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. 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. To date, there is still a 31.4% average gender gap that remains to be closed globally. 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. Human capital is the driving force of economic growth. 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. These files are available for 174 countries that had sufficient data to calculate an HCI value in September 2020. Currie, J., Healthy, Wealthy and Wise: Socio-Economic Status, Poor Health in Childhood and Human Capital Development, NBER Working Paper No. Human Capital Report by WEF. Nonetheless, the Report recognizes that companies may still be subject to reporting requirements (including another standard for materiality) depending on regional regulations or expectations. 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. In addition, the metrics would be capable of verification and assurance. 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 … Visit the WBG Databank to see the online HCI database, the HCI World Development Indicator interface, or to find additional metadata. 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. COVID-19 is taking a tremendous toll on lives and economies. The report of 2020 (published in 2019) has 153 participating countries. 13987, National Bureau of Economic Research, 2008. Human Capital Report, WEF. 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. 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. Global Gender Gap Report by WEF. The IBC believes companies can continue to thrive “through greater commitment to long-term, sustainable value creation,” including incorporating the interests of their stakeholders. In March 2020, the government released a diagnostic report based on the findings of the Presidential Commission on the Fourth Industrial Revolution. 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. While the COVID-19 pandemic has increased our focus on… 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. #DeloitteESGNow — Human Capital Measures Up (November 3, 2020) Show contents . When a company considers an IBC-recommended standard immaterial, the Report suggests that a company provide an explanation. The index measures how much capital each country loses through lack of education and health. 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. Washington, DC 20433 USA. 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. 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. 14. Lastly, companies are also encouraged to go beyond the common standards and disclose more tailored industry- or sector-specific information. You can download the full HCI 2020 report here. The Human Capital Index is a report prepared by the World Bank. 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 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. 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. 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.” 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 Information Technology Report by WEF. 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. 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 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. Looking for more data? There are no further details provided to what asset classes or individual names the WEF allocates its financial assets of SFr 261 million. 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. 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. The index offers a benchmarking tool to track progress and to reveal best practices across countries and subjects. 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. The live sessions are restricted to participation by the focal points, but afterward, the recordings are shared as a public good. The report is available from the World Economic Forum website. 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 . Access a curated list of reports and briefs here. To thrive in an environment that can shift from moment to moment, organizations must become distinctly human at the core. The Report Describing the Project and Standards. Human capital is the driving force of economic growth. WEF Risks Report ranks climate change as biggest global threat While in previous years economic problems were deemed the biggest threats to mankind, fears … Prior results do not guarantee a similar outcome. The World Economic Forum (WEF) is a Swiss non-profit foundation, based in Cologny, Geneva. Human Capital Index 2020: India ranks 116 in World Bank’s latest annual report Last year, India had ranked 115 among 157 countries. In addition, investors desire standardization of non-financial information, resulting in data consistency and comparability. 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. The report identifies eleven priorities for policy makers who want to drive this transformation. The Index was first published in October 2018 and ranked 157 countries. 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. Check out the updated 2020 Human Capital Index, our videos, visualizations, frequently-asked-questions, and more. 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. To see additional results from Deloitte’s “2020 Global Human Capital Trends” report, download a copy. Theme: “Trading for Development in Age of Global … Inclusive growth & Development report by WEF. We host the following related webpages: About, Case Studies, Country Knowledge Exchanges, Key Reports, and Frequently Asked Questions. 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. World Economic Forum . The report called the human … 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 Report encourages companies to consider using as many of the IBC standards as possible in their corporate reports, after screening the standards for materiality. In 2020, the risk of a global pandemic became reality, and the World Economic Forum (WEF) report has been warning the world about it since 2006. 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. We must come together as never before – to protect hard-won gains in human capital. 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. Development of Comprehensive Reporting System. A global view of country achievements, COVID-19 response, and WBG support. You too can help those around the world to #InvestinPeople. The Index measures which countries are best in mobilizing the economic and professional potential of its citizens. 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. This series of webinars promotes direct learning and exchange among the Focal Points, enabling them to share experience and accelerate human capital outcomes. The priorities cover different topics from the environment to human capital and innovation ecosystems. There are 189 countries participated in this ranking. Explanation: The first Global Gender Gap Report was published in 2006 by the World Economic Forum. The HCP aims to protect and invest in people. The Project in Context. 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. The HCP will help countries tackle the worst barriers to peoples' development, using a “whole of government” approach. Four Pillars. 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. 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 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. # JobsReset The Future of Jobs Report 2020 maps the jobs and skills of the future, tracking the pace of change and direction of travel. 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. 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. Disclose or Explain. 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. As a result, anything that undermines the best allocation of talent and impedes the accumulation of human capital may significantly hamper growth. Credible measurement of education and health outcomes is critical locally, nationally, and globally. 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. 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). 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. 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