SDG #10 Reduce inequality within and among countries
Equality is fundamental to a stable, just, prosperous, and peaceful society. In recent years, the benefits of economic growth have disproportionately favoured the world’s richest. In OECD countries, income inequality is at its highest level in the past half century. In developing countries, it has increased by 11 per cent between 1990 and 2010. Many groups, such as women, racial minorities and indigenous populations, still do not have equal access to opportunities – facing exclusion from business ownership and corporate decision making and discrimination related to wages, employment, and access to financial services.
The private sector has a crucial role to play in addressing the systemic challenge of reducing inequality. Business impacts inequality through the decisions it takes on how to distribute the economic value it generates. For example, all companies should pay their fair share of taxes, practice non-discrimination, comply with social and environmental regulation, and respect and support human rights.
Why should business support SDG10?
Reducing inequalities benefits businesses as it helps create a more stable and predictable business environment. It also introduces greater diversity of thought into the workplace, boosting innovation and profitability. Economic research shows that reducing income inequality boosts economic growth.
So, what can You and your company do?
Below I give you some examples of business actions that You and your company can take:
Assess the distribution of economic value across stakeholder groups and implement policies and practices to make it more equal.Example:A financial services firm undertakes an objective gender pay gap auditby a qualified external party, publicly reports on the results and takes robust remedial action to ensure jobs of equal value are remunerated equally.
Support the establishment and expansion of social protection measures at the national level.Example:A consumer goods company works with labour unions to implement a living wage throughout its supply chain, as well as ensuring collective bargaining and Freedom of Association for all employees
Implement policies and practices to support equality of opportunity, treatment and outcome for all across own and supply chain operations.Example:A company reviews its use of big data to approve customers for store credit cards to identify whether the processes used are reinforcing the economic exclusion of vulnerable groups due to biases embedded in credit score rating methods.
Design and implement products, services, and business models that explicitly target the needs of disadvantaged and marginalized populations.Example:A start-up in develops feminine sanitary products that are sold at low price points to increase affordability and help a greater proportion of women conduct activities as normal while menstruating. It hires street vendors to distribute its products across packed urban settlements.
To learn more about the SDG 10 and what actions you can take, please click here!