. As we saw recently in measures passed in Nebraska, Missouri, and Alaska – all red states, it’s worth noting – paid leave is something that Americans across the political spectrum support.
Thanks to our rankings, leaders on this issue are not hard to identify. Stand-outs include HPE’s 26 weeks of paid leave for both primary and secondary caregivers, and their parental transition program (where new parents can work part time up to 36 months); Etsy’s 12 weeks of paid family leave for employees to care for a relative or assist loved ones; Intel’s extensive medical leave policy, which provides 52 weeks fully paid; and AMD’s 20 days of sick and family time off for full-time US employees.
Just business leadership is all around us. You simply have to know where to look.
Be well,
Martin
“At Intel, we value innovation and recognize that innovation comes from sharing different points of view. As such, our greatest resource is our people. Supporting them through the moments that matter is core to our values. Our primary goal is to create a safe, respectful work environment for all employees, enhanced through company culture and organizational policies, including benefits. We believe that these programs help our employees achieve their personal best, driving business values and increasing retention.”
Former Best Buy CEO (and Just advisor) Hubert Joly sat down with Dan Hesse (former Sprint CEO and current Just board member) to discuss the importance of purpose when it comes to achieving business success, saying: “I believe purpose and profit are not opposed. Pursuing a higher purpose and taking care of all of your stakeholders is a great way to create shareholder value but you have to treat it as an outcome rather than the goal.”
S&P Dow Jones Indices has partnered with Just Capital to develop new benchmarks for the U.S. corporate bond market: the iBoxx Just Capital USD Investment Grade Benchmark and the iBoxx Just Capital USD High Yield Benchmark, featuring companies in the top 50% of our rankings. Check out S&Ps blog post about the Indices.
According to The Economist, oil tycoons are betting big on A.I., saying it will improve efficiency and cut down on greenhouse gas emissions. But that could be a smokescreen for an incredible windfall in the near-term in supplying the power to A.I data farms.
Fortune reveals its inaugural ranking of the 100 Most Powerful People in Business. Elon Musk took the number one spot. Explore the full list here.
Entrepreneur reports that Nissan’s CEO has cut his salary in half while the company lays off 9,000 workers due to poor sales last quarter.
The Hill ranks the best and worst cities for renters making minimum wage.
This chart comes from the Bipartisan Policy Center, and shows, as of early this year, which states have mandatory paid family leave, voluntary, or none at all. You can explore the data here.
Americans want paid leave. Just Capital data shows a clear and unmet demand for paid leave and parental support – 86% of Americans agree that it is important for companies to invest in expanded child care benefits, while just 44% agreed that companies are doing well on this issue. Polling shows these policies are a priority for the American public, and this election season, we saw paid leave measures advance in Nebraska, Missouri, and Alaska on the ballot. By implementing comprehensive paid leave programs, corporate leaders not only meet this expectation and support the well-being of their workers, but also deliver measurable returns through improved talent retention, enhanced productivity, and strengthened brand value.
This report makes the business case for maintaining and/or expanding paid leave policies, including:
Click on the image below to read or download the full report.
Although the dust is still settling from this week’s historic election, two things are becoming apparent.
The first is that of all the factors that drove President Trump and the Republican party to such a decisive victory, the prioritization by Americans all around the country of their basic economic well-being was of overriding importance.
Our own survey work, reported here two weeks ago, hinted at this. Edison Research provides direct verification: voters who identified the economy as their primary concern chose Trump over Harris by 79% to 20%; 45% of voters said their family’s financial situation was worse today than four years ago, compared to 20% in 2020; and of these, 80% favored Trump.
The second is that if Americans’ faith in capitalism is to be restored, and a new “Golden Age of America” truly enters, the business community must play a larger role.
Not out of a sense of morality or political predilection. And not because of tightening regulatory or political risk – Republican control of the Senate and potentially the House makes this unlikely. But out of pure self-interest. Because the fact is that what we find most Americans want – investment in workers, good jobs, customer protections, stronger communities, a clean and safe environment, and pathways to prosperity that all people can access – serves as a template for business leadership that generates higher returns for shareholders, greater long-term value for companies, and enduring benefits for society overall.
This, in short, is the stakeholder capitalism model. Providing the incentives, the data, and the expertise to help companies along that path is what we do at Just. In the next few years it will be a – perhaps the – defining issue for the country. If you are interested to work with us, or learn more about what we do, please reach out.
Be well,
Martin
Rather than just one point of view, we’re sharing how business leaders have reacted to Trump’s victory and what it means for corporate America going forward as reported by CNBC and Business Insider.
