Every day that passes brings additional evidence of the need for improved international action, among Governments, business and civil society, in the governance of the global economy. That is why ILO is working in collaboration with other UN agencies to promote the decent work agenda in a larger framework that includes respect and promotion of human rights and the environment. Justice and equity are productive and the more we prove it in action, the more it will be valued by markets. It is conceivable that one day soon markets will start paying attention to labour standards performance as an indicator of the internal health of companies and thus their future earnings potential. Wall Street may one day reward companies for their good relations with unions.
Business has a direct stake in putting human needs first.
Working conditions that respect the need for human dignity, equality and social protection also bring productive workplaces and competitive businesses. Many companies and initiatives have already shown the promise of adapting to this broader agenda. The Global Compact offers an opportunity for business leaders the world over to demonstrate that there are business benefits to integrating social and financial goals, and that there are ways to manage costs or risks associated with this new approach. The end result will demonstrate that promoting decent work, human rights and the environment are all necessary steps toward a world in which markets, interacting with society and its stakeholders, help put poverty and human suffering out of business. All worldwide rights reserved.