Stakeholder capitalism and employees

After months of preparation, the Management Association of the Philippines (MAP) and more than 20 other business groups launched the Covenant for Shared Prosperity early this month. The covenant challenges local business leaders to mindfully contribute to the welfare of all the stakeholders of their businesses. Specifically, pledging companies will commit to:

“1. Recruit, train, and develop our employees and managers to be the best that they can be irrespective of gender, alma mater, age, ethnicity and religion; provide just compensation and benefits; promote meritocracy and encourage work-life harmony.