Turning Barriers into Bridges to tackle inequality

Being in Davos this week, it was obvious to me that inequality is considered as one of the foremost issues of real concern. This theme was picked up in sessions that I attended where it was highlighted that inequality is rising. And that businesses urgently need to work together to address inequality and global poverty.  

Wide disparities in income and wealth are leading to many people being left behind, and pervasive social inequality harms prosperity of economies and societies, and business opportunities. 

I am heartened to see that at global business level, there is increasing unity behind calls for greater equity and equality, and higher expectations for governments, businesses, and investors to act. This must include action to eradicate working poverty and ensure that everyone earns a living wage: a wage that enables workers and their families to afford a decent standard of living. Living wages are essential to ending poverty and inequality, and it is critical that companies take action.

We believe there are clear business incentives beyond a moral incentive. Living wages are often seen as an additional cost. Whilst a focus on living wages can actually leverage opportunities and mitigate risks across human rights, reputation, and security of supply. 

We have an opportunity to change the way business models operate to benefit wider society, breaking the cycle of poverty and strengthening the foundations of the global economy. It is time to create bridges from the challenging barriers we are facing and bring systems change to scale now.

Articulating the actions that each actor can take is a critical and necessary approach to overcoming barriers and delivering solutions. It only works when we do this together and every partner takes his responsibility.