Due Diligence for Human Rights: A Risk-Based Approach

Abstract

Some of the most basic, accessible and crucial resources needed to achieve and sustain competitive advantage and social development in the 21% Century will be human assets. As the global economy evolves, the sophistication and skill level of consumers, workers and business partners is increasingly shaping the innovation and productivity that feed competitiveness, and ultimately, a nation's standard of living. Many of the myriad factors that influence the rate of social development will continue to depend on the ability of the individual to fully participate in the educational and professional opportunities afforded her. Human capital, which the OECD defines as "the knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic well-being" encompasses the entire range of abilities and resources that contribute to a firm or nation's success.' It is a dynamic and multi-faceted concept that is somewhat difficult to comprehensively measure due to the broad range definitions. This briefing material employs the OECD definition, as it most accurately conveys the breadth of resources needed to improve competitiveness and development. In short, we are concerned with a society's stock of educated, trained & healthy citizens.