CEOs are increasingly joining discussions over social and political issues, according to an Aug. 31 Yale Insights report.
Several hospital CEOs have been critical of the way their state and local governments have responded to the current COVID-19 surge. Other hospital CEOs have used their platforms to discuss political issues, such as gun violence prevention.
Five things to consider before speaking up:
- Act in the national interest.
Until recently, many business leaders supported every war in American history, according to the report. Now, CEOs are collectively speaking up about issues regarding voting access, public health and more, which offers protection from political retaliation and adds force. - Get the board's guidance.
The board of directors should develop new policies on how corporate funds and messaging decisions are made on political issues. Having a voice on certain topics develops branding, which is very important to younger generations. Springfield, Mo.-based CoxHealth CEO Steven Edwards told Becker's that he has the unwavering support of his board to discuss issues surrounding COVID-19 as he sees fit, which allows him to tweet without the fear of losing his job. - Consider strategic needs.
Leadership should research the specific effects on their industry when CEOs have spoken up in the past. - Solidify your brand.
Speak up on an area that meshes with your branding and culture. For example, Nike used former NFL player Colin Kaepernick to bolster its slogan in an ad campaign with the tagline, "Believe in something. Even if it means sacrificing everything. Just Do It." - Model your values.
The issues that a CEO stands up for should model their values. Merck CEO Ken Frazier triggered a mass walkout from former President Donald Trump's Business Advisory Council in 2017. Before doing so, he told his board that he was acting on his own principles, but that they were not compelled to agree.