Social Benchmark 2024 Insights Report
Overview
The 2024 Social Benchmark evaluates the performance of the world's 2,000 most influential companies against societal expectations for fostering a more equitable and inclusive world. The report uses a framework of 18 indicators to assess companies' contributions to systemic transformations that leave no one behind.
Key Findings
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Human Rights and Decent Work
- Key Finding One: 90% of the 2,000 companies assessed are not even halfway to meeting fundamental societal expectations on human rights, decent work, and ethical conduct.
- Key Finding Two: Only 9% of companies communicate how they engage with affected stakeholders, and those that do perform better across all benchmark indicators, especially in human rights and decent work.
- Key Finding Three: 80% of companies fail on human rights due diligence, indicating a need for stronger regulations, guidance, and pressure to drive change.
- Key Finding Four: Only 4% of companies commit to living wages, missing a significant opportunity to reduce inequalities.
- Key Finding Five: Companies with revenue amounting to almost half of global GDP are opaque in their political engagement strategies, risking misalignment with their human rights and decent work commitments.
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Sectoral and Regional Trends
- Consumer-Facing Sectors: Companies in sectors like apparel, footwear, ICT, and retail perform better than others.
- Regional Performance: All regions, except Central Asia, are represented in the top 10% of companies, with the best performance in the EU and OECD regions.
- Regional Variability: Average performance varies widely, ranging from 35% in the Pacific to 11% in the Middle East and North Africa.
Conclusion
Achieving the Sustainable Development Goals requires companies to prioritize human rights, decent work, and ethical conduct. A combination of regulatory frameworks, voluntary guidance, and collective stakeholder efforts is essential to drive improved human rights due diligence practices and minimize negative impacts on people. Companies that engage with affected stakeholders and provide decent work are better positioned to succeed across all benchmark indicators.