JPMorgan Chase & Co. JPM 0.11% CEO Jamie Dimon recently published a new letter in which he discussed the positive role private business should play in society. Here’s a look at five key takeaways from Dimon’s letter.
1. Business And Society Have Common Drivers
While the business world is motivated directly by the bottom line, companies make money by providing communities with cheaper, more convenient or more effective solutions to their problems.
“The same attributes that drive business success — innovation, ingenuity, and the ability to efficiently marshal human and financial capital — also offer tremendous promise to help solve pressing societal challenges,” Dimon wrote.
2. Business Growth And Societal Advancement Are Directly Linked
According to Dimon, the business world cannot outgrow society in the long term. He points out that 125 million of the 145 million total U.S. employees work in the private sector.
“It is the private sector that generates the jobs and economic growth that fuel progress, underpin opportunity and support the critical services on which we all depend,” Dimon said.
3. Wage Increases Are Good For Business And Society
Over the next three years, JPMorgan plans to raise the minimum wage for its 240,000 global employees from $10.15 per hour to between $12.00 and $16.50 per hour. Dimon says this is a win-win adjustment for both JPMorgan and the economy as a whole.
“Giving people a raise is both the smart thing to do — it helps our firm attract and retain talented people in a competitive environment — and the right thing to do. Wages for too many Americans have gone nowhere for too long,” Dimon said.
4. The Private Sector Can Create Unique Opportunities
From education to wage growth to income inequality, the private sector can address societal issues in a unique way. Dimon said each company’s advantages are unique.
“As a bank, JPMorgan’s societal value proposition is clear: we enable and catalyze economic growth by providing the capital that businesses, government and nonprofits need to expand, create jobs and fulfill their vital missons.”
5. Philanthropy Can Be Beneficial To Business
Donating to philanthropic causes can be mutually beneficial for the business world as well. Dimon said…
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