The HCP will help countries tackle the worst barriers to peoples' development, using a “whole of government” approach. As of September 2020, the HCP counts 78 countries as part of its network of committed governments who have expressed interest to invest in human capital at the highest levels. Explanation: The first Global Gender Gap Report was published in 2006 by the World Economic Forum. On September 22, 2020, the World Economic Forum (WEF), through its International Business Council (IBC), recommended common standards to aid all companies around the globe, regardless of industry, in their sustainable value creation. Currently some market participants wonder whether the IBC’s initiative will spur progress like the ones that preceded the global acceptance of the accounting standards. Four Pillars. Soon after the publication of the Report, the Council of Institutional Investors (CII), a U.S.-based organization, released a statement urging companies to disclose their sustainability performance in line with standardized metrics created in the private sector. India has been placed at a low 103 rank, the lowest among BRICS economies,on the WEF's Global Human Capital Index, which has been topped by Norway.. India also ranks "among the lowest in the world" when it comes to the employment gender gap, but has fared well when it comes to development of skills needed for the future with a rank of 65 out of total 130 countries surveyed. In August 2020 the WEF, in collaboration with Wills Towers Watson, published a framework in a report titled “Human Capital as an Asset: An Accounting Framework for the New World of Work” to assist companies in measuring and accounting for their … This year’s Global Competitiveness Report is the latest edition of the series launched in 1979 that provides an annual assessment of the drivers of productivity and long-term economic growth. With a score of 84.8 (+1.3), Singapore is the world’s most competitive economy in 2019, overtaking the United States, which falls to second place. The Report defines ‘human capital’ as the knowledge and skills people possess that enable them to create value in the global economic system. In a separate initiative that will complement the IBC standards, the WEF joined the Impact Management Project and Deloitte in facilitating a joint statement issued in September 2020 and expressing the intent among five leading independent global framework and standard-setters—GRI, CDP, Climate Disclosure Standards Board (CDSB), International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB)—in creating a comprehensive corporate reporting system, which we previously discussed. The IBC released the standards at the WEF’s fourth annual Sustainable Development Impact Summit, with a white paper titled “Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation” (Report). Credible measurement of education and health outcomes is critical locally, nationally, and globally. It is found that machines … May 19, 2015 September 27, 2015 2 min read admin. 17. The Project in Context. World Development Report, 2020 by World Bank. WEF Risks Report ranks climate change as biggest global threat While in previous years economic problems were deemed the biggest threats to mankind, fears … Find out why the World Bank, countries, and partners are coming together to try to close the massive HC gap in the world during COVID-19 and afterwards. World Economic Forum: Human Capital Report 2017, ranked 18 out of 130 World Economic Forum: Inclusive Development Index 2018, [10] ranked 31 out of 103 countries World Bank : Ease of doing business index 2020, [11] (2019 rankings), ranked 35 out of 190 countries The 21 core metrics, which focus primarily on activities within an entity’s own boundaries, include governance body composition and material issues impacting stakeholders and implementation of the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations. Embedding human principles into the nature of work--principles such as purpose and meaning, growth and passion, and collaboration and relationships--enables the social enterprise to continually reinvent itself on the back of perpetual disruption. The report is available from the World Economic Forum website. 1818 H Street, N.W. The Global Human Capital Report 2017 v Preface KLAUS SCHWAB Founder and Executive Chairman, World Economic Forum The world is endowed with a vast wealth of human talent. With the current COVID-19 pandemic, it's even more important to understand why countries should invest in human capital (HC) and protect hard-won gains from being eroded. There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of SFr 261 million. This year’s edition of The World Economic Forum’s Future of Jobs Report 2020 maps the jobs and skills of the future and tracks “the pace of change based on surveys of business leaders and human resource strategists from around the world.” WEF Human Capital Report highlights need for massive increase in funding for public education 13 September 2017 World Economic Forum’s Human Capital Report demonstrates the need for a massive increase in funding for public education to close the growing gap between rich and poor and build a workforce that is fit for the future. Visit davispolk.com, World Economic Forum Releases ESG Reporting Metrics and Disclosure Standards, Katherine J. Brennan, Marsh & McLennan Companies, Connor Kuratek, Marsh & McLennan Companies, Davis Polk's Corporate Governance