The attack on a sovereign nation is something we have not seen in Europe in nearly 80 years – and most of us never imagined that in our lifetimes we would see a war like this waged by a nuclear superpower. In a recent survey by Deloitte, millennial workers were asked what the primary purpose of businesses should be – 63 percent more of them said 'improving society' than said 'generating profit.As I write this letter to you, the world is undergoing a transformation: Russia’s brutal attack on Ukraine has upended the world order that had been in place since the end of the Cold War, more than 30 years ago. This phenomenon will only grow as millennials and even younger generations occupy increasingly senior positions in business. Over the past year, we have seen some of the world's most skilled employees stage walkouts and participate in contentious town halls, expressing their perspective on the importance of corporate purpose. With unemployment improving across the globe, workers, not just shareholders, can and will have a greater say in defining a company's purpose, priorities, and even the specifics of its business. And it will continue to accelerate as millennials – who today represent 35 percent of the workforce – express new expectations of the companies they work for, buy from, and invest in.Īttracting and retaining the best talent increasingly requires a clear expression of purpose. This dynamic is becoming increasingly apparent as the public holds companies to more exacting standards. Companies that ignore them stumble and fail. "Companies that fulfill their purpose and responsibilities to stakeholders reap rewards over the long-term. Here are some more highlights from Fink's full letter (emphasis ours): The groups want to make saving for retirement as intuitive as ordering an Uber.įink highlights that aiding workers in navigating retirement preparation is not only a social good he argues that it also helps create a more engaged workforce and a more economically secure population. Last month, the firm said it was teaming up with Microsoft to offer a new retirement platform for employers to offer to employees this year. "Lack of preparedness for retirement is fueling enormous anxiety and fear, undermining productivity in the workplace and amplifying populism in the political sphere," Fink writes.īlackRock has long tried to position itself as an innovator in the retirement space. While Fink acknowledges companies cannot solve every issue, he can highlights a few dilemmas that require some corporate action, including retirement, infrastructure, and job preparation. In response, some of the world's leading democracies have descended into wrenching political dysfunction, which has exacerbated, rather than quelled, this public frustration."Īs governments fail to address social and economic issues, the public increasingly looks to corporations for leadership on problems from protecting the environment to racial inequality. Governments globally are not sufficiently solving the world's problems, he notes, as "frustration with years of stagnant wages, the effect of technology on jobs, and uncertainty about the future have fueled popular anger, nationalism, and xenophobia. Account icon An icon in the shape of a person's head and shoulders.
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