Working Capital Fund’s Post

The issue of persistent issue of forced labor in global supply chains continues to grow and underscores the necessity for immediate, collective business action. Businesses face significant legal and reputational risks if they fail to conduct effective human rights due diligence, especially with increasingly stringent regulations in the US and EU. Dan Viederman outlines what urgent, necessary action looks like in five steps:   🔹Engaging Workers as Strategic Partners  🔹Focusing on Recruitment Practices  🔹Using Emerging Technology to Scale Change  🔹Sharing data on Incidence, Progress, and Risk  🔹Set Time-bound Targets for Reducing Forced Labor    Further progress will be discussed at #WEF25 in Davos! Measurable progress against forced labor is possible in collaboration with responsible business action.   https://lnkd.in/eBQy9irE

According to the International Labour Organization, an estimated 2.4 billion workers annually are exposed to excessive heat worldwide. It is the responsibility of employers to ensure workers are safe from hazardous heat at work. Learn more: https://lnkd.in/gt-2zddV #SafeDay2024 #GlobalHeatSafety.

Dan Viederman recommended eminently sensible action steps on the World Economic Forum website regarding how businesses can positively address modern slavery and forced labour. I would add one more solution, which ticks the worker engagement and data points and signpost people to MillionMakers, a Human Rights Due Diligence (HRDD) platform. It helps workers to help your business by creating the data you need as evidence - thousands of data points at a fraction of the cost of traditional, sampled, snapshot social audits. Second, I would add one more point to Dan's list. We need to urgently transition from the current extractive/exploitative model of procurement - where the profit margin is king and trumps every other consideration to a sustainable model of procurement where social value metrics have equal weighting. The International Labour Organization has shown that freeing people from forced labour and reintegrating them into the mainstream workforce could lead to a US$611 billion demand-driven rise in GDP.

A comprehensive assessment from Aine Clarke at Know the Chain. It is sometimes useful to be reminded of some of the facts and figures around the forced labour agenda.

Interesting article on the pervasiveness of state-forced labor in supply chains and complexities for companies and investors to identify and eradicate it; https://lnkd.in/eaFYwKpN #ESGINVESTOR #IAHR

A new report from the International Labour Organization highlights a growing and alarming issue: workers globally are increasingly exposed to heat stress. This is not just a challenge for traditionally hot climates but also for regions that previously experienced moderate temperatures. Heat stress, an often invisible threat, can lead to severe health issues including heatstroke, illness, and even death. Over time, it contributes to serious heart, lung, and kidney problems. As ILO Director-General Gilbert F. Houngbo notes, “As the world continues to grapple with rising temperatures, we must protect workers from heat stress year-round. Excessive heat is creating unprecedented challenges for workers worldwide, not only during intense heatwaves but throughout the year.” This issue transcends human rights, workers' rights, and economic concerns. Middle-income economies are particularly hard hit, and action is needed. Houngbo calls for “year-round heat action plans and legislation to protect workers, and stronger global collaboration among experts to harmonize heat stress assessments and interventions at work.” In Canada, for example, heat protection rules are inconsistent and often inadequate, leaving many workers, especially in sectors like restaurants and agriculture, vulnerable. A recent report by National Observer underscores these critical gaps. It's clear: addressing heat stress is now a global imperative. We need immediate, comprehensive action to safeguard workers' health and well-being. Let’s advocate for better protections and collaborate on solutions to tackle this pressing issue. More: https://lnkd.in/gzM5bQ75

📢📚 The ILO released a report on the cost and economic benefits of eliminating forced labour earlier this week. Key takeaways include: 1️⃣ A one-time investment of $212 billion is needed to eliminate forced labour through prevention, protection, remedies, enforcement, and planning & statistics efforts. 2️⃣ The demand-driven impact of eliminating forced labour would be a $611 billion increase in global GDP. A different ILO report released earlier this year found that $236 billion is generated annually from non-state forced labour, profiting perpetrators an average of $3,687 per victim. The $611 billion increase in global GDP would be due to transitioning profits from the hands of perpetrators to wages earned in the formal economy, stimulating and boosting demand for goods. 🤝🌎 But forced labour isn't just an economic issue. We must consider its intersections with social justice and the environment. As Kevin Bales and Benjamin Sovacool's paper finds, "If modern slaves were a country, they would be the third largest emitter of carbon dioxide in the world." As we move forward, our decisions must address economic, social, and environmental impacts holistically.

ILO adopts conclusions for promoting decent work and a just transition in the building materials industry 🧱🧱🧱 Proud to be a part of the team that reached these groundbreaking conclusions in this meeting, the first of its kind, at the International Labour Organization (ILO). The workers' group delegation secured commitments on several key issues: - It highlights the need to ensure that public procurement fosters adherence to labour rights, social dialogue and protection of workers in the industry. - Agreed that the ILO should provide guidance about operationalizing living wages in the industry. - Employers and trade unions should collaborate to develop and implement just transition plans at the sectoral and enterprise levels through collective bargaining and workplace cooperation. - Governments should ensure that public procurement rules foster strict adherence to labour rights, including occupational safety and health (OSH), and support effective labour protection for workers in the industry. - Universal access to comprehensive, adequate, and sustainable social protection systems must be strengthened to support all workers, including migrant workers and those vulnerable to the effects of climate change and the ongoing transition to greener economies. - ILO should develop guidelines and tools for the promotion of decent work and just transition in the industry, including subcontracting; Assisting in identifying and monitoring occupational diseases caused by new building materials and production processes used in the industry, in collaboration with relevant UN agencies, and providing guidance to constituents regarding appropriate risk elimination measures. https://lnkd.in/eap_T2xR

Today as the International Labour Organization launches a new report on Heat at work: Implications for safety and health, the UN Secretary General António Guterres calls for global action on Extreme Heat, placing workers in the forefront - in need of protection as a human right. https://lnkd.in/d6y34CW4 ILO Report #OSH #heatstress #climatechange

According to the International Labour Organization's 2024 trends report, 435 million people globally are deprived of earning a decent income through #employment. 👨🏭 👩🚒 With many more facing declining real wages, a lack of employment security or deteriorating #workingconditions, the need for increased corporate accountability for #labor-related impacts is clear to see.   That’s why a major project to revise all GRI labor-related Standards is underway, with a consultation started for the first set of disclosures.   Seeking greater transparency on employment practices & working conditions, a suite of proposed revisions cover:   ✅ Policies on employment relationships ✅ Pay and working hours ✅ How businesses handle significant changes for workers   Have your say on the proposed changes, by 4 October.   The revision process has been guided by an expert group comprising tripartite representation of workers (International Trade Union Confederation - ITUC, Global Unions Federations), employers (International Organisation of Employers (IOE)) and the ILO.    For more info, including how to submit feedback, go to 👉 https://lnkd.in/d4TnSTFq   #GRIStandards #sustainabilityreporting #bizhumanrights #laborrelations