Decent work and economic growth are essential for the sustainable development of any organisation. In this topic, we will explore the meaning of decent work and economic growth in the workplace and how they can be promoted to benefit the organisation and its employees. We will also discuss the potential negative impacts of a lack of decent work and economic growth and the actions that can be taken to address these issues. By the end of this topic, you will have a greater understanding of how to promote decent work and economic growth in your workplace.
Productive and Decent Employment
Productive employment refers to using a person’s skills, knowledge, and abilities to add value to the economy and generate income. It is typically associated with both remunerative and dignified work and allows individuals to contribute to the well-being of their families and communities.
Decent work is a concept promoted by the International Labour Organization (ILO), which refers to productive work, provides a fair income, offers security in the workplace and social protection, and gives people the opportunity to have a voice in the decisions that affect their lives.
Economic growth refers to an increase in the production of goods and services within an economy over a period of time. It is typically measured by a country’s gross domestic product (GDP) or gross national product (GNP). Various factors can drive economic growth, including increased productivity, technological innovation, and population growth.
A lack of employment opportunities can negatively impact an organisation in several ways. First, it can reduce the pool of qualified candidates available to fill job openings, which can lead to difficulty in finding and hiring top talent. This can also lead to an increase in turnover as employees may leave for other opportunities. Second, a lack of employment opportunities can lead to low employee morale and may even result in a lack of loyalty to the organisation. This can lead to a decrease in productivity and an increase in turnover. Finally, a lack of employment opportunities can also impact an organisation’s reputation, as it may be seen as less attractive to potential employees. This can make it more difficult to attract and retain top talent in the future.
Insufficient investment can have a negative impact on an organisation in several ways. For example, it can limit the resources available to the organisation to invest in new technologies, improve processes, and hire new employees. This can result in a lack of competitiveness and growth within the organisation and may ultimately lead to financial difficulties or even failure. Additionally, insufficient investment can limit the ability of the organisation to adapt to changing market conditions or customer needs, which can also impact its long-term success.
Limited personal development opportunities can negatively impact an organisation in many ways. Employees who do not have access to ongoing training and professional development may become stagnant in their roles and may be less likely to stay with the organisation long-term. This can lead to increased turnover and recruitment costs, as well as decreased productivity and overall organisational performance. Additionally, a lack of personal development opportunities may lead to a lack of engagement and motivation among employees, which can further negatively impact the organisation.