Summary How companies can help achieve the UN's SDG 10 on inequality | Sustainability Magazine sustainabilitymag.com
2,107 words - html page - View html page
One Line
Companies prioritize equality, regulatory compliance, and human rights to both minimize inequality and capitalize on emerging business prospects.
Slides
Slide Presentation (12 slides)
Key Points
- The United Nations Sustainable Development Goal 10 aims to reduce inequality and promote social, economic, and political inclusion.
- Income inequality has been growing globally, with the wealthiest 5% taking a disproportionate share of global income.
- Companies can play a role in reducing inequality by promoting non-discrimination, adhering to social and environmental regulations, and upholding human rights.
- Eliminating inequality can benefit companies by creating a more consistent and reliable corporate culture, boosting productivity and innovation.
- Examples of companies addressing SDG 10 include MasterCard's collaboration with UN Women and Hewlett Packard's work with diverse suppliers.
- Combating inequality can lead to new business opportunities, increased market share, and improved motivation in the workplace.
- The UN Global Compact recommends approaches such as generating more integrated value chains and advocating for public policies that foster social sustainability.
- Tackling inequality can also attract and retain top talent and help communities mitigate risks.
Summaries
18 word summary
Companies promote non-discrimination, adhere to regulations, and uphold human rights to reduce inequality and create new business opportunities.
66 word summary
Achieving UN's SDG 10 on inequality is challenging amidst COVID-19. Companies reduce inequality by promoting non-discrimination, adhering to regulations, and upholding human rights. MasterCard provides ID cards for electronic payments to Nigerian women, while Hewlett Packard emphasizes diversity in supply chains. Tackling inequality brings new business opportunities and market share. Coordinated action is needed from all stakeholders, including companies, to promote inclusivity, diversity, and social sustainability.
199 word summary
Achieving the UN's SDG 10 on inequality is challenging, especially amidst the COVID-19 pandemic. Income inequality has risen, with the top 5% of people controlling a significant portion of global income. Developing countries have also experienced increasing income inequality. Companies play a crucial role in reducing inequality by promoting non-discrimination, adhering to regulations, and upholding human rights. This can lead to a more inclusive society and benefit companies through a diverse and productive workforce and driving innovation. MasterCard is collaborating with UN Women to provide ID cards for electronic payments to half a million Nigerian women, while Hewlett Packard recognizes the importance of inclusivity and diversity in supply chains. Tackling inequality can bring benefits like new business opportunities and increased market share. The UN Global Compact recommends creating integrated value chains, offering decent-paying jobs, making social investments, advocating for social sustainability policies, and collaborating with other companies to make a bigger difference. In conclusion, reducing inequality requires coordinated action from all stakeholders, including companies, who have the power to make a positive impact by promoting inclusivity, diversity, and social sustainability. This not only benefits society but also brings advantages to companies in terms of productivity, innovation, and market competitiveness.
369 word summary
Achieving the United Nations' Sustainable Development Goal (SDG) 10 on inequality is a challenging task, especially in light of the COVID-19 pandemic. Income inequality has been on the rise, with the wealthiest 5% of people taking a significant portion of global income. Developing countries have also seen an increase in income inequality. The World Inequality Report 2022 highlights the disproportionate growth of private wealth among the top 1%, while the bottom 50% have seen minimal growth. This disparity in wealth distribution contributes to overall inequality.
Companies have a crucial role to play in reducing inequality. While they can contribute to inequality, they can also make a positive impact. By promoting non-discrimination, adhering to social and environmental regulations, and upholding human rights, businesses can contribute to a more inclusive society. Eliminating inequality can also benefit companies by fostering a more diverse and productive workforce and driving innovation. Research has shown that reducing income inequality improves economic growth.
Several companies are actively working towards SDG 10. For example, MasterCard is collaborating with UN Women to provide half a million Nigerian women with ID cards that can be used for electronic payments. This initiative aims to alleviate economic inequality. Additionally, MasterCard is partnering with Mercy Corps to address humanitarian issues. Companies like Hewlett Packard have also recognized the importance of inclusivity and diversity in their supply chains, which has led to economic growth and innovation.
Tackling inequality can bring various benefits to companies, including new business opportunities, increased market share, and the development of innovative products or services. It can also boost motivation in the workplace and help communities mitigate risks. The UN Global Compact recommends several approaches for companies, such as creating integrated value chains, offering decent-paying jobs, making social investments, advocating for social sustainability policies, and collaborating with other companies to make a bigger difference.
In conclusion, reducing inequality is a complex task that requires coordinated action from all stakeholders, including companies. While companies can contribute to inequality, they also have the power to make a positive impact. By promoting inclusivity, diversity, and social sustainability, businesses can help achieve SDG 10. This not only benefits society but also brings advantages to companies in terms of productivity, innovation, and market competitiveness.