The G20 Employment Taskforce has requested that each nation submit an Employment Plan, which includes Human Capital indicators and metrics. G20 Nations will be able to measure and track the impact of initiatives and compare effectiveness between other G20 nations. This will support the overall commitment of an incremental 2% growth in GDP over 5 years.
Recommendation 5: Monitor and measure G20 nation commitments to Human Capital and Employment Actions
Ensure Employment Plans submitted by G20 nations form the ‘baseline’ from which progress and development can be measured.
Enabling progress reporting and identification and sharing of best practices.
Why It Matters
Under the Australian Presidency, the G20 Employment Taskforce has requested that each nation submit an Employment Plan, which includes Human Capital indicators and metrics. These Employment Plans should be used as a ‘baseline’ for countries to track on-going development and initiatives, not only of the specific actions included in the employment plan, but also of the recommendations put forth by the B20 Human Capital taskforce.
In addition to tracking and monitoring progress, it is critical that G20 nations start to better understand the value and impact of specific initiatives. This valuation and impact analysis is complicated by the fact that G20 nations are diverse in economic, political and social structures, but it is critical to understand the contribution of specific initiatives to the G20 goal of achieving an incremental 2 percent growth in GDP over 5 years.
Employment plans should address the potential for employers to eradicate corruption by building capacity for integrity and recognising ethical behaviour within the workforce. Employers; both business and government, have an obligation to implement best practice anti-corruption training and compliance programs and self-report breaches. Anti-corruption regulation that is consistent across different jurisdictions, is actively enforced, and recognises responsible business, would create a powerful incentive to embed the right behaviours.
Agree that the G20 Employment taskforce - Employment Action Plans be used as a baseline to track progress and development.
Agree to a measurement mechanism and timeframe for monitoring KPIs.
Establish governance framework and responsibility for oversight.
Commit to participation in monitoring agreed KPIs.
Review and establish incentives to support companies in building best practice compliance programs and to self-report compliance breaches.
What Can Be Achieved
By including commitments adopted from this and previous years´ Human Capital taskforces in their Employment Action Plans, and identifying the monitoring mechanisms and governance structures appropriate to their nation, employment ministers will be able to identify the effectiveness of actions to drive development of skills and creation of employment opportunities. They will also contribute to the growing knowledge base on the effectiveness of specific policies across the G20.