In December, the New York Times had an article about a hedge fund manager that wants to change corporate philosophy in the U. S.
Paul Tudor Jones II is a billionaire who started a non-profit to focus on a problem that he thinks should be more focused on improving the workplace. By doing so, he thinks, it will help not only the employees that work in these organizations but help the organization, too.
Mr. Jones founded Just Capital to be a moral compass on corporate America. He believes in ranking corporations according to how well they care for employees, society and the environment. Mr. Jones said corporations are so focused on profits that they have forgotten about people and he wants to change that.
An eye opening experience caught Mr. Jones’ attention when he found out that people employed by contractors for his company were only making $10.50 an hour. That embarrassed him so he decided it was time to do something about it.
Just Capital is a non-profit formed by Mr. Jones to look at things like income inequality which he believes is a huge problem. Just Capital recently did a survey that centered on corporate conduct.
The results are quite interesting. People from different income backgrounds and philosophical backgrounds responded. Most everyone agreed things need to change. While some in lower wage brackets believed it more so than those upper wage brackets it still showed a very similar perspective. How have corporations behaved in the last ten years? The response was different among different age groups and this was very interesting. Younger respondents were split as to whether corporations were better or worse but older respondents believe corporations have become worse. Is it because older Americans have seen it change more than younger respondents? Those with a greater income believe corporations are better while those with less income believe the opposite.
There are many other questions from the survey but what it says overall is the perceptions people have in regards to corporations and the need for change. There may be some differences but not by very much and maybe not all but most agree corporations have gone a little too far.
According to the New York Times article, there are other non-profits forming to push corporate social justice but if there is so much push, and there will probably be more during this election year, when is that change going to start? If everybody is in some degree of agreement, it sounds like the time is right.
As we reported in one of our other blogs, a banker at the Dept. of Labor’s Future of Work summit said corporations don’t like to deal with people issue.
What is it going to take? What do people have to do?
Go to the Just Capital website and look around. See what they suggest. See the results of the survey.