The future of work is here. Standards need to keep up.
Companies must respond to the new economic and social realities accelerated by the COVID-19 pandemic. Here's how employers can ensure good work standards.
The Good Work Alliance is a global, cross-industry initiative for forward-thinking companies, with input from unions and independent experts, to leverage their individual and collective power towards building a healthy, resilient and equitable future of work.
A new vision for the future of work
The nature of work has been changing through the impact of three long-term trends: technological change, social transformation and the green transition. Some of these changes have been accelerated by the impact of the COVID-19 pandemic as a fourth vector as workers in many sectors remain impacted by the aftermath. Five key issues have emerged that need to be addressed to ensure better work for workers and employers alike: (1) volatility in wages and the cost of living; (2) divergence on the demand for flexibility; (3) silent pandemic in well-being; (4) an erosion of diversity, equity and inclusion (DEI) gains; (5) and the need for a reskilling revolution. As many employers and workers seek a “new normal” after the disruptions of the last few years, there is an opportunity to develop a new vision for the future of work. Getting this right will help determine whether the post pandemic recovery leads to positive outcomes for business and for society.
The Good Work Alliance
The Good Work Alliance is a global, cross-industry group of forward-thinking companies that are leveraging their individual and collective power to build a resilient, equitable, inclusive, more just and human-centric future of work.
Their objectives are to:
(1) Co-create a framework for good work with companies and other stakeholders.
(2) Support the development of relevant metrics and promote measurable commitments by companies towards core good work goals
(3) Provide insights and best practice sharing to support implementation.
The Good Work Framework
The Good Work Framework proposes enhancing job quality through five objectives and associated goals:
(1) Promote fair pay and social justice
(2) Provide flexibility and protection
(3) Deliver on health and well-being
(4) Drive diversity, equity and inclusion
(5) Foster employability and learning culture
As companies emerging from the COVID-19 pandemic take stock of the lessons that have been learned and seek to redesign their people processes and work practices, the Good Work Framework can help them establish a new benchmark for job quality in the future of work, providing a consistent and goal-oriented approach to the development of comprehensive people strategies and to guide measurable actions to promote good work.
The Good Work Framework addresses the first objective of the Good Work Alliance and includes the inputs of other stakeholders such as the World Economic Forum’s Community of Chief Human Resources Officers and Global Future Council on Work, Wages and Job Creation. The endorsement of Alliance members is the start of a movement towards the wider adoption of the framework as a holistic ambition for a new future of work for all.
An Integrated Approach to the Future of Work
The initiative originates from the World Economic Forum’s Centre for the New Economy and Society, which is focused on building prosperous, inclusive and just economies and societies, and is in collaboration with Mercer. For more information, please contact Aidan Manktelow, Project Lead, Centre for the New Economy and Society, at: email@example.com
Some economists thought total factor productivity, a key part of economic growth, would always rise, but it's been falling in advanced economies for years.
Hyperinflation has been around for centuries. With high inflation around the world, should we be worried about it happening in 2022?