Make workers' welfare intrinsic to ESG practices
HOW companies treat their workers, customers and suppliers has been thrust into the limelight by the Covid-19 pandemic.
Previously taking a backseat to governance and environmental issues, social issues such as workers' welfare are now coming to the fore. Migrant workers' dormitories have come under scrutiny, with soaring Covid-19 infections due to so many living together. This has also sparked debates over their living conditions. The government has pulled out all the stops to contain the spread, and to ensure that the workers are fed, paid and looked after. While the focus is rightly on the urgent task at hand, there will also be a right time to examine objectively all the questions this has raised.
But, for any effective restructuring effort - whether this means more equitable wages or better living conditions - all stakeholders need to be involved. While some have argued that it is unrealistic to expect the private sector to do more given its bottomline concerns, this cannot be more untrue.
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