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. 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. 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. 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. Explanation: The first Global Gender Gap Report was published in 2006 by the World Economic Forum. Globally, comprehensive measurement sheds light on the differences between countries, and spurs demand for investments in human capital. 14. 16. INSIGHT REPORT JULY 2020. 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". The Index was first published in October 2018 and ranked 157 countries. 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. 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 … 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. Access a curated list of reports and briefs here. 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. In contrast, the 34 expanded metrics and disclosures are arguably more tangential, but extend to an entity’s complete value chain scope. To date, there is still a 31.4% average gender gap that remains to be closed globally. 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. Heads Up | Volume 27, Issue 24 . 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. How are countries investing in people? 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. Human Capital Report by WEF. While the COVID-19 pandemic has increased our focus on… Theme: “Trading for Development in Age of Global … Human capital is the driving force of economic growth. The live sessions are restricted to participation by the focal points, but afterward, the recordings are shared as a public good. 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. This ambitious plan sets out clear targets and commitments to boost Africa's potential through its human capital. Currie, J., Healthy, Wealthy and Wise: Socio-Economic Status, Poor Health in Childhood and Human Capital Development, NBER Working Paper No. 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 Human Capital Index is a report prepared by the World Bank. 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. 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. What tools are available to support human capital development? 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 report called the human … 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. When a company considers an IBC-recommended standard immaterial, the Report suggests that a company provide an explanation. Visit the WBG Databank to see the online HCI database, the HCI World Development Indicator interface, or to find additional metadata. 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. 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. Attorney Advertising. 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 workforces, including in the wake of COVID-19. Recent annual reports published by the WEF include a more detailed breakdown of its financials and indicate revenues of SFr 349 million for the year 2019 with reserves of SFr 310 million and a foundation capital of SFr 34 million. The report identifies eleven priorities for policy makers who want to drive this transformation. It is an important component of the Forum's HR 4.0 initiative, an 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. Human Capital Index 2020: India ranks 116 in World Bank’s latest annual report Last year, India had ranked 115 among 157 countries. 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 workforces, including in the wake of COVID-19. This report, a collaboration between Willis Towers Watson and the World Economic Forum, seeks to provide such a framework. 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. The Report organizes the metrics along four sustainability pillars: Principles of Governance, Planet, People and Prosperity, which align with the United Nations Sustainable Development Goals, known as SDGs, as we have described more fully here using the core metrics. As a result, anything that undermines the best allocation of talent and impedes the accumulation of human capital may significantly hamper growth. Washington, DC 20433 USA. 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. At its meeting in January 2021, the IBC is scheduled to discuss a timeline for broader adoption. 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. You can download the full HCI 2020 report here. Learn more by clicking on the topics below. 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. 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. 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. 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. Four Pillars. 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. The priorities cover different topics from the environment to human capital and innovation ecosystems. 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. 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 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). 13987, National Bureau of Economic Research, 2008. Human Capital Report, WEF. You too can help those around the world to #InvestinPeople. The index offers a benchmarking tool to track progress and to reveal best practices across countries and subjects. 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. The Report Describing the Project and Standards. There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of SFr 261 million. Human capital is increasingly important in the new world of work. Summary A country’s human capital – its people’s skills, abilities and well-being – is a critical component of its long-term economic success. 16. Welcome to the Human Capital Project (HCP), a global effort to accelerate more and better investments in people for greater equity and economic growth. Credible measurement of education and health outcomes is critical locally, nationally, and globally. 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.” Within countries, measurement leads to insights into what works and where to target resources. 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. To see additional results from Deloitte’s “2020 Global Human Capital Trends” report, download a copy. 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. A number of jobs have been identified as most at-risk of “disappearing” over the next five years largely because of automation. The report is available from the World Economic Forum website. COVID-19 is taking a tremendous toll on lives and economies. The HCI 2020 also references the socioeconomically-disaggregated Human Capital Index (SES-HCI). The index offers a benchmarking tool to track progress and to reveal best practices across countries and subjects. Inclusive growth & Development report by WEF. 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. 1818 H Street, N.W. The Index measures which countries are best in mobilizing the economic and professional potential of its citizens. In addition, the metrics would be capable of verification and assurance. The index measures how much capital each country loses through lack of education and health. 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. Global Information Technology Report by WEF. It also increases policy makers’ awareness of the importance of investing in human capital, creating momentum for action. The Project in Context. 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. We must come together as never before – to protect hard-won gains in human capital. 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 HCP will help countries tackle the worst barriers to peoples' development, using a “whole of government” approach. It documents new evidence on trends over time in the HCI, examples of success, and new analytical work on utilization of human capital, as well as a primer on the COVID-19 (coronavirus) pandemic and its potential impact on human capital. 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. 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. 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. For purposes of this regime, “material” information is defined as “important, relevant and/or crucial to long-term value creation” and not as a legal or regulatory standard. As a result, anything that undermines the best allocation of talent and impedes the accumulation of human capital may significantly hamper growth. 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. [Brief | Data]. 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 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. CII explains that investors desire material information including sector- or industry-related information and support disclosures made with third-party assurances. 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. St. Vincent and the Grenadines 2020 Global Human Capital Trends Report Since 2010, Human Capital Trends tracks the thinking and actions of leading organizations. We host the following related webpages: About, Case Studies, Country Knowledge Exchanges, Key Reports, and Frequently Asked Questions. In the latest HDI report, 2020 India is on 129th rank. The IBC sees the common standards as delivering a means through which any interested CEO and the CEO’s company can meet the commitment to stakeholder capitalism. World Economic Forum . Lastly, companies are also encouraged to go beyond the common standards and disclose more tailored industry- or sector-specific information. ... of the World Economic Forum (WEF), which is facilitated by the Big Four firms. Metrics and Disclosures. The HCP aims to protect and invest in people. 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). During the course of the Project, 21 core metrics, or Stakeholder Capitalism Metrics, were identified. 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. World Development Report, 2020 by World Bank. The Project deliberately drew metrics from existing standards such as the Global Reporting Initiative (GRI) to enable accelerated adoption. The Future of Jobs report maps the jobs and skills of the future, tracking the pace of change. Davis Polk & Wardwell LLP (including its associated entities) is an elite global law firm with top-flight practices across the board. This report presents an update to the Human Capital Index (HCI), using the most recent health and education data available as of 2020. Send us an email at humancapital@worldbank.org. 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.

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