Businesses play a central role in advancing Goal 8, as they account for the majority of GDP in most countries as well as the majority of jobs. The foundation of supporting decent work is implementation of the UN Guiding Principles on Business and Human Rights, through which companies can address their own impacts on employees and workers in their value chains. Decent work as defined by the International labour Organization (ILO) is work that is productive and delivers a fair income; security in the workplace; social protection for families; better prospects for personal development and social integration; freedom for people to express their concerns, organize and participate in the decisions that affect their lives; and equality of opportunity and treatment for all women and men.

Business should recognize that much of its impact on Goal 8 is through its business relations, including through the businesses in its supply chains with which it can advance respect for fundamental human and labour rights. The ILO estimates that in 40 countries representing 85 percent of world GDP, there are 453 million formal sector jobs related to global supply chains. This does not include supply chain workers in informal work such as work at home; or non- standard work, ranging from temporary employment to forced labour. For example, significant proportions of labour in various industries, including electronics and textiles and garments, are on temporary contracts. All businesses should have responsible tax practices to provide Governments with adequate resources for their efforts to ensure decent work at the national level.

Business can lead on Goal 8 by investing in innovation, labour and capital to achieve strong, sustainable and equitable economic growth that provides decent jobs. Four key areas lend themselves particularly well for business leadership. Businesses can lead by putting in place policies and practices to support decent working conditions for all employees across the business and supply chain. They can partner with suppliers to build their capacity for doing so, and support other stakeholders in their efforts, too. Business can also lead by educating and training the labour force, including workers across end-to-end operations and in surrounding communities, and focusing particularly on vulnerable groups including women, young people and persons with disabilities, so that they acquire the skills needed to provide productive labour or transition from informal to formal sector work, and remain employable in a changing labour market. Business leadership can also involve creating formal-sector jobs in labour-intensive sectors, especially in least-developed countries, including through inclusive sourcing practices. Businesses can further be leaders through making a large contribution to sustainable economic growth and productivity, which can take the form of investing in R&D, upgrading skills, and supporting growing businesses. Where businesses take action to support decent work, they should build an understanding of how they can complement existing initiatives by Governments and other stakeholders, and ensure that they do not interfere with or otherwise negatively impact other initiatives.

Businesses benefit from higher growth as it results in stronger returns, generates demand, and helps boost profitability. Similarly, businesses have much to gain from providing decent work, as it creates the conditions for healthy, satisfied employees who are more productive, innovative, and loyal. A business that is committed to supporting good working conditions also attracts talent, increases retention, and fares better in competitive markets.

Action on Goal 8 is strongly connected to all the other Goals. For example, decent work contributes to poverty reduction (Goal 1). Evidence has shown that job-creation is one of the most robust ways to reduce poverty. Action on Goal 8 also reduces inequalities (Goals 5 and 10) by supporting decent work and reducing unemployment, which can in turn can lead to better health, nutritional and educational outcomes (Goals 3, 4 and 2). Ensuring that there is all-round prosperity and continual growth helps create the foundations for a more peaceful society (Goal 16). However, economic growth, if not sustainably managed, can potentially have a negative impact on Goals with a strong environmental dimension. It can lead to an increase in greenhouse gas emissions (Goal 13) and can pollute terrestrial and oceanic ecosystems (Goals 14 and 15), which can threaten future prosperity because subsequent generations will inherit a planet that is more polluted and less rich in critical natural resources.