UN SDG Goal 8: Decent Work and Economic Growth | Best Practices and Business Implications
Updated: May 24, 2022
By Sanjay Tugnait | Feb 2022
About UN SDG GOAL 8
Economic growth is a positive force for the whole planet. Sustainable Development Goal 8 (SDG 8) focuses on aligning sustained, inclusive and sustainable financial progress with the creation of decent and fulfilling jobs while not harming the environment. Promoting policies that encourage entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking. With these targets in mind, the goal is to achieve full and productive employment, and decent work, for all women and men by 2030.
Businesses play a central role in advancing Goal 8, as they account for the majority of GDP in most countries as well as the majority of jobs. The foundation of supporting decent work is implementation of the UN Guiding Principles on Business and Human Rights, through which companies can address their own impacts on employees and workers in their value chains. Decent work as defined by the International labour Organization (ILO) is work that is productive and delivers a fair income; security in the workplace; social protection for families; better prospects for personal development and social integration; freedom for people to express their concerns, organize and participate in the decisions that affect their lives; and equality of opportunity and treatment for all women and men.
Business themes addressed by SDG Goal 8:
Availability of a skilled workforce
Elimination of forced or compulsory labor
Examples of Key Business Actions and Solutions for SDG Goal 8:
Investing in innovation, labour and capital to achieve strong, sustainable and equitable economic growth that provides decent jobs.
Educate and train the labour force, including workers across end-to-end operations and in surrounding communities, and focus particularly on vulnerable groups including women, young people and persons with disabilities.
Install a firm policy against unfair hiring and recruitment practices.
Drive economic growth and productivity by investing in R&D, upgrading skills, and supporting growing businesses, in a way that is compatible with sustainable development.
Foster entrepreneurial culture and invest in or mentor young entrepreneurs.
Initiate skills development programs moving down company supply chains.
Put in place mechanisms to identify child labor and forced labor throughout global supply chains, and implement remediation when abuses are discovered.
Businesses are engines for job creation and economic growth and foster economic activity through their value chain. Decent work opportunities are good for business and society. Companies that uphold labor standards across their own operations and value chains face lower risk of reputational damage and legal liability. Businesses have much to gain from providing decent work, as it creates the conditions for healthy, satisfied employees who are more productive, innovative, and loyal. A business that is committed to supporting good working conditions also attracts talent, increases retention, and fares better in competitive markets.
Some Major drivers of Inclusive and Sustainable economic growth within the France Canada Chamber of Commerce (ON) ecosystem:
Lafarge Canada recognized as one of Canada’s Best Diversity Employers for the 7th consecutive year in 2021.
What does diversity and inclusion look like at Dior?
Women in Governance
Facilitating Sustainable and Inclusive Economic Growth at FCCCO:
· Enable potential collaborations and partnerships
The key to achieving the SDGs is the horizontal co-operation across sectors and actors.
FCCCO provides a platform for exchange of best practices and formation of partnerships, enabling companies to adopt sustainability at core of their operations while driving economic growth.
· Empowering Small and medium-sized enterprises
The Chamber is uniquely positioned to help SMEs with essential business services, potential partnerships and international expansion. We have been developing and delivering services and solutions that entrepreneurs can leverage for a multidimensional growth strategy.
· Fostering Diverse and Inclusive work places.
Among other initiatives, FCCCO also launched a Cultural Intelligence training service in 2021 that imparts knowledge and best practices to promote a diverse and inclusive workplace, fostering an environment that celebrates people and the unique skill sets they offer.
Reach out to us at firstname.lastname@example.org to know how FCCCO can help your drive sustainable financial progress, foster an inclusive workplace and help sustainability take roots at the core of your operations.