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.
Introducing Alan, who works in the accounts department for a small chain of pet shops in Manchester. Alan had been working with the company for five years and was happy with his job. However, like most people, he was always looking for ways to improve his career prospects and achieve financial stability.
One day, Alan’s company announced they were implementing a series of initiatives to promote decent work and economic growth in the workplace. Alan was impressed with the company’s commitment to its employees and was eager to see how these initiatives would benefit him.
The first initiative was the implementation of fair and transparent hiring practices. The company wanted to ensure that all qualified candidates had an equal opportunity to be considered for all vacancies. This was good news for Alan as he saw a vacancy for a higher-level job. Hearing about the company’s commitment to fair hiring practices, he applied for the job.
The second initiative offered competitive salaries and benefits to attract and retain top talent. Alan was pleased to see that the company was investing in its employees and that his salary would be adjusted to reflect this. This meant that Alan could finally afford to buy the things he and his family needed and still have some money to save for the future.
The third initiative was investing in training and development programmes to help employees improve their skills and advance their careers. Alan was particularly interested in this as he had always been interested in learning new things and expanding his skill set. The company offered him the opportunity to attend training courses and workshops to improve his skills, and he jumped at the chance.
The fourth initiative encouraged flexible work arrangements, such as remote working and flexible scheduling. Alan was grateful for this as he had a young child at home and needed to be able to balance his work and family life. He could work from home one day a week, which allowed him to spend more time with his family and still be productive at work.
The fifth initiative supported entrepreneurship within the business. Alan was impressed with this as he had been developing accounting videos in his spare time. The company learnt about the videos and decided to provide him with the resources to develop more videos for their internal training, which the company paid for. It also allowed him to sell them online for his personal gain.
Alan’s company’s initiatives to promote decent work and economic growth in the workplace significantly impacted his life. He improved his skills, achieved financial stability, balanced his work and family life, and pursued his entrepreneurial dreams. Alan was grateful to his company for their commitment to their employees and was proud to be a part of such a forward-thinking organisation.
Promoting decent work and economic growth in a work environment
To achieve the targets for Sustainable Development Goal (SDG) 8, which is to promote decent work and economic growth, businesses can apply sustainable human behaviour in the following ways:
- Providing decent and fair wages and benefits to employees: This can help ensure that employees have a stable income and can support themselves and their families.
- Encouraging work-life balance: By allowing employees to have flexible work arrangements and sufficient time off, businesses can help promote good health and well-being, which is also a goal of SDG 3.
- Providing training and professional development opportunities: This can help employees acquire new skills, grow in their careers, and contribute to SDG 4, providing quality education and training.
- Encouraging entrepreneurship and innovation: By providing resources and support for employees to start their own businesses or to develop new products or services, businesses can help promote economic growth and create new jobs.
- Supporting local communities: By sourcing goods and services from local suppliers and investing in the local economy, businesses can help create new jobs and promote sustainable economic growth in their communities.
By promoting these sustainable human behaviours, businesses can help promote decent work and economic growth and contribute to achieving other SDGs, such as those related to health, education, and the environment.