Practice. The Global Competitiveness Report series has since its first edition aimed to prompt policy-makers beyond short term growth and to aim for long-run prosperity. The index measures how much capital each country loses through lack of education and health. While the COVID-19 pandemic has increased our focus on… The WEF said countries like Singapore, which are digitally advanced, are well placed to manage the impact of Covid-19, in a report released on Dec 16, 2020. Human capital is the driving force of economic growth. A main objective of the IBC initiative (or the Project) was to identify a set of universal, material ESG metrics and disclosures companies can use when preparing their mainstream annual reports. The priorities cover different topics from the environment to human capital and innovation ecosystems. #DeloitteESGNow — Human Capital Measures Up (November 3, 2020) Show contents . These files are available for 174 countries that had sufficient data to calculate an HCI value in September 2020. Preparing for the “Now Normal”: WEF Publishes Future of Jobs Report 2020 Simran Oberoi October 23, 2020 Hybrid working models, employee listening, inspirational resilience, and job redesign will define the now normal, per speakers at a virtual event by the World Economic Forum (WEF) and the WEF Future of Jobs Report 2020. It also increases policy makers’ awareness of the importance of investing in human capital, creating momentum for action. Human Capital Report, WEF. Send us an email at humancapital@worldbank.org. The IBC believes companies can continue to thrive “through greater commitment to long-term, sustainable value creation,” including incorporating the interests of their stakeholders. This series of webinars promotes direct learning and exchange among the Focal Points, enabling them to share experience and accelerate human capital outcomes. Importantly, Project participants hope that an accelerated global adoption will impress, and perhaps influence, regulators, standard-setters, rating agencies and others on the metrics and disclosures the business community believes are important. The Index was first published in October 2018 and ranked 157 countries. Story: Investing in Africa’s People Yields Impact, Strengthens Efforts to, Blog: World Health Day: The nursing workforce is critical to COVID-19 (coronavirus) and global health, Publication: Protecting People and Economies in the COVID-19 Era, Blog: Innovation and sound policies are critical to protect people during, For the poorest countries, the full danger from coronavirus is only just coming into view, Video: Building the Foundation of Human Capital, socioeconomically-disaggregated Human Capital Index, Human Capital Project Case Studies Series, Learn more about the Index and the definition of Human Capital, Access the human capital "Knowledge Exchange" series, Human Capital Project : Year 2 Progress Report (October 15, 2020), The Human Capital Index 2020 Update : Human Capital in the Time of COVID-19 (September 16, 2020), Africa Human Capital Plan Year One Progress Report : Game Changers for Investing in Africa's People (June 1, 2020), Annual Meetings 2019: Human Capital Project Ministerial Conclave, Summit: Comitting to Action to Drive Economic Growth, Summit: Investing in the Early Years for Growth and Productivity, Event: Building Human Capital: Shaping the Future of Djibouti’s Youth. For the past 12 years, the World Economic Forum’s Global Competitiveness Report has ranked companies based on their ability to provide high levels of prosperity to their citizens. Within countries, measurement leads to insights into what works and where to target resources. The report of 2020 (published in 2019) has 153 participating countries. Global Human Capital Report 2017 74 (out of 130 countries) World Economic Forum (WEF) Norway Human Development Index 2019 66 (out of 189 countries) United Nations Development Programme (UNDP) Norway AREAS | INNOVATION Global innovation index 2019 82(out of 129 countries) Cornell University, INSEAD, and the World Intellectual Property Organization Switzerland International Property … CII’s members and associate members, which include a wide range of asset managers, asset owners and pension-related entities, collectively have over $40 trillion in assets under management. You too can help those around the world to #InvestinPeople. This report presents an update to the Human Capital Index (HCI), using the most recent health and education data available as of 2020. Davis Polk & Wardwell LLP (including its associated entities) is an elite global law firm with top-flight practices across the board. How are countries investing in people? Council of Europe, Draft report on fostering social mobility as a contribution to social cohesion, CDCS (4), 2011. Human Capital Project : Year 2 Progress Report (October 15, 2020) Human capital is central to the World Bank Group’s efforts to end extreme poverty by 2030 and raise the incomes of the bottom 40 percent of people in each country. Contents 1 Preface 2 Executive summary 2.1 Results overview 3 Latin America and Caribbean Travel & Tourism Competitiveness Index (TTCI) 2019 Overall Rankings 4 About the Latin America and Caribbean Travel & Tourism Competitiveness Landscape Report 4.1 The TTCI 4.2 Data and methodology 4.3 Country coverage 5 Competitiveness landscape 5.1 Global … The live sessions are restricted to participation by the focal points, but