Despite experiencing tumultuous times, the global economy has still managed drastic expansion over the past 50 years. Unfortunately this growth has not positively affected everybody in the world. More than four billion people around the globe continue to subsist on as little as US$4 a day – or less. What’s more, there are no prospects of future improvement for these people.
For poverty stricken people in countries around the world there are various counter-dependent obstacles that affect employment options and business opportunities. Geographic seclusion, market failures and political isolation are only some of the problems faced by the disadvantaged and indigent. The only way to overcome these issues is to start thinking about developing the means to craft a wider range of opportunities, and getting help from those in the position to do so. Various factors may help the poor to administrate their skills and resources into creating prospects and generating income. Even though governments are widely regarded as responsible for creating prospects for its citizens, it is also up to local companies to contribute to this effort. After all, the global economic environment will ultimately benefit from local economic advancement.
Creating Commercial Opportunities
With the aim of bolstering businesses in using their resources to create economic opportunities for impoverished people, the CSR Initiative launched the Economic Opportunity Program. The program examines various initiatives across a variety of industries and explores avenues through which businesses can positively impact the future prospects of the poor.
How Companies Can Help
Key strategies explored by the Economic Opportunity Program aimed at developing economic options include:
- Creating business models that are inclusive by involving the disadvantaged in roles that carry responsibilities in the same way as what employees or suppliers would have.Developing human capital by means of implementing
- initiatives that directly tackle overall improvement of the underprivileged person. Particular areas that are addressed include health, education and skills development.
- Reinforcing ties with other organisations and business entities that have potential to affect positive change and thus developing institutional capability.
- Assisting with creating and optimizing policies and regulations aimed at improving inclusion of the disadvantaged.
Enormous Growth Potential
The kind of support received would be largely dependent on the industry the company offering support is in. By including a diverse range of industries, variety is created and better opportunities for expanding economic growth are fashioned. Collaboration is a common and useful method of approaching projects that are often an amalgamation of various initiatives. One of the top industries in terms of potential is the tourism sector which is open to be explored from different perspectives and offers dynamic growth opportunities.