Philadelphia Foundation President and CEO Pedro A. Ramos recently joined Bernard Dagenais, President and CEO of the Main Line Chamber of Commerce, for a conversation at the Greater Philadelphia Summit on Business Impact & Volunteerism. The discussion centered on one of the most pressing challenges facing our region: economic mobility, and why business leadership is critical to creating lasting change. 

The Stark Reality: 50th out of 50 

The conversation highlighted the sobering research from Harvard economist Raj Chetty, whose groundbreaking work tracks economic mobility across the nation’s largest metropolitan areas. Economic mobility – defined as the ability for individuals, particularly people born into families with low incomes, to improve their economic status relative to their parents – is the essence of the American dream. The findings for the Philadelphia metro area – which includes the surrounding counties – are striking. Our region has fallen to dead last – 50th out of 50 major metros – in economic mobility over the past decade. 

Yet there’s reason for hope. Charlotte, NC, which previously ranked 50th, climbed to 38th place in a ten-year span, demonstrating that regions can improve economic mobility outcomes with focused, sustained effort. As Ramos noted during the conversation, “Like Charlotte, we don’t like to lose, and we want to win.” This challenge represents both a call to action and an opportunity for Philadelphia to reclaim its position as a place where anyone can succeed. 

Beyond Check-Writing: The Community Foundation’s Role as Catalyst 

Philadelphia Foundation’s approach to this challenge reflects its evolution from traditional grantmaker to civic catalyst. As Ramos explained, “Community foundations can’t be ‘the’ solution, but can often be the catalyst for the capacity.” Philadelphia Foundation recently committed to a decade-long focus on economic mobility. This commitment builds on Philadelphia Foundation’s track record of persistence and partnership. “We’re a 100-year-old organization,” Ramos emphasized. “We can stick with things for a long time to see them through.” The Foundation’s board has made a deliberate decision to maintain focus on economic mobility for ten years, understanding that complex challenges require long-term solutions and the kind of institutional memory that can outlast political cycles. 

Building Sustainable Change Through Cross-Sector Collaboration 

Ramos noted that making measurable progress on economic mobility requires cross-sector collaboration – bringing together private sector, government, nonprofit, and philanthropic leaders around shared goals. But that sustainability of those gains depends on ownership extending beyond government into civil society, chambers of commerce, and corporate boardrooms. “Folks in government come and go,” Ramos observed, “we need these agendas to be shared and also owned outside of government.” 

Philadelphia Foundation’s role in this ecosystem is to serve as a trusted partner and strategic problem-solver, helping to organize efforts while supporting business leaders who step forward. Philadelphia Foundation brings convening experience, flexible funding, and the kind of institutional staying power that can maintain focus even when other priorities compete for attention. 

The Corporate Imperative: Why Business Must Lead 

The conversation’s most urgent message centered on the need for corporate leadership in addressing economic mobility. While philanthropy and government play important roles, Ramos was clear about where ultimate responsibility lies: for job growth “We need the region’s CEOs to really own the leadership on economic mobility. It’s not enough to have government leadership, not enough to have philanthropy leadership. We’re not free enterprise. You are.” 

This isn’t just about corporate social responsibility – it’s about strategic business interests. Economic mobility directly connects to attracting, developing, and retaining a skilled workforce and to regional competitiveness. As Ramos pointed out, addressing economic mobility is “completely consistent with our region’s growth and completely core to every company’s strategic imperatives.” Companies that invest in economic mobility are investing in their own long-term success. 

The challenge extends beyond formal corporate policies to individual influence within organizations. Ramos challenged summit attendees to recognize their power: “We all have a lot of influence in a lot of places. We have influences in our private lives, through affinity groups, through communities of faith, through clubs, and we have enormous amounts of influence in our organizations.” 

A Call to Regional Leadership 

The economic mobility challenge facing Philadelphia is significant, but so is the opportunity. With Philadelphia’s city government, philanthropic community, and business sector all focused on the importance of economic mobility, the elements exist for meaningful progress. As Ramos concluded his remarks, “All the elements are there to seize the moment and build a more prosperous and equitable future for Philadelphians.” 

The question now is whether regional business leaders will answer the call. Economic mobility isn’t just a moral imperative – it’s an economic necessity for a region that wants to compete globally while ensuring prosperity reaches every neighborhood. Philadelphia Foundation stands ready to support that leadership, but the initiative must come from those who have the most to gain from a thriving, mobile regional economy: the business community itself. 

Two immediate actions business leaders can take are learning about Professor Chetty’s groundbreaking research on economic mobility here and reaching out to Philadelphia Foundation’s Chief Impact Officer Phil Fitzgerald ([email protected]) to express interest in joining the collective effort.     

Success in Philadelphia will be determined by our collective willingness to tackle this challenge with the same determination that built this city’s reputation for getting big things done. The time for action is now.