afterward, the recordings are shared as a public good. Provisional metrics were previously released at the January 2020 meeting in Davos-Klosters in a consultation draft titled “Towards Common Metrics and Consistent Reporting of Sustainable Value Creation.” The Report was the culmination of over a year’s work, reflecting assistance from the WEF, collaboration with the Big Four, and consultations with companies (including non-IBC members), investors, standard-setters, non-governmental organizations (NGOs) and international organizations. Home > ESG > World Economic Forum Releases ESG Reporting Metrics and Disclosure Standards. In 2017, the IBC spearheaded a commitment from more than 140 CEOs to align their corporate values, goals and strategies with the SDGs, to better serve society. Completed by nearly 9,000 respondents in 119 countries, Deloitte’s 10th annual Global Human Capital Trends report is the largest longitudinal survey of its kind and marks a decade of investigating and understanding how humans can continue to find meaning in work. The World Economic Forum has released a special edition of its renowned Global Competitiveness Report to measure how prepared countries are to rebound from the Covid-induced economic slowdown. Attorney Advertising. Summary A country’s human capital – its people’s skills, abilities and well-being – is a critical component of its long-term economic success. Poor social mobility coupled with inequality of opportunity underpin these frictions, suggesting that if the level of social mobility were increased, it could act as a lever to economic growth. The HCI provides a new definition of human capital and quantifies the contribution of health and education to the productivity of the next generation of workers. In April 2019, we launched the Africa Human Capital Plan. At its meeting in January 2021, the IBC is scheduled to discuss a timeline for broader adoption. The HCP aims to protect and invest in people. The World Economic Forum (WEF) which is an international NGO recently released the third edition of the future of jobs report 2020. consistent with the report the covid-19 and its impacts will disrupt quite 85 million jobs by 2025. The WEF said countries like Singapore, which are digitally advanced, are well placed to manage the impact of Covid-19, in a report released on Dec 16, 2020. It aims to shed light on the pandemic-related disruptions in 2020, contextualized within a longer history of economic cycles and the expected outlook for technology adoption, jobs and skills in the next five years. The index offers a benchmarking tool to track progress and to reveal best practices across countries and subjects. The World Economic Forum (WEF), based in Cologny, Geneva Canton, Switzerland, is an international NGO, founded on 24 January 1971.The WEF's mission is stated as "committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas". Human capital is increasingly important in the new world of work. Heads Up | Volume 27, Issue 24 . COVID-19 is taking a tremendous toll on lives and economies. As of January 2021, the HCP has 79 countries participating and takes action in three distinct areas. The HCI 2020 also references the socioeconomically-disaggregated Human Capital Index (SES-HCI). According to the WEF, 120 IBC members have shown strong support for the IBC metrics, with some expected to start incorporating them in their corporate reports immediately. Human Capital Report by WEF. CII explains that investors desire material information including sector- or industry-related information and support disclosures made with third-party assurances. HCM Framework. [Brief | Data]. The HCP Network now has 78 countries on board and works to support and connect policy makers as they share experiences and best practices, including during the COVID-19 (coronavirus) pandemic, which is a threat to hard-won human capital gains. Inclusive growth & Development report by WEF. In addition, a number of “Human Capital Champions”—world leaders, thought leaders, celebrities, and others—have signed on to advocate for the next generation. There are 189 countries participated in this ranking. What tools are available to support human capital development? A global view of country achievements, COVID-19 response, and WBG support. human capital, and support the delivery of better outcomes for the business, the workforce and the wider community. Metrics and Disclosures. 2020 Global Human Capital Trends Report Since 2010, Human Capital Trends tracks the thinking and actions of leading organizations. The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. 16. The commission has identified various key focus areas to revolutionise to meet the 4IR: energy, water, mining, manufacturing, agriculture, financial services and public administration. The report called the human … Development of Comprehensive Reporting System. The Index measures which countries are best in mobilizing the economic and professional potential of its citizens. Disclose or Explain. 