A business case for supporting poverty reduction efforts

By Mayor Allen Joines CITY OF WINSTON-SALEM

The number of people living in poverty in Winston Salem is predicted to be higher post-COVID, meaning there will be more people in our community living without access to basic goods, services, and opportunities for a steady source of income or higher income generation. Meanwhile, businesses are constantly interacting with people living in poverty as workers, producers, and consumers. There is a need for multi-stakeholder partnerships created to drive inclusive prosperity and generate value for their business while creating a more sustainable and inclusive path to economic growth, prosperity and well-being. Greater prosperity means a healthier, wealthier, and more able population that will produce the customers, suppliers and employees that companies need for sustainable growth.

Businesses can influence public policies, and their taxes help to fund essential public services. The private sectors’ active engagement in poverty reduction can promote improved productivity and quality of life through increasing income opportunities, expanding poor people’s choice and voice, and empowering communities by building skills and creating access to decent jobs. And public-private-partnerships are pivotal in transforming rural women, with close to no employment perspectives, into the next generation of managers and leaders.

To accomplish this, businesses can take the following steps:

•First, businesses can transfer profits to charitable causes.

•Second, the business should reduce their prices.

•Third, business should employ more staff.

Businesses can prioritize the human capital of their own staff: paying them more or providing them with training or support.