G-20 Youth Summit
21-25 August 2013, St Petersburg, Russia
Encouraging young and successful business leaders in their diverse roles is crucial during this time of crisis as it encourages innovation in business and community development. But more international cooperation and innovative thinking are needed if sustainable solutions to current economic and social challenges are to be found.
To help this process and exchange best business practices, the fourth G-20Y Summit took place in Saint Petersburg, on 21–25 August, and brought together corporate-level executives, owners of leading companies at national level and around the world (according to Forbes Global 2000 list), as well as young individuals who hold leading positions within government or public institutions. The participants, aged 30–50 years old, are top executives with a track record of achievement. The event took place just 2 weeks before the meeting of the G-20 Heads of States in the same city.
Organised by the G-20Y Summit International Organizing Committee, the summit aimed to promote greater international cooperation and the sharing of innovative ideas in business. It focused on creating a set of practical recommendations by young business leaders in a communiqué ‘to be disseminated across the world and shared, in particular, with the G-20 Heads of States and leading international organisations’. The latter include the IMF, the World Bank, the OECD, the European Commission and the Basel Committee on Banking Supervision.
The G-20Y Generation represents successful young business leaders from the G-20 countries. Every day, new business innovators, ground breakers, trendsetters and leading minds with outstanding skills, distinguished professionalism and exceptional abilities, are joining the G-20Y Generation with a commitment to thinking one step further ahead.
Eurofound findings on workplace innovation
The summit programme involved plenary sessions and discussions in working committees, as well as face-to-face meetings. On 22 August, feeding into the debate on ‘Recommendations on policies to stimulate job creation and labour activities’, Eurofound research manager Manuel Ortigao presented recent findings of research carried out across Europe on ‘Work organisation and innovation’.
Unemployment is still a serious issue for many countries. Adding to the debate on ways to tackle the issue, Mr Ortigao highlighted that workplace innovations come under the umbrella of high performance work practices. To achieve more effective employee involvement and commitment, employers must empower and motivate their workers. This involves a number of key building blocks:
- a shift in management style;
- collective sharing of responsibility;
- trust and communication;
- skills development and training;
- working time flexibility;
- a good work environment;
- social dialogue.
These steps can result in improved quality and efficiency of operations, lower costs and more competitive companies. In terms of working conditions, the result is increased job satisfaction, motivated workers, better working conditions and better quality of working life.
For more information and policy recommendations, download the presentation Workplace innovation: A road to competitive companies (406 KB PDF).
The communiqué from this summit will feed into the debate at the upcoming G-20 Leaders’ Summit, also in Saint Petersburg on 5–6 September.