15. The Global Gender Gap Report 2020 provides a comprehensive overview of the current state of the global gender gap and of efforts and insights to close it. ... of the World Economic Forum (WEF), which is facilitated by the Big Four firms. In this 90-minute event, government leaders, NGO partners, and innovators delivered showcased policy actions and both public and private sector-led responses to address COVID-19 impacts on human capital. Lastly, companies are also encouraged to go beyond the common standards and disclose more tailored industry- or sector-specific information. This report, a collaboration between Willis Towers Watson and the World Economic Forum, seeks to provide such a framework. You can download the full HCI 2020 report here. As a result, anything that undermines the best allocation of talent and impedes the accumulation of human capital may significantly hamper growth. This ambitious plan sets out clear targets and commitments to boost Africa's potential through its human capital. Hybrid working models, employee listening, inspirational resilience, and job redesign will define the now normal, per speakers at a virtual event by the World Economic Forum (WEF) and the WEF Future of Jobs Report 2020. The IBC invites all its members, which includes numerous large corporations, to declare their intention to report on these common standards, and encourages the wider corporate community to join them. The Report adds that investors and stakeholders also expect company reports to disclose non‑financial issues, risks and opportunities with the same discipline and rigor as financial information. The report measures 130 countries against four key areas of human capital development; Capacity (determined by past investment in formal education), Deployment (accumulation of skills through work), Development (continued upskilling and reskilling of existing workers) and Know-how (specialised skills-use at work). Global Gender Gap Report by WEF. The World Economic Forum has been measuring and reporting on gender inequality since 2006 and it is taking far too long to close the gender gap. In contrast, the 34 expanded metrics and disclosures are arguably more tangential, but extend to an entity’s complete value chain scope. Nonetheless, the Report recognizes that companies may still be subject to reporting requirements (including another standard for materiality) depending on regional regulations or expectations. Human capital is central to the World Bank Group’s efforts to end extreme poverty by 2030 and raise the incomes of the bottom 40 percent of people in each country. Methodology Since 2010, Human Capital Trends tracks the thinking and actions of leading organizations, representing some of North America’s largest and most influential organizations. We host the following related webpages: About, Case Studies, Country Knowledge Exchanges, Key Reports, and Frequently Asked Questions. Human capital is the driving force of economic growth. The Global Gender Gap Report 2020 provides a comprehensive overview of the current state of the global gender gap and of efforts and insights to close it. This entry was posted in Economics & Statistics and tagged Financial capital , Human capital , Intellectual capital , Talent , WEF , Willis Towers Watson , World Economic Forum on 02/09/2020 by IESE Library . The 2020 special edition is dedicated to elaborating on the priorities for recovery and revival, and considering the building blocks of a transformation towards new economic systems that combine “productivity”, “people” and “planet” … From 10 offices around the globe, our approximately 1,000 lawyers provide seamless, best-in-class service on our clients’ most significant matters. Human Capital Index 2020: India ranks 116 in World Bank’s latest annual report Last year, India had ranked 115 among 157 countries. The Report Describing the Project and Standards. The IBC standards have been highly anticipated by some market participants because they offer a company-led, universal and consistent approach to reporting environmental, social and governance (ESG)-related information in a standards landscape that is highly fractured. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests. Download 2-page briefs that put HCI country data in perspective with complementary indicators, and specialized Excel files that include detailed HCI data, sources, and methods. In March 2020, the government released a diagnostic report based on the findings of the Presidential Commission on the Fourth Industrial Revolution. Long-term human capital investment and planning is not just crucial at the individual country level, but increasingly demands political leadership at the highest international level to move beyond zero-sum competition and prepare the world’s workforce for the challenges of the 21st century. The 2020 report’s findings are: Globally, the average (population-weighted) distance completed to parity is at 68.6%, which is a further improvement since last edition. The framework outlines how companies can transition to valuing talent as an asset rather than an as expense. The report identifies eleven priorities for policy makers who want to drive this transformation. 