While energy resources can help solving major global problems particularly those related to poverty, women, population growth, urbanisation and living standards, they also have a strong responsibility on both environmental and social sustainability.
The energy sector, for instance electricity companies have a longer history of reporting on economic and environmental issues than on the social impacts of their operations. But there is now an increasing demand on energy companies to become accountable for the social effects of their activity and their effects they have on people directly and indirectly.
This includes the people within the company, in the supply chain of the company, in the community the company is in and as customers of the company. These include requests on those companies to pay a living wage and promote high level labour practices and human resources, especially since the energy sector represents a major source of high quality employment that requires educated, motivated labour force to ensure high quality energy services.
Fair Wage methodology and tools are fully relevant for large energy companies since they can provide them numerous topical improvements to their operations, most notably:
Higher wage levels and practices attract highest-skilled employees and increase their motivation and performance
Enhanced employee motivation and satisfaction increases the quality of products and services
Communication and Social dialogue platforms and motivational workshops increases employee loyalty and brand identification
More generally, Fair Wage will enhance energy companies’ performance by helping them to:
– Increase employees’ motivation and performance
– Attract and retain better talents
– Develop a stable, loyal workforce
– Increase investment attractivity
– Develop a global and coherent wage and compensation policy among all units
– Ensures a fair compensation policy that further strengthens the bank’s reputation
– Avert strikes and other workforce crisis
– Secure a healthy supply chain
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