Calls to fundamentally change our economic system are growing louder, quickly. As of July, almost nine in 10 Americans agreed that now is the moment for corporations to “reset” and focus more on workers, customers, communities, and the environment. According to The New York Times, in just two weeks following the murder of George Floyd support by American voters for Black Lives Matter jumped nearly as much as it had over the previous two years. Now a majority of Americans support the movement. The global health pandemic, economic crisis and racial justice uprisings have laid bare inequities and injustices that will no longer be ignored.

This reckoning is long overdue. Globally, 26 individuals own more wealth than half of humanity.¹ In the US, real average wage has hardly budged for 40 years and the median family wealth for white people is 10X higher than it is for Black people.² All the while, 94% of US companies’ profits have gone to executives and shareholders over the last 15 years, rather than investing in workers, communities or long-term sustainability.³ The turning point is undeniable. Listening to and investing in all stakeholders will be the imperative of the 21st-century marketplace.

The society and culture in which business operates is moving at an unprecedented speed and scale. Economic equality, racial justice and climate solutions have never been more important to mainstream employees, leaders and investors. Yet the right steps forward are not as clear. To take action with integrity, thoughtfulness and substance, brands and businesses must amplify shared narratives, connect commitments to culture and harness the cooperative advantage.

These are the principles BBMG helped define in our work designing a name, narrative and online hub for Imperative 21, a business- led network of coalitions driving economic system change and building a future where our society, our leaders and our policies work for all of us and for the long-term. These are principles every brand and business leader can act on, today.

Frame a New Story for Capitalism

The six founding members of Imperative 21 – B Lab, B Team, CECP, Coalition for Inclusive Capitalism, Conscious Capitalism and JUST Capital – have been working independently for years to manifest a new vision of the economy that puts humanity at the center. They are the brave voices who spoke out before it was mainstream, from CECP’s founding philosophy by actor and philanthropist Paul Newman to the B Lab’s global community of certified B Corporations to John Mackey’s New York Times and Wall Street Journal best-selling book Conscious Capitalism. In 2020, fifty years since Milton Friedman’s seminal piece proselytizing shareholder primacy, these leading-edge organizations recognized the pivotal moment to join their voices together with a common narrative. Together, they could define the next chapter of capitalism for all of us, not just shareholders.

To frame an energizing and inclusive narrative BBMG honed in on this historic moment of choice. Like no other time in history, each and every member of our economic system has a choice: to cling to status quo capitalism that prioritizes profit over people or to define, embody and chart a new path forward. Where all people are able to work with dignity and care for themselves and their loved ones, where our planet is healthy and our economy thrives.

For brands seeking to share their vision with the world, it’s key to frame the future we want in a way in which everyone can see themselves, their role and their potential. Where investors see long-term value creation, employees see valuable and meaningful work, customers see products that are truly purposeful and community and civil society see a partner in solving problems together. To articulate a future vision of our society that works for all, we must share a story and narrative true to many and in service of all.

Connect Commitments to Culture

In the summer of 2019, 181 CEOs signed the Business Round Table’s redefinition of corporate purpose and committed to lead their companies for the benefit of all stakeholders. Klaus Schwab of the World Economic Forum published the Davos Manifesto declaring “the purpose of a company is to engage all its stakeholders in shared and sustained value creation.” And of course, the United Nations Sustainable Development Goals, launched in 2016, are designed to be a “blueprint to achieve a better and more sustainable future for all.” Yet, for all the public letters, goals and declarations, not enough progress has been made.

“Harnessing this energy and addressing these issues will require courageous leadership from individual CEOs from business and finance. However, these leaders will not be able to lead in a system with misaligned incentives and a culture with contrary norms.” —Jay Coen Gilbert, Imperative 21

The Imperative 21 coalition sees the path to true economic systems change by connecting business leadership to public policy and our shared culture. That’s because defining the right strategy, sharing commitments and advocating for policy can only take us so far in a culture that rewards, celebrates and values opposing goals and behaviors. Imperative 21 seeks to amplify creatives, artists and cultural influencers envisioning and advancing a new kind of economy by partnering with Participant Media, Amplifier and other creative communities around the world.

No matter the brand, it’s not just about what we say we’ll do, but about the beliefs, behaviors and norms that make up our relationships, between our employees, our customers, our partners and our communities. It’s about the values we share, who we celebrate and how we talk about the role of business and finance in our society.

So, how will your business bring brand purpose, sustainable value creation and positive societal impact to life in culture as an experience that is relevant, inspiring and engaging?

Harness the Cooperative Advantage

A founding principle of the Imperative 21 coalition is that systemic change requires all of us. By joining forces across six organizations, the founding partners represent 72,000+ businesses across 80 countries and 150 industries, 18+ million employees, $6.6 trillion in revenues, $15 trillion in assets under management and hundreds of millions of people eager to make their voice heard. And since launching, Imperative 21 is now leading Allies for Systems Change to broaden its network of networks even further with more than 200 participants joining forces to participate, support and share ideas for action.

For every brand, there is a place for collaboration (even with your most die-hard competition) and a place for breakaway leadership. When addressing the most complex and systemic challenges in our economy and industries, sharing ideas, innovation and resources to move the world forward is the only way. At the same time, brands can elevate the issues, initiatives and stories that are true to their core ethos and purpose and allow them to step forward with a distinct and bold voice. The cooperative advantage allows our entire society to move forward to create shared prosperity, setting standards and expectations higher than ever before and challenging ourselves – and each other – to realize our full potential.

This is the imperative of our time. Let’s get to work. Together.

Visit Imperative21.co to learn more, share the story and get involved.

¹Oxfam, 2019
²United States Federal Reserve System, 2016
³Roosevelt Institute