He also urges them to enhance their tech amid threats of cyberattacks
President Joe Biden on Monday met with chief executive officers (CEOs) of some of the biggest U.S. energy, food, and manufacturing companies and advised them to start investing on their people.
Biden in his remarks quoted a statement signed in 2019 by most of the participating CEOs in the business roundtable, where they said: "America deserves an economy that allows each person to succeed through hard work and creativity, and to lead a life of meaning and dignity."
According to the US president, it is an expression of commitment from the businesses to invest in their workforce and support local communities.
"This was your view about how to run strong, profitable companies over the long term. And this commitment of consequence and prepare for the free world is vital that you reaffirm that commitment, in my humble opinion," said Biden.
"We can't afford to prioritise shareholders at the expense of your stakeholders, the environment, your workers, your customers, your communities where they live and work. And you're not doing that, but I think the inclination — would be inclined to do that on some occasions," he added.
"Instead, now's the time to invest in your people. You can hire and retain the best workforce — best-trained workforce in the entire world, which you've been doing."
It is also the time for companies to invest in innovation and innovate with and for diversity, he added.
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