An Economy that Serves All

by Maria S. Salinas

Two years ago, I wrote about the new corporate purpose, a statement the Business Roundtable put forward to redefine the purpose of a corporation. It was a recognition that serving customers, employees, suppliers, and communities, as well as shareholders, is a better definition of the role of a major corporation than previous iterations. The statement, signed by 181 CEOs, begins with, "Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.

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When we recognize the importance of the people our businesses impact, we have the potential to be a monumental force for good. Relationships built and maintained with those around us become mutually beneficial partnerships which uplift vulnerable communities and increase long term value. Businesses are uniquely positioned to further public and private partnerships to support communities in a variety of aspects, including education, equity, and developing solutions for pressing issues like affordable housing and homelessness. 


As we emerge from the pandemic, we face the challenges of economic recovery for families, communities, workers, and businesses. Now is the time for businesses, large and small, to lean in to those principles. Now is the time for collaboration with unlikely partners to bring about the solutions that ensure we have an equitable economic recovery in our region, so that our economy can serve all. We’ve seen many examples of coalitions and collaboration which result in great outcomes. 



Study after study is finding companies who actively promote the diverse communities they interact with perform better all around. Companies that focus on gender equity are 21% more likely to outperform goals, and those that promote ethnic equity are 33% more likely to outperform. With record investments and returns in sustainability in the last year, it’s also clear that promoting good environmental practices can be just as mutually beneficial.
 

Businesses are the backbone of our economy. Today and in the days ahead, when we need to emerge from the pandemic stronger and better than before, the Chamber will not waiver on our own commitment to our vision of a thriving region for all.