Human values in the economy and social innovations at companies were the main topics discussed at the latest Business Breakfast and Professional Forum by the Business Council for Sustainable Development in Hungary (BCSDH) held this Tuesday at one of the locations of the National Bank of Hungary in Budapest.
A third of the world's workforce earns less than is necessary for their living. Eliminating the living wage gap could positively impact USD 4.5 trillion of global GDP. “Reducing inequality requires coordinated action from all stakeholders, including companies. Initiating change requires the recognition of humans as assets in the value-creation processes of companies,” the main speaker of the event, Sonja van Lieshout, President of the World Employment Confederation Europe and Global Head of Public Affairs at Randstad, pointed out in her presentation.
In addition to climate change and biodiversity loss, growing inequalities are our world's most urgent sustainability challenge. Growing inequalities have become systemic risks globally, threatening not only individual communities or companies but entire economies and societies, BCSDH’s statement about the event says.
According to BCSDH President Attila Chikán Jr., “inequalities are an obstacle to social and economic progress, which also affects the performance of companies. At the same time, inequalities are also a consequence of our systems, which we can change. However, this requires the highest level of commitment, immediate action, and systemic change. We believe that the business sector must play a leading role in achieving this desired rapid change,” he said in his opening speech.
“Companies can do most to reduce inequalities through their employees. Social innovation is key to moving forward, which means the holistic implementation of new solutions for working, learning and social protection for the benefit of workers, employers and society in general. This will lead to future-proof labor markets that work for all,” Sonja van Lieshout, who was invited to speak by Randstad Hungary’s professional support, emphasised
In a closed professional forum following the presentation, business leaders and corporate, academic and civil experts discussed the current state of play and challenges associated with Human Value, such as the risk to business created by polarization and loss of trust, creating value by valuing human capital, and the links between physical and mental health and efficiency, and explored several business best practices and solutions. These three main topic groups were led by ProSelf Plc. CEO Attila Kelemen, Randstad Hungary Managing Director Sándor Baja, and Dandelion Ltd. Managing Director Gréta Nagy, respectively.
The insights from the professional forum, including the challenges and enabling factors that were identified, will be further processed during executive roundtable discussions in May. Our goal is to provide recommendations for companies on the topic of human value, which will be presented at the BCSDH Business Lunch in October. It is important to encourage companies to act in this area and assist them in taking the most important steps, the BCSDH statement concludes.
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