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The election marks a pivotal moment in a year of significant change. C-suite leaders may have many questions about what lies ahead for their organizations, but one force—stakeholder capitalism—is likely to continue gaining momentum. Michele Parmelee. The presidential race and the national conversation it has inspired are top of mind for C-suite leaders, but the election is just one of several major upheavals executives are facing this year.

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Stakeholrers Today, organizations are also working Stakeholders Large Firms recover from the economic and health impacts of the ongoing pandemic, adapting to continued disruptions from climate change, and facing increasing pressure to address social issues including racial injustice, gender equality, and economic parity. These forces of change will likely continue to exert influence on corporate agendas. At a time when so much is unknown, one thing remains clear: The most effective leaders will likely continue to rely on organizational purpose—the reason their companies exist—to find their way.

Increasingly, that purpose is oriented toward stakeholder capitalism, which prioritizes the needs of all stakeholders—customers, employees, suppliers, and communities as well as shareholders. In fact, Stakehholders combined forces of the pandemic and the election have likely accelerated the momentum toward stakeholder capitalism, as more corporations recognize that businesses cannot succeed if society fails.

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The health crisis has highlighted health and income disparities, while the election has brought conversations about many social issues to the forefront. For corporations that have committed to making an impact on society, can be a call to action.

Today, many businesses are influenced by the leadership of the Business Roundtable, which initiated a global conversation on the need for corporations to consider their responsibility to groups beyond investors. Inthe organization released a new statement of SStakeholders for a corporation, signed by chief executives—including Deloitte Stakeholders Large Firms CEO Punit Renjen —who committed to leading their companies on behalf of all stakeholders. Since then, momentum has continued to build.

Deloitte played a key role in helping develop those metrics—and is advancing on social impact commitments of its own. One of those commitments is WorldClassan effort to expand opportunities for traditionally underrepresented and marginalized groups. Bywe aim to help 50 million people worldwide by improving Stakeholders Large Firms outcomes, reskilling, and creating new job opportunities. Like many other corporations, we believe that business can grow Stkaeholders when society flourishes as well.

Given the many pressing issues of today, how can leaders decide which challenges to tackle—and how to prioritize them? How can they effectively identify and meet stakeholder needs?

The following strategies can guide C-suite leaders as they seek to drive change in their organizations and in society as a whole:. Follow your purpose. Making decisions based on shared values can help steer actions when the next steps seem Stakeholders Large Firms. At Deloitte, we are guided by our purpose to make an impact that matters for our clients, employees, and communities. This purpose helps us recognize that, here difficult times, we have a responsibility to Stakeholders Large Firms. Listen to stakeholders. Understanding what issues matter most to stakeholders starts with listening to each of many groups. Collaborate boldly. Grappling Stakeholdera the biggest challenges often requires cooperation across businesses, industries, sectors, and geographies.]