13987, National Bureau of Economic Research, 2008. The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. La Finlande est le pays qui exploite le mieux les ressources humaines, selon un rapport sur le capital humain publié mercredi par le World Economic Forum (WEF, Forum économique mondial). Global Information Technology Report by WEF. This is a major problem not only for the individual, but also society and the economy. In addition, investors desire standardization of non-financial information, resulting in data consistency and comparability. With the SEC presumably about to adopt enhanced disclosure requirements for human capital next week (see this PubCo post), this new report from the World Economic Forum in Davos, prepared in collaboration with consultant Willis Towers Watson, offers a timely new framework for valuing human capital. As a result, anything that undermines the best allocation of talent and impedes the accumulation of human capital may significantly hamper growth. The 34 expanded metrics and disclosures include topics such as alignment of strategy and policies to lobbying and Paris-aligned greenhouse gas (GHG) emissions targets. Washington, DC 20433 USA. 14. Countries can use it to assess how much income they are foregoing because of HC gaps, and how much faster they can turn these losses into gains if they act now. The Human Capital Index is a report prepared by the World Bank. Prior results do not guarantee a similar outcome. The World Economic Forum (WEF) is a Swiss non-profit foundation, based in Cologny, Geneva. It describes itself as an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. We must come together as never before – to protect hard-won gains in human capital. The World Economic Forum published its report on ‘Human Capital’ aiming to measure countries’ ability in realizing the potential of their human capital. Visit the WBG Databank to see the online HCI database, the HCI World Development Indicator interface, or to find additional metadata. It is an important component of the Forum's HR 4.0 initiative, an A number of jobs have been identified as most at-risk of “disappearing” over the next five years largely because of automation. During the course of the Project, 21 core metrics, or Stakeholder Capitalism Metrics, were identified. To date, there is still a 31.4% average gender gap that remains to be closed globally. The Project deliberately drew metrics from existing standards such as the Global Reporting Initiative (GRI) to enable accelerated adoption. According to the Global Gender Gap Report 2020, based on current trends it will take another 99.5 years to attain equality between men and women in every sphere: work, the economy, family, education, and health. The World Economic Forum is an independent global organization that engages leaders of business, politics, academia and society to improve the state of the world. Welcome to the Human Capital Project (HCP), a global effort to accelerate more and better investments in people for greater equity and economic growth. Globally, comprehensive measurement sheds light on the differences between countries, and spurs demand for investments in human capital. In the latest HDI report, 2020 India is on 129th rank. 16. The Report encourages companies to consider using as many of the IBC standards as possible in their corporate reports, after screening the standards for materiality. Read this article to know which report is ... Human Capital Report by WEF. Given the challenges companies face, such as climate change, workforce issues, the COVID-19 pandemic and societal expectations, the Report states that companies need to strengthen their resilience and ability to operate. # JobsReset The Future of Jobs Report 2020 maps the jobs and skills of the future, tracking the pace of change and direction of travel. The World Economic Forum publishes a comprehensive series of reports which examine in detail the broad range of global issues it seeks to address with stakeholders as part of its mission of improving the state of the world. To thrive in an environment that can shift from moment to moment, organizations must become distinctly human at the core. Embedding human principles into the nature of work--principles such as purpose and meaning, growth and passion, and collaboration and relationships--enables the social enterprise to continually reinvent itself on the back of perpetual disruption. INSIGHT REPORT JULY 2020. Building Human Capital: Lessons from Country Experiences is a series of case studies commissioned by the Human Capital Project team to examine the development trajectories of selected countries that have prioritized investments in key human capital outcomes. In addition, the metrics would be capable of verification and assurance. Theme: “Trading for Development in Age of Global … World Economic Forum . According to the IBC, these are the more critically important and established metrics, which are primarily quantitative and already being reported by many firms or can be obtained with reasonable effort. How governments can drive inclusive recovery. To thrive in an environment that can shift from moment to moment, organizations must become distinctly human at the core. After just one year, the plan is well underway, helping African countries build momentum by leveraging investments and policy reforms across key sectors, empowering women, developing solutions tailored to the challenges of fragile and conflict-affected settings, mobilizing technology and innovation, and building knowledge and partnerships. Currie, J., Healthy, Wealthy and Wise: Socio-Economic Status, Poor Health in Childhood and Human Capital Development, NBER Working Paper No. To see additional results from Deloitte’s “2020 Global Human Capital Trends” report, download a copy. The vision of the Human Capital Project (HCP) is a world in which all children reach their full potential—growing up well-nourished and ready to learn, attaining real learning in the classroom, and entering the job market as healthy, skilled, and productive adults. 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