By Phil Murphy

When I launched my campaign for governor in 2016, I began with the idea that New Jersey had become a fundamentally inequitable state, where the wealth of the top 1 percent continued to grow exponentially while the middle class continued to erode.

Correcting this imbalance has been the top priority for our administration. Throughout our first 18 months in office, we have worked hard to build a stronger and fairer New Jersey economy that works for every family, and that improves the quality of life for our residents and the communities in which they live.

We have implemented a host of policies designed to not only get more people to work, but also to improve the workforce, which is an essential component of any successful business. And, we are seeing the early success of this, with low unemployment, rising wages and new and innovative businesses looking to us as the place to set their roots.

We have done this by leaning into our strong New Jersey values – values that say our economy is stronger when we focus on the needs of all people, not just corporate shareholders. They are values that believe when you pay workers a fair wage, protect their health care and retirement security, and invest in their education and workforce development, it lifts the entire economy from the middle out, and from the ground up.

For too long in corporate America, it seemed these values had been lost. Until now.

Last week, the Business Roundtable – an association of CEOs from nearly 200 leading American corporations – signaled a tectonic shift in corporate philosophy with the issuance of a new mission statement redefining the “purpose of a corporation.”

No longer will profits and solely serving shareholders be the overarching goal of corporate leaders. Instead, the Business Roundtable stated, corporations must dedicate themselves to the betterment of all, including workers, consumers, and the environment, and to an economy “that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity.”

I was gratified to see that among the signatories of this new mindset were the heads of some of New Jersey’s biggest corporate citizens and employers.

This new and groundbreaking stance from The Business Roundtable recognizes what we in New Jersey have known for some time: Improving the lives of workers and increasing profitability are not mutually exclusive goals. We can both do well and do good. It is entirely possible to foster an atmosphere that allows workers a “life of meaning and dignity” and supports the environment in which we live, while at the same time supporting the bottom line.

I am an unapologetic capitalist. But, the price we pay for the unlimited upside of the American Dream should not be in an unlimited downside for those who are struggling to realize their dreams. What’s more, when I speak to CEOs both in an out of New Jersey, one of the issues I’m asked about most often is talent. Successful CEOs know that a strong talent pool begins with an educated, trained and well-cared for workforce. States that build an economy that takes care of its workforce and their families will have a competitive edge moving forward.

Over the past 18 months, I, along with my partners in the Legislature, have taken strong steps to strengthen our workforce, including new and targeted investments in education – from pre-K all the way through college – and in job training to develop talent pipelines for employers and career pathways for employees. We’ve done this understanding that these policies go far beyond the bottom line, and that they are both business-friendly and good for our people.

Each and every step of the way, we were tailed by doomsayers who predicted massive unemployment, declining corporate profits, and the unprecedented out-migration of businesses to our competitor states.

Well, I’m proud to say New Jersey continues to get stronger.

As our partners in the business community have stated, to foster a stronger and more competitive economy, we must move past antiquated thinking and understand that a well-trained, well-paid, and well-respected workforce benefits all.

It is heartening to see the Business Roundtable support a stronger and fairer approach to corporate responsibility, and I welcome them to the same place where New Jersey has proudly planted its flag – the place where “a life of meaning and dignity” isn’t a dream, but is swiftly becoming reality.

Phil Murphy is the 56th governor of the state of New Jersey.

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