PayPal Tops List of U.S. Companies Supporting Healthy Families and Communities
JUST Capital today released a list of the top 100 largest public U.S. companies that are leaders in supporting the health and well-being of workers, their families, and their communities. The thematic list was originally produced in 2019 and 2021 with support from the Robert Wood Johnson Foundation, which is focused on building a national Culture of Health where everyone has a fair and just opportunity for health and well-being, and updated by JUST Capital in 2022.
Over the past year, the American public has faced unprecedented challenges, from an ongoing pandemic to climate-related disasters, all against the backdrop of rising inflation and declining real wages. These challenges have impacted the physical, financial, and social well-being of Americans.
To identify leadership in counteracting these impacts, JUST Capital evaluated corporate performance on 10 key issues from its 2022 Rankings, from providing fair wages and benefits to contributing to local communities’ development, combating climate change and reducing pollution, and protecting families’ health and safety. The comprehensive approach examines how a company prioritizes health and well-being at the intersection of five key stakeholders – Workers, Customers, Communities, the Environment, and Shareholders/Governance.
The Top 100 Companies Supporting Healthy Families and Communities are outperforming their Russell 1000 peers on a range of issues including worker financial wellness and diversity, equity, and inclusion (DEI); climate and environmental justice; community engagement; product safety; ESG governance, and more. For example:
- 71% of the companies in the Top 100 disclose that they conduct a general pay gap analysis, and 57% conduct a race/ethnicity pay gap analysis, compared to Russell 1000 peers at 16% and 9.6%, respectively.
- 52% of the Top 100 companies have set quantifiable, time-bound employee demographic targets to hold themselves accountable in promoting diversity and opportunity, compared to only 14.6% at Russell 1000 peers.
- 46% have committed to reaching Net-Zero by 2050, compared to only 6% of the rest of the Russell 1000. And of this 46%, 29% have a verified Science-Based target to limit warming to 1.5 degrees, compared to 4% of its Russell 1000 peers.
- Compared to their Russell 1000 peers, the Top 100 are nearly 5x more likely to disclose topics or issue areas raised by consulting with the community (30% vs. 6.09%) and are nearly 4x more likely to disclose structural mechanisms and practices through which they engage with the community (66% vs. 16.74%).
- The Top 100 are 3x more likely to disclose tying executive compensation to ESG goals.
- The Top 100 received $0 in fines related to the safety of their products, while Russell 1000 peers averaged about $13,800 in fines.
The top-ranked company, PayPal, prioritizes its employees’ financial health and well-being by conducting annual assessments of worker’s net disposable income and has taken steps to raise wages, lower healthcare costs, and make every employee a shareholder. (Note: PayPal supports the Worker Financial Wellness Initiative alongside JUST Capital, the Financial Health Network, and the Good Jobs Institute to inspire more companies to make worker financial health and security a C-suite priority). The company has also committed to reaching Net-Zero by 2040 as verified by the science based targets initiative (SBTi) and is investing in partnerships that explore the connections between digital finance and climate resilience to identify solutions that can build a climate-neutral and more inclusive global economy, particularly for those most vulnerable. PayPal’s climate-focused community projects highlight its direct engagement with the communities the company impacts and show a clear plan to support an equitable climate transition.
"At PayPal, our employees are our most important stakeholder group. Every action we take, from employee financial wellness initiatives to company policies that support our employees and their families through the evolving challenges of our time, is done with their health and wellness at the forefront," said Franz Paasche, Chief Corporate Affairs Officer, PayPal. "PayPal is proud to have earned this recognition from JUST Capital, an organization that remains a critical and trusted partner in bolstering the financial health of families and communities across the country."
The second-ranked company, Salesforce, frequently spotlights the intersection of climate and communities; for example, its philanthropic approach includes an investment of over $100 million in grants to nonprofits dedicated to climate justice and restoration. Salesforce also leads its industry in issues regarding diversity, equity, and inclusion. Through mentorship programs, an inclusive promotion process, and a goal to increase the number of Black employees in leadership positions by 50% by 2023, Salesforce is ensuring that its employees have access to job growth and financial health.
“The American public has made it clear that they want companies to prioritize the health and wellness of their workers and broader society. People say corporate leadership means a greater commitment to worker wages and benefits, diversity and equity, community health, and combating climate change,” said Alison Omens, Chief Strategy Officer at JUST Capital. “This thematic ranking showcases the leaders that are rising to the challenge to create more healthy outcomes for workers and their families and communities. We hope it inspires more companies to step up and do right by their stakeholders to create a healthier and more equitable nation.”
Of the 20 key Issues identified by the American public that underpin JUST’s Ranking model, the research team selected 10 for this thematic ranking that best define how companies can support healthy families and communities. The Issues include:
- Pays a fair, living wage.
- Prioritizes accountability to all stakeholders.
- Protects worker health and safety.
- Provides benefits and work-life balance.
- Contributes to community development.
- Gives back to local communities.
- Makes beneficial products.
- Cultivates a diverse, inclusive workplace.
- Minimizes pollution.
- Helps combat climate change.
About JUST Capital
JUST Capital is an independent nonprofit dedicated to measuring and improving corporate stakeholder performance – from fair wages to workforce diversity to climate commitments – at America’s largest public companies. Our mission is to tackle the most pressing social challenges of our time by galvanizing the collective power of corporate America. We believe that business and markets can and must be a greater force for good, and that by shifting the resources of the $19 trillion private sector, we can address systemic issues at scale. Guided by the priorities of the public, our research, rankings, ESG indexes, and data-driven tools help deliver on the promise of stakeholder capitalism and an economy that works for all Americans. JUST Capital publishes the annual list of America’s Most JUST Companies, the JUST 100, in partnership with CNBC. For additional information, visit: www.JUSTCapital.com.