Fortune reveals that, on average, employees feel that 60% of CEOs are “digitally illiterate”, especially when it comes to AI in the workplace.
Amazon CEO Andy Jassy had to reassure investors that the company’s AI push will pay off after expenditures increased by 81% in the third quarter.
The New York Times’ Wednesday edition of Dealbook breaks down what a Trump presidency may mean for business. Two toplines: businesses will likely face fewer regulatory pressures, and CEOs will likely be far more cautious when it comes to “speaking up” on social issues.
Reuters looks at how the stock market is reacting to the announcement, and what industries are seeing major boosts.
There was plenty more on the ballot across the nation besides the presidential race. NPR highlights which states chose to increase minimum wages or paid leave, and those whose voters rejected those measures. Related, WBUR reveals why Massachusetts voted against giving tipped workers a wage increase.
Just before the election, Boeing workers officially ended their strike, accepting a 38% pay increase.
Bloomberg analyzes a report by Bank of America examining the state of childcare in America. The good news? In some major cities, the average price is going down partially thanks to local investment, partially (unfortunately) from families seeking cheaper, lower-quality care.
In the wake of the election and constant concerns about the economy, we wanted to re-up this chart from our 2024 Americans’ Views on Business report, which shows that across demographics, a majority of Americans do not feel that capitalism is working for them. Explore more of the insights here.
Corporate leadership today is a challenge of the highest order. CEOs must navigate a deeply divided political landscape, rapidly shifting stakeholder demands, ongoing economic uncertainties, and myriad technological, regulatory, and environmental forces that present risk and opportunity in equal measure. Performance expectations are sky-high, scrutiny is intense, and the margins for error are nonexistent.
Against this backdrop, there is one voice that – perhaps surprisingly – provides business leaders with both calm reassurance and clear direction: that of the American people. Just Capital’s Americans’ Views on Business Survey, our longest-running longitudinal survey, captures this voice in all its rich, diverse detail. And its central message this year is striking. Despite being highly polarized on political issues, Americans are generally united in their expectations for corporations – particularly in areas where positive societal impact dovetails with positive business performance.
Specifically, we find that the majority of Americans – regardless of political party, ideology, or other demographic differences – not only agree that business can and should be a force for good in the world but also are closely aligned on what precisely that means: paying people fairly, investing in their workforce, treating customers better, offering products or services at a fair price, minimizing harm to the environment, strengthening communities, and even making good on climate commitments.
In tracking the public’s views on business over the past decade, we have seen the contours of American opinion evolve considerably. Whereas in previous years we saw greater demand for CEOs to speak out on social issues, opinion is now much more divided. On transparency and disclosure, it is clear that in today’s low-trust environment, people hunger for more information on what companies are actually doing, not what they say they are doing. Despite the broad agreement that capitalism and the economy need to work for all Americans, opinions clearly diverge on whether this is actually happening.
Through it all, one message is constant: The American people want companies to create value for all their stakeholders as a path to creating more value for their shareholders, for themselves, and for society at large. As our investment work demonstrates, this “win-win-win” is not mere conjecture; it’s a fact. This report serves as a blueprint for any corporate leader, board member, or investor who aspires to this outcome.
Each year, we ask the American public to identify and prioritize what issues matter most when it comes to just business behavior. We always start the process by hosting a series of focus groups. This year, we began by asking participants a simple question: What do you think the chief responsibility of America’s largest companies is? Although many responded that it is to make and sustain profits, participants went on to explain that companies are also expected to balance profitability with practices that value society, and they should serve the interests of their workers, customers, communities, and the environment alongside those of their shareholders.
In assessing which stakeholder the public believes is, in fact, the top priority for companies, it is clear that (with 56% of the vote) shareholders come out on top. This is a significant increase compared to four years ago, when workers garnered a much higher share of the vote.
Perhaps surprisingly, these opinions are relatively consistent across political ideologies, as we see below.
The next chart breaks this down even further. When asked which stakeholder companies are positively affecting, almost three-fourths identify a company’s shareholders. The health and safety of workers and the company’s customers also generate a lot of support. Only 34% of respondents believe that companies are having a positive impact on their lowest-paid workers and the environment, a proportion that has changed little in the four years since we started asking this question.
Though the percentages may be larger or smaller depending on one’s political ideology, the pattern of responses is very consistent. Liberal respondents tend to be more skeptical than conservatives that companies are having a positive effect across these stakeholder issues. Overall, though, Americans of all ideologies essentially agree that companies benefit their shareholders and are far less likely to feel companies have a positive impact on their lowest-paid workers.
