This paper is a call to action from the Global Agenda Council on Employment and Social Protection. Central to the argument presented here is the imperative to tackle the global jobs crisis. This must be a top priority for policy-makers despite the current focus on sovereign debt. While the problems in the Eurozone are consuming policy attention today, growth and employment creation, in both the short and long term, are essential if the global economy is to exit from the predicament perplexing policy-makers. This demands a new social contract based on a new economic model, which places equal emphasis on growth, employment and social protection.