People-related achievements are specifically related to 6 of the UN’s SDGs: Goal 1 – No Poverty, Goal 3 – Good Health and Wellbeing, Goal 4 – Quality Education, Goal 5 – Gender Equality, Goal 8 – Decent Work and Economic Growth, and Goal 10 – Reduced Inequalities. Pan Asia will focus on Goals 1, 4 and 5, with an emphasis on education and equality.
The WEF’s SCM for People have 6 core categories, namely:
- Diversity and inclusion: Percentage of employees per employee category, age group, gender, ethnicity.
- Pay equality: Ratio of basic salary and remuneration for categories such as women to men; minor to major ethnic groups.
- Wage level: Ratio of standard entry-level wage to local minimum wage and ratio of CEOs’ total annual compensation to median total annual compensation of all employees.
- Risk for incidents of child, forced or compulsory labour.
- Health and Safety: The number and rate of work-related fatalities and injuries.
- Training provided: Hours of training and average training and development expenditure.
There is a strong correlation between financial performance and gender, ethnic and cultural diversity, with more diverse companies attracting and retaining top talent and being more innovative – as there is a larger pool of candidates to select from. Achieving this requires equal remuneration to help eliminate inequality and poverty, which in turn addresses standard of living issues – and in a worst-case scenario – child, forced or compulsory labour. Skill development contributes to employee satisfaction, which correlates strongly with improved performance.
Pan Asia Metals will be focusing on education and gender equality, ensuring that there are no instances of pay inequality.