Capitalism is the means by which the American Dream becomes reality. But according to recent polling from Pew Research, only about half of Americans (53%) say that dream is still possible. Our research findings support Pew’s: When our respondents were asked whether they believe capitalism is working for the average American, only about 1 in 3 agree.
This number has stayed relatively consistent over the past three years after falling from a high of 42% in 2021, a year in which companies were redoubling efforts to respond to the needs of all their stakeholders amid unparalleled intersecting health, economic, and social crises.
Looking at this question from a demographic perspective, the high-level takeaway is intuitive: The older you get, the more money you make, the more you believe capitalism is working for the average American. Of those making under $30,000 a year, only 28% respond positively to this question versus 40% for those making more than $250,000 annually. Likewise, a mere 25% of Gen Z say capitalism is working for the average American versus 49% of Boomers.
Across political ideology, however, the picture is very different, with more than half (52%) of conservatives saying capitalism is working versus only 19% of liberals.
Despite their skepticism that capitalism is actually working for the average American, it is clear that a substantial majority of Americans do, in fact, believe that promoting an economy that serves all Americans is important and can be a force for positive societal change. These numbers are consistent across demographic groupings, generations, income levels, and especially, political outlooks.
We see more variance when people are asked whether companies should take a stand on important societal issues. Overall, a majority (60%) agree that CEOs of large companies do have a responsibility to take a stand – a proportion that has stayed relatively consistent since 2018.
Our focus groups delved into this issue, with one participant saying: “I feel companies reaching out and speaking about social issues is not a bad thing because they do have a stronger platform than a group of people do.” Another participant echoed this sentiment, saying the largest U.S. companies have disproportionate size and, thus, a disproportionate impact on society.
Yet others felt speaking out on issues can be polarizing, and ultimately harmful, for many companies. As one participant noted, “If you take a side … then it continues to snowball where once you start, then you can’t stop because then you’re forced to speak on everything. And what if you don’t have the time to speak on everything? Then you’re balancing all this work in PR when that’s not really your business. Your business is something else.”
One look at how responses to this question differ by political ideology underscores this divergence. Liberals are significantly more likely to agree that CEOs should take a stand on societal issues (73%) versus moderates (62%) and conservatives (47%).
Crucially, when asked whether CEOs should take a stand about any issue versus only those issues that are related to their business operations, the public is much more likely to say “issues related to business” now than they were just four years ago.
The survey results also provide guidance on which issues the public believes corporate leaders can play a role in addressing. Topping the list are tackling income inequality, advancing gender equity in the workplace (equal pay for equal work), and using artificial intelligence (AI) in an ethical way. Protecting voting rights, upholding women’s reproductive rights, supporting the stability of our democracy, and protecting LGBTQ rights garner less support.
Building on the above, it is clear that in defining the idea of just business behavior, several actions enjoy near-universal support: providing equal pay for equal work, retaining and promoting workers from within, considering the best interests of local communities, and expanding childcare benefits.
Examining this result through the lens of political ideology, we see a surprising amount of agreement. Liberals, moderates, and conservatives are seemingly in lockstep in believing that the issues of equal pay, investing in workers (including via ownership programs), and supporting communities are essential to just business behavior today.
For business leaders, this identifies some clear common ground where actions can be taken with the least risk of backlash. Moreover, in mapping the disparities between the public’s perceived importance of an issue and their opinions on the level of corporate action on that issue, we also shed light on where there are the greatest opportunities to demonstrate authentic leadership. Notably, “promoting an economy that serves all Americans” is the issue with the greatest perceived distance between importance and action (46 percentage points).
Americans continue to want more information on the steps companies are taking on key business and societal issues. Here are a few illustrative quotes from this year’s focus groups:
“I tend to think favorably upon companies that are transparent and open and honest. And even if the data is lackluster or disappointing, I think being transparent and open and honest is a favorable trait. And the real kicker is when it’s combined with positive efforts and the reporting is that they’ve done some good things.”
“[Companies should] try to become transparent and more free with their information. Because at this point, I don’t see it, and that’s why there’s a lot of distrust for myself with a lot of big organizations.”
“I think we should be able to expect transparency. Whether we can, or whether we’ll get it or not, that’s to be debated, but I think we should be able to expect it.”
The chart below highlights that public demand for more corporate transparency increased across all disclosure categories from 2023 to 2024.
For many issues, the demand for greater disclosure also transcends political ideology. Specifically, product and safety violations, community involvement, corporate donations, deployment of AI, and (to a lesser extent) minimum wage and political involvement are all areas where we see cross-party alignment on the need for more transparency. Disclosure on environmental impacts and demographic wage information are the areas where political opinion is most divided.
This year’s Americans’ Views on Business Survey makes it clear that Americans want corporate leaders to get back to the basics of just business operations: focus on creating value for all stakeholders by concentrating on those areas where positive impact dovetails with positive business performance.
Later this year, we will be releasing The People’s Priorities, a companion report that details what Americans believe are the actions and behaviors of just companies. Together, the data and insights from these reports will support corporate leaders in understanding how they can take action on the public’s priorities and create more value for both shareholders and society at large.
Since 2015, Just Capital has surveyed more than 182,000 Americans on a fully representative basis to assess how well they think companies are doing when it comes to creating value for all their stakeholders and building a more just economy that truly works for all. The 2024 Americans’ Views on Business Survey was fielded among 3,008 Americans – a sample representative of the U.S. adult population – between July 10 and July 16, 2024. Our quantitative research partner is SSRS, an objective, nonpartisan research institution that provides scientifically rigorous statistical surveys of the U.S. population. Our full body of survey work for 2024 also included six focus groups conducted in partnership with The Harris Poll comprising a total of 35 participants who represented a mix of demographics (e.g., age, ethnicity/race, political ideology, household income, and education).
Just Board Member Xavier de Souza Briggs and his colleagues at Brookings Institution released a major new report on generative AI, the American worker and the future of work this week, alongside a TIME guest essay on how the AI revolution is poised to affect workers in the least unionized industries. Amongst other things, they find that more than 30% of all workers could see at least half of their occupation’s tasks disrupted by generative AI, and that the disruptions will be felt across “cognitive” and “nonroutine” tasks, especially in middle- to higher-paid professions.
What can business leaders do to prepare? The authors identify several options including fostering worker engagement in AI design and implementation, and elevating worker voice in mitigating harms such as job loss and inequality. It’s a thorough, insightful study that will help anyone trying to make sense of this increasingly complex and worrying issue.
Also this week, The U.S. Department of Labor released its AI best practices roadmap for developers and employers seeking to safeguard worker well-being. The wide-ranging guidance covers everything from the development of more responsible AI standards and governance structures to ensuring meaningful human oversight for significant employment decisions. Investing in employee training on AI and increasing transparency with workers about the use of AI at work are also important principles. For examples of how 3 JUST 100 companies – Accenture, ServiceNow and T-Mobile – are putting these principles into practice, see below.
Clearly, the scaffolding around which a just approach to deploying AI in the workplace is now being constructed. What’s also important, as noted at the WSJ’s recent CIO Network Summit, is the ROI for AI in business. Leveraging LLMs to boost productivity, grow revenue, improve the employee experience, create higher quality jobs, better serve customers, reduce waste and environmental impact, and improve transparency – things that also constitute just business behavior – are coming into sharper focus too.
Be well,
Martin
This week marks the release of The Competitive Advantage of the Win-Win Workplace, a collaboration between Future Forward Strategies, The Burning Glass Institute, and JUST Capital. The report introduces 9 key strategies for aligning employee well-being with business success, and includes real-world case studies from companies like Intel and Cigna. Get all the insights here.
JUST Board Member Xavier de Souza Briggs and his colleagues at The Brookings Institute released a new report on generative AI, the American worker and the future of work, with a TIME guest essay on how the AI revolution is poised to affect workers in the least unionized industries.
As Martin noted above, here are three examples of AI and worker well-being coming together at JUST 100 companies.
Fortune takes a look at why ESG assets continue to grow in investment despite recent pushback against them.
The Conversation examines the underpaid, overworked workforce supporting the AI explosion: data labellers who must review everything fed into an AI system to correctly define the type of information.
The Washington Post reports that Boeing is planning to layoff nearly 17,000 jobs (10% of its workforce) after losing nearly $25 billion in the last few years thanks to ongoing security and safety concerns, legal battles, and union strikes. Competitor Airbus also announced plans to lay off 2,500 jobs in its defense and space division.
The Times reports that BP has abandoned its target date to cut oil production after falling significantly behind.
Axios highlights an interesting piece of research – at the very top, the gender pay gap flips, and women CEOs actually make more than men. However, this is likely a matter of small sample size as women represent just 40 CEOs in the analyzed index.
This chart comes from our review of Q3 Stakeholder Performance. Companies that lead in our Workers stakeholder delivered strong performance over this period (with a long-short spread of 1.17%). Year-to-date, our flagship JULCD index is outperforming its benchmark by 0.46% and the JUST 100 has significantly outperformed its benchmark by 7.38%. Explore the data here.
