Each stakeholder has a role to play in changing the narrative aorund well-being. This article looks at the different stakeholders, what role they play and how they can improve this narrative.
have an important role to play in shifting the debates on development away from a narrow focus on growth targets.
have an opportunity to rethink and remodel financial and other products and services that best respond to the specific needs of the end users.
As potential microcosms for a well-being economy, employer organisations are instrumental in actualising the principles and goals of a well-being ecosystem.
Recognise that there are barriers to social mobility and, therefore, access to opportunities. These include the absence of a strong middle class, and structural and spatial barriers shaped by past and current policies.
Recognising that the pursuit of well-being is not the preserve of a single party, a model of multistakeholder collaboration based on tradeoffs between interest groups, individuals and organisations should be considered as the best route to the pursuit of well-being.
This model is premised on a shared-value approach, loosely defined as a model of development which produces value for society by addressing society-wide challenges.
A response to specific barriers to the equitable distribution of investment, educational, recreational and social capital opportunities requires thoughtful multilevel collaborations between various groups of stakeholders, including:
Specifically, the following should be considered:
Engage policymakers in reallocating tax and non-tax incentives to target key investments crucial to reducing supply-side bottlenecks in certain sectors with a view to diversifying away from resource extraction and towards sectors like tourism, agriculture, construction, and community economies and personal services, where economic and employment multipliers are highest.
The key message here is the need to reallocate both tax and non-tax incentives towards a more labour-intensive growth path, with a bias towards the unskilled, who constitute the bulk of those who